Debt Mutual Fund Strategy

7 Consumer Confidence Index 130 120 112.1 110 100 90 80 70 60 50 40 30 Jun-21 Confidential/Restricted Jul-21 Aug-21 117.8 117.5 121.2 120.2 119.5 Slower growth in Chinese economy impacted Consumer Confidence Classification - Restricted Chinese market correct as Xi Jinping reappointed for third term... while the economy continues to falter Xi Jinping has tightened Shanghai Index witnessed correction in Oct 2022 3500 his grip on shutting-out power, 3400 known 3300 economy, reformers to effectively take sole charge of the investors nervous. 3200 making Index Values 3100 3000 ≤ 2900 2800 Chinese Market saw Sharp correction in Oct 2022 as Xi Jinping reappointed for the third term Source: Bloomberg 2700 2600 31-Mar-22 14-Apr-22 28-Apr-22 12-May-22 26-May-221 09-Jun-22 23-Jun-22 07-Jul-22 21-Jul-22 04-Aug-22 18-Aug-22 01-Sep-22 15-Sep-22 29-Sep-22 13-Oct-22 27-Oct-22 COVID containment policies, crisis in China's real-estate market and growing fears of a recession impacting economic activities in China GDP % China's GDP growth trend and forecast for CY22 and CY23 9.00 8.00 6.85 6.95 6.75 7.00 5.95 6.00 5.00 4.00 8.11 4.70 3.20 2.24 3.00 2.00 1.00 0.00 CY16 CY17 CY18 CY19 CY20 CY21 CY22 (E) CY23 (E) Source:- Eurostat/ OECD Sep-21 Oct-21 Nov-21 Dec-21 Jan-22 119.8 121.5 120.5 113.2 86.7 Feb-22 Mar-22 Apr-22 May-22 86.8 Source: National Bureau of Statistics of China People Bank of China (PBOC) loose Monetary Policy to spur growth 4.65% 4.75% 4.50% 8.40% 4.25% 4.00% 3.85% 3.75% 88.9 87.9 3.50% 87 87.2 3.25% 3.00% 2.95% 8.45% 8.40% 4.30% 8.35% 8.30% 3.65% 8.25% 8.20% 2.75% 8.15% 2.75% 2.50% 8.10% 8.10% 2.20% 2.25% 8.05% 2.00% 2.00% 8.00% Jun-22 Jul-22 Aug-22 Sep-22 1.75% 7.95% Jan-22 Dec-21 Feb-22 Mar-22 -1-year MLF -7-days Reverse Repo Rate Apr-22 -1-year LPR May-22 -5-year LPR Jun-22 Jul-22 Aug-22 Required Reserve Ratio (RRR) HDFC BANK RESEARCH Classification - Restricted HDFC BANK We understand your world Source: Bloomberg

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