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EFTA01462155

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

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 T& 1857) 2203 8888 Steve Pollard Regional Head Americas Research Deutsc

EFTA01462161

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

EFTA01464418

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

N 2EQ United Kin dom Tel: Deutsche Bank AG 1rma Tel: .1111111. Deutsche Bank Securities Inc. United States of America Tel: Deutsche Bank AG Filiale Hongkong Hong Kong Tel: Deutsche Securities Inc. Chiyoda-ku, Tokyo 100-6171 Japan Tel: Ralf 14Mo matil!".11111 Speyer Co-Heads DB Research Germany