0% 4 0% 2 0% o.ax %pet 10 DB a X forecast r, 6 2 0 .2 0% 2007 2036 2009 2010 2011 2012 2013 2014 2015 topeecenon vs USD tP8oC 'songs) Clime CPI IRKS) San* OMNI* at. etc Positioning is short USD/CNY and likely more in CNH 1.0 0.6 0.0 -0.5 -1.0 -1.5 -2.0 -2.5 Long USEICNY 1-- Shot USBCHY