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⚡IMPACT LEVEL 3 — NOTEWORTHY

Epstein File EFTA01459004: Perry and Offshore (DS10)

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This document is a financial market analysis dated December 6, 2015, discussing offshore RMB (Chinese yuan) market conditions and forecasts. The analysis, attributed to strategist Linan Liu and referencing Perry, projects net issuance of RMB 50-100 billion in the offshore RMB bond market for 2016 and discusses expected money market rate movements. The document appears to be a China Foreign Exchange market update.

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In the **offshore** RMB market, we expect the **offshore** onshore basis in the money market rates to persist before positioning in the FX market becomes more
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balanced and we forecast net issuance of RMB50-100bn in the **offshore** RMB bond market in 2016.
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Update Date China Foreign Exchange 6 December 2015 Rates Linan Liu Strategist China Monthly: Rising challenges will trigger more policy easing in 2016 **Perry**

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