From: Barrett, Paul S <
Sent: Tuesday, October 25, 2011 9:24 PM
To: Jeffrey Epstein
Cc: Giuffrida, David
Subject: CNY

Jeffrey

The lyr CNY forward points have moved to a 25bps discount (we unwound f=r a small $43K profit when they were still at a premium). We had a posit=on of $15MM. I think we should go back into this trade with $SMM. = We do not expect a US/China standoff and look for the CNY to fix to new h=ghs into year end.

Let me know.

Paul

=p class=MsoNormal>

Paul Barrett, CFA

Managing Directo=

Global Investment Opportunities Grou=

JPMorgan Private Bank

40W 57th Street, 33rd Floor, New York, NY 10019=/o:p>

&nbs=;

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