<P><SPAN style="FONT-SIZE: 12pt"><STRONG>골드만삭스 바이 코리아 의견</STRONG></SPAN></P><SPAN style="FONT-SIZE: 12pt">
<P> </P></SPAN>
<P><SPAN style="FONT-SIZE: 12pt"><STRONG>결론:한국,중국,대만Long /기타 아머징 Short</STRONG></SPAN></P>
<P><STRONG><SPAN style="FONT-SIZE: 12pt">Trade: Long North Asia vs. short EM</SPAN><BR></STRONG></P>
<P><SPAN style="FONT-SIZE: 12pt">To capture this apparent anomaly, we recommend long Korea, China, and Taiwan (EWY EWT FXI) against short EM (VWO, which excludes Korea). In our view, higher rates and potential tightening are not reflected in many CA deficit EM valuations. Similar structures can be used to create synthetic hedges for CA deficit EM</SPAN><BR></P>
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