1 I 1 I I 1 2 1 40.0 • 0D - 100.0 80.0 60.0 2007 2008 2009 2010 2011 2012 2013 2014 2015 ••••• •CtstY appreciation vs USD IPBoC fixings) Chirta CPI RHS) OD Source °AMOY Bahl, GEC Melillo Sachdeva, Singapore, +65 6423 8947 Perry Kojodjojo, Hong Kong, +852 2203 6153 Page 16 Deutsche Bank AG/Londo