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 again real GDP growth disappointed in O3-2015. 052.4163.1773us 1500 1003 500 0 .1000 lt0:s 2000 =Mann employment grow111141 "57.6811.AR —Reed OOP groat PS/ 10.0 60 6.0 I 40 2 00 -2.0 -4.0 -6.0 -6.0 -100 -120 -14.0 -16.0 -160 .2:0) 0.4 07 10 13 16 Swce 51 S. SEA Ms...., inAms, Olvese.m. Ss., Sesta (Chart 3. In the Euro area as a whole, stable growth momentum is anticipated. 0 4.0 30 20 1.0 0.0 Euro area: CPI 2001 2003 2005 2007 2009 3)11 2013 2015 &meg 4104% Haw Ansittle4 Pubdta Sint R. r Y Chart S. China's exports beat consensus. While the chart below shows a decline. this is actually a 2.3% oY increase in yuan terms San a Haw Amami. trounce* Sent Stant Page 14 Chart 2. A€so trade-weighted US do€lar index continues to climb and is now at the highest level since 2002. 127.5 120.0 112.5 106.0 97.5 Index lecenInel 7W1 exchange value of USS 900 2007 2009 2009 2010 2011 2012 Sewn AA levaisS Dana* Rst* — — — — — — — Chart 4. While in UK manufacturing contracted heay.h,- in November. 2013 2014 2015 2016 %„y UK: manutactuf Ins production 10.0 0.0 JWLITJ, -10.0 -16.0 07 OS 09 10 11 12 13 14 15 Sane 0V& Mow A4Wpoit Ontsch• Sent Itenerch Chart.6...In India. industrial production plunges to 4- year low. %1MY Indic Industrial pOductIon 12 10 6 6 4 2 0 2 13 Son CM Nat w *SA Ornene DuakaThe Bank Socurikos Inc. CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0 120098 CONFIDENTIAL SDNY_GM_00266282 EFTA01459590