Epstein Secrets

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

all 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 Commerce Centre, 1 Austin Road West. Kowloon. Hong Kong

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

all 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 Commerce Centre, 1 Austin Road West. Kowloon. Hong Kong

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

Hong Kong Tel: Deutsche Securities Inc. Chiyoda-ku, Tokyo 100-6171 Japan Tel: Ralf 14Mo matil!".11111 Speyer Co-Heads DB Research Germany Andreas Neubauer Regional Head Guy Ashton Chief Operating Officer EFTA01464475 Research Richard Smith Associate Director Equity Research North America Stev

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

Australia Corner of Hunter & Phillip Streets Sydne NSW 2000 Tel: EFTA01464568 Ralf Hoffmann & Bernhard Speyer Co-Heads DB Research Germany Andreas Neubauer Regional Head Guy Ashton Chief Operating Officer Research Richard Smith Associate Director Equity Research Americas Steve Pollard Regional

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

& 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