EFTA01459590.pdf

16 January 2016 Global Economic Perspectives: China's evolving FX policy Charts of the Week Chart I. While in the U.S. tabor market Is heating up Chart 2. A€so trade-weighted US do€lar index continues again real GDP growth disappointed in O3-2015. to climb and is now at the highest level since 2002. 052.4163.1773us =Mann employment grow111141 "57.6811.AR 127.5 lecenInel 7W1 exchange value of USS Index —Reed OOP groat PS/ 1500 10.0 60 1003 120.0 6.0 I 20 4 500 00 112.5 0 -2.0 -4.0 -6.0 106.0 .1000 -6.0 -100 lt0:s -120 97.5 -14.0 2000 -16.0 -160 900 .2:0) 2010 2011 2012 2013 2014 2015 2016 0.4 07 10 13 16 2007 2009 2009 Swce 51 S. SEA Ms...., inAms, Olvese.m. Ss., Sesta Sewn AA levaisS Dana* Rst* — — — — — — — (Chart 3. In the Euro area as a whole, stable growth Chart 4. While in UK manufacturing contracted heay.h,- momentum is anticipated. in November. 0 Euro area: CPI %„y UK: manutactufIns production 10.0 4.0 30 20 0.0 JWLITJ, 1.0 -10.0 0.0 -16.0 07 OS 09 10 11 12 13 14 15 2001 2003 2005 2007 2009 3)11 2013 2015 Sane 0V& Mow A4Wpoit Ontsch• Sent Itenerch &meg 4104% Haw Ansittle4 Pubdta Sint R. rChart S. China's exports beat consensus. While the Chart.6...In India. industrial production plunges to 4- chart below shows a decline. this is actually a 2.3% year low. YoY increase in yuan terms %1MY Indic Industrial pOductIon 12 10 6 6 4 2 0 2 13 Son CM Natw *SA Ornene San a Haw Amami. trounce* Sent Stant Page 14 DuakaThe Bank Socurikos Inc. CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0 120098 CONFIDENTIAL SDNY_GM_00266282 EFTA01459590