rt USD/MXN, sell EUR/BRL and EUR/CLP Theme #10: Turning Up the Volume: Buy USD/GBP variance swap and AUD/USD variance swap Research Team London Bilal Hafeez James Malcolm Henrik Gullberg George Saravelos Caio Natividade Siddharth Kapoor Oliver Harvey Nicholas Weng New York Alan Ruskin Daniel Bre

ange Rate Perspectives The Dollar is Back How China Rebalancing, the Great Rotation to the US and Abenomics Will Change the World Research Team Bilal Hafeez Strategist Deutsche Bank AG/London DISCLOSURES AND ANALYST CERTIFICATIONS ARE LOCATED IN APPENDIX 1. MICA(P) 072/04/2012. Foreign Exchange Glob

th Management): FX — Number 1 in FX trading, dominate —1/3 of the - $4tn FX market [Faraz Munaim, CB&S FX Sales; Caleb David, Head of AWM FX Sales; Bilal Hafeez, George Saravelos, and global team, DB FX Strategists] Equities— Leverage the analysts/strategists within DB Global Markets Research division, Trade

tion, the undersigned lead analyst(s) has not and will not receive any compensation for providing a specific recommendation or view in this report. Bilal Hafeez/Alan Ruskin/Henrik Gullberg/James Malcolm/Sameer Goel Pago 24 Doutscho Bank AC/London CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0

have entered the theoretically closed capital account to play the anticipated appreciation of the Renminbi but DB FX strategists James Malcolm and Bilal Hafeez both reckon that the implicit China carry trade runs to at least the mid to high hundreds of billions of dollars. If they are correct, then China

ers as to the potential impact of any regulatory provisions noted in this article upon their respective businesses. The author would like to thank Bilal Hafeez and Matt Holmes for their help in writing this report. Deutsche Bank Securities Inc. Page 17 EFTA01464337 30 July 2013 Exchange Rate Perspecti