📄 Extracted Text (292 words)
30 July 2013
Exchange Rate Perspectives: FX and the Financial Transaction Tax
Figure 43: Equity inflows have tracked the STOXX Figure 44: Foreign interest on the bond side boomed in
!late 2006 and has slowed now
Not Feuer, Infbws — Nat Bond Infbres
500 4400 5.0
Not Eeuea Outfbws Nat Bond Outltaws
400 —Cum Sr= 50 IS 4100 660
—10YE1 OS
300 Al 3800 460
200 3500 350 4.0
100 3200 250
0 2900 160
30
-100 2600 50
-200 2300 -60
-300 2000 -160 2.0
400 1700 -250
Jan-33 arp05 Jan-07 Jan-09 Jan-11 Jan-13 .360
460 1.0
Jan-03 Jan-05 Jan-07 Jan-09 Jarill Jan-13
San Pan* Sint Mooing Awn LP awllanai Canal Am Sane Detach. Sam in &taxon Can San
Australia (AUD bn)
[Figure 45: The basic balance remains negative Figure 46: ...in spite of net FDI inflows
—Basle Damsel] sum 120 100
41.1D/USD fm) 1.10
76
1.00
SO
0.90
0.80 26
0.70
0.60 -25
0.50
Dec-94 Dec-98 Dec-02 Dec-08 Dec-10 -SO -50
Jan-94 Jan-97 Janie* Jan03 Jan48 Jan-09 Jan-12
San OS IX Anan. awl RBA } Saws ae sx In nav RS.4
I
I
Figula 47: Net Porttolio flows have been falling since
2010
Figure 48: Foteign investors have favored Australian debt
!(negative IIP a liability for AU)...
200 -I 200 110
Not Pardon lbws
180 Ponialb Oudbw 160
I CC
120 Ponied° Inflow 120
0
so so
40 40 DEC
0 0 070
-40 -40
0 CC
-80 -so
-120 J -120 DEC
Jan-9I Jan-94 Jan-97 Jan-00 Jan-03 Jan-06 Jan-09 Jan-12 Ma -93 Mar-91 Mar-98 Mar-02 Mar46 Mar-10
San CO a Rosa. awl RBA San DS Al linen n RSA
Page 32 Deutsche Bank Securities Inc.
CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0104545
CONFIDENTIAL SONY GM_00250729
EFTA01449228
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