EFTA01364936

(Figure 8: China tends to experience capital outflows when the domestic economy slows 20O% •I 60 16.0% 16XY • 20 140% •popil, .AA 6 12.0% i00% .20 FL0% -I I 0 • 604 -i 4.0% •• 430 % Vat 2.0% I AMA .450 OA 4 4. —. —. —. .. . 426 Lia05 Magi/ le& Mae II MM-13 ile4;7.04macy .6 0•46 iamb: —arourata pr...ar riay. sa) Speer Araks* a a Abersawo "%nit !Figure 10: Corporates are actively rebuilding their USD (balance sheets. ... ito sou .140. .15r 13 .4513 70,44 6 Lb 6.35 t 630 .375 6.20 6.15 6.10 6.05 600 Li IA lant466:» in Cara ii-;74,JJ, Lag !,<63$ &ant ASS fent a Mamba Anars IP ''figure 12' increasingly. 7.6% growth target is not achievable in the absence of stimuli 140% •46416Y % YpY MINA 130% 1 130% 11.0% 100% • 90% eo% I ▪ .' 0.0% S0% 1 ▪ ! •••••alneonlberyi 637C0P CIF IC% 14Y. 3MM41 rargind13 20% 10% 16% 14% 12% 10% 8% 6% 1% r Recent weakening in growth and RMB has resulted in flows into China becoming more balanced 76 $66 103 ao eo 40 30 a :20 •10 -60 60 Jto10 3641 .3244.12 0.03 Anil Lade tat > FIN iat.432inet ha W a . wouaryeit Fi fX insauses Swot a. &A oat StitneIvy Re. Figure 11' ...and actively hedging more of their FX risks 70 60 50 40 30 20 10 6.35 0 6.40 -10 Stwa$1 Saw sum 6.10 6.15 6.20 625 -20 6.45 .10 3 u6M J4411 444.12 Jan43 Jan-14 !17451$6i Ka& by Oxbow.. &Ka antbfliv Sol bast Oriaskasat WC Medea rhows1P I Figure 13: More credit required for every incremental bit of GDP growth 18.0 CNY trn 10.0 14.0 12.0 140 80 6D 40 2.0 011 0 -10 I. 00 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 • • Bank Loans • Rands &Equiry *stmes5 BaseacOasokrIbraft lisgavirAnal. Sama wow Os* a &swoop Arm irt E• 17.0 10.0 8.0 1 6.0 4.0 • 084745367.e Sheet fiaarassi • :Mora CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0055492 CONFIDENTIAL SDNY_GM_00201676 EFTA01364936