NADP + P6G -> NADPH + Ru5P Ru5P <-> R5P Ru5P <-> X5P G6L -> P6G GAP + S7P <-> E4P + F6P E4P + X5P <-> F6P + GAP R5P + X5P <-> GAP + S7P G6P + NADP -> G6L + NADPH NADPH -> NADP E4P -> 0 R5P -> 0