EFTA02709373

From: Richard Kahn < Sent: Wednesday, August 12, 2015 3:15 PM To: Jeffrey E. Subject: Fwd: GS: Market ripples from a weaker CNY Attachments: Market ripples from a weaker CNY.pdf., Untitled attachment 00085.htm Goldman commentary on CNY Richard Kahn HBRK Associates Inc. New York, NY 10022 tel fax cel Begin forwarded message: From: ./b>"Taylor, Judie" Subject: =/b>GS: Market =ipples from a weaker CNY Date: =/b>August 12, 2015 at 9:28:08 AM =DT To: =/b>"Kahn, Rich" < GIR views modest =mpact from devalued Yuan: Market ripples from a weaker CNY For the second day running, the PBoC =as raised the $/CNY fix by close to 2%. This shift in the currency is =onsistent with weak underlying activity in China. We think the move in the currency so =ar will have only a modest impact on exports ... ... and does not change our =iew of sluggish China commodity demand. While on the margin the resulting =trength in the USD reduces the likelihood of near-term Fed tightening =/p> EFTA_R1_02115937 EFTA02709373 ... we think the overall impact =n US growth and inflation will be limited compared with other economies. We continue to favour the USD over =ommodity currencies and the EUR ... and think that US data will =e the primary driver of US rates over coming months. Consistent with our core view, we =emain cautious on EM equities. Full report =ttached. Best, Judie Z. =aylor Investment Management Division &nb=p; Goldman, Sachs & =(:). I New York, NY 1 10282 Office: I Fax: This e-mail does not constitute an offer or =olicitation with respect to the purchase or sale of any security in any jurisdiction in =hich such offer or solicitation is not authorized or to any person to whom it =ould be unlawful to make such offer or solicitation. This e-mail may =ontain confidential or privileged information. =/span>lf you are not the intended recipient, please advise us immediately and delete this message. If you =re sending confidential information (e.g. name, tax ID), please ensure you are =sing a secure method of delivery. You may fax confidential information to . For additional =nformation, including how to opt-out of future messages, see http://www.gs.com/disclaimer/pwm.html. For prospectuses of =ecent initial public offerings to which this message may be related see =/span>http://www.gs.com/disclaimer/ipo/ <http://www.gs.com/disclaimer/ipo/> . See www.goldman.com/gs/k/accounts/CFTC.Disclosure=span style="mso-bookmark:_MailAutoSig" class=""> for important =isclosures related to CFTC-regulated swap transactions. If you currently =old CFTC-regulated swaps, you may access the Dodd-Frank Regulatory Daily Mark through the =lient Web. Please =ontact us if you do not have access to these links or to the Client Web. 2 EFTA_R1_02115938 EFTA02709374