文档介绍：The Renminbi
and the
April 2010 Deutsche- April 2010
-mark  
  P. 3
Huaqiao in the Middle Kingdom Table of Contents
Chief Strategist: Anthony . LOK Chief Economist: CHENG Manjiang The Renminbi and the Deutschemark …............................ 3
Anglo–Latinos Burning in the Ring of Fire ……................... 9
Demographics as Destiny?............................................... 14
China Economy ............................................................... 20
Hong Kong Economy ....................................................... 33
Automotive...................................................................... 36
Chemicals ........................................................................37
Consumer — Beer & Liquor .............................................. 38
Consumer — Dairy........................................................... 39
Consumer — Retail........................................................... 40
Consumer Services — Gaming .........................................41
Energy............................................................................. 42
Financials — Banks (China)............................................... 43
Financials — Banks (Hong Kong)....................................... 44
Financials — Insurance..................................................... 45
Media.............................................................................. 46
Metals & Mining................................................................47
Key Market Indices Given recent events on both sides of the Pacific,
Value 1M YTD the probability of a renminbi revaluation is Pharmaceuticals .............................................................. 48
HSI 22,209 increasing, which underpins our positive medium- Property (China) .............................................................. 49
HSCEI 13,047 term view on Chinese equities and