tighter liquidity and higher interest rates in the global economy. Deutsche Bank Securities Inc. Courtesy of Deutsche Bank Asia Ph.D. economist's Zhiwei Zhang and Yi Xiang, the following outlook offers investors analysis of China's key themes in 2019 Excerpts in blue are directly from their outlook orig

nufacturing 3664.166 rebot4 ON 100 700 10300 wareerm 631 CO3 00 30 boo 400 63 309 301 SO 303 40 203 100 74 6. 30 0 INN 10 0 Zhiwei Zhang. Ph.D Chief Economist 4 Xiong: Ph.D. Economist 4MIIIIII MMAttiEtIMERfil O - Inn we .0 ARRRERRR Sccav Deursdw Hair SSW Net* neon dermas 0

Chinese yuan in the IMF reserve basket will impact global currency reserves and the Chinese equity market. China Monthly — Chief China Strategist, Zhiwei Zhang, Ph.D, EFTA01475953 explains how rising economic challenges in China will likely trigger additional policy easing next year. fcid:image001.gif@O

y want to wait for the Fed to hike rate first and see how risks in the emerging markets evolve, before it takes the next move on the exchange rate. Zhiwei Zhang, (+852) 2203 8308 Page 36 Deutsche Bank AG/London EFTA01476064 8 December 2015 World Outlook 2016: Managing with less liquidity Asia (ex Japan