Epstein Secrets

n Me swath Swann laws and regulatans). Deadne Band AG. agnate Branch er Daiwa Saida As ladeleltd

61) 2 8258 1234 Peurselin flank 1/t) it/nth', I Great Winchester Street London EC2N 2E0 United Kingdom Tel: (44) 20 7545 8000 Global Disclaimer Marcel Cassard Global Head FICC Research & Global Macro Economics Ralf Hoffmann Regional Head Deutsche Bank Research. Germany Grofio Gallo:rm.:le 10-14 60272

n Me swath Swann laws and regulatans). Deadne Band AG. agnate Branch er Daiwa Saida As ladeleltd

61) 2 8258 1234 Peurselin flank 1/t) it/nth', I Great Winchester Street London EC2N 2E0 United Kingdom Tel: (44) 20 7545 8000 Global Disclaimer Marcel Cassard Global Head FICC Research & Global Macro Economics Ralf Hoffmann Regional Head Deutsche Bank Research. Germany Grofio Gallo:rm.:le 10-14 60272

ld reduce the appreciation pressure. Moreover, a band-widening should, if anything, lead to CNY weakne

he risks related to rates movements. EFTA01464473 Deutsche Bank AG/London Page 23 EFTA01464474 David Folkerts-Landau Global Head of Research Marcel Cassard Global Head CB&S Research Asia-Pacific Fergus Lynch Regional Head International Locations Deutsche Bank AG Deutsche Bank Place Australia Te

Source: DB FX Research EUR/USD PPP EUR/USD 20% Band 0.6 0.8 1.0 1.2 1.4 1.6 73 77 81 85 89 93

sks related to rates movements. Deutsche Bank AG/London Page 45 EFTA01464565 David Folkerts-Landau Managing Director Global Head of Research Marcel Cassard Global Head CB&S Research Asia-Pacific Fergus Lynch Regional Head Principal Locations Deutsche Bank AG London Tel: Deuts Frankfurt 60272

he Bank Research Index USDTWI PPP Implied 20% Band 100 110 120 130 60 70 80 90 Figure 7: Do

g Kong Tel: (852) 2203 8888 Deutsche Securities Inc. 2-11-1 Nagatacho Sanno Park Tower Chiyoda-ku, Tokyo 100-6171 Japan Tel: (81) 3 5156 6770 Marcel Cassard Global Head FICC Research & Global Macro Economics Ralf Hoffmann Regional Head Deutsche Bank Research, Germany Steve Pollard Global Head EFTA