Epstein Secrets

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

)69 910 00 arutsthaTihrlk &Mt:0 icKt Int 60 Wall Street New York. NY 10005 United Slates of America Tel: I I 1 212 250 2500 Richard Smith and Steve Pollard Co-Global Heads Equity Research Andreas Neubauer Regional Head Equity Research. Germany Deutsche Bank AC Filiale Hongkong Internahon al Comme

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

)69 910 00 arutsthaTihrlk &Mt:0 icKt Int 60 Wall Street New York. NY 10005 United Slates of America Tel: I I 1 212 250 2500 Richard Smith and Steve Pollard Co-Global Heads Equity Research Andreas Neubauer Regional Head Equity Research. Germany Deutsche Bank AC Filiale Hongkong Internahon al Comme

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

auer Regional Head Guy Ashton Chief Operating Officer EFTA01464475 Research Richard Smith Associate Director Equity Research North America Steve Pollard Regional Head Global Disclaimer The information and opinions in this report were prepared by Deutsche Bank AG or one of its affiliates (collectiv

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

ermany Andreas Neubauer Regional Head Guy Ashton Chief Operating Officer Research Richard Smith Associate Director Equity Research Americas Steve Pollard Regional Head GRCM2013PROD028390 EFTA01464569

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

(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 EFTA01476252 Equity Research Andreas Neubauer Regional Head Equity Research, Germany GRCM2015PROD034979 EFTA01476253