📄 Extracted Text (357 words)
30 July 2013
Exchange Rate Perspectives: FX and the Financial Transaction Tax
rFigure 7: The USD share in world reserves loll during 2002- Ifiguie 8: Advanced country FX reserve holdings...
04; then stabilized
2.503 USD go two
70
2,030 —Yoe 2.000
03
— SiorIng
— Aves Flan*
Ose•Caan<op
40
30 30 1.030
20 20
600 600
10 10
1 99 2000 2002 2003 2005 2006 2008 2009 2011 201 1999 2000 2002 2003 2005 2006 2006 2009 2011 201
121 03 01 03 01 03 01 03 01 03 01 03 01 03 01 03 01 03 01 03
Sane CORR Me DIIX Amen* Sawa. COPS.. 1.10. DO PXRment.
figure 9: ...the dollar share in industrial country reserves Figure 10: Ex-Japan (our estimate) industrial country
has been relatively stable dollar and euro holdings have both risen
03 60 11:00 • Nov Japan US Win 1003
% — Non Japan Isms
70 70 — Yen
800 — SWIM BOO
60. — l utlpYl 60 — }N) hum
OfteCusion
SO • —Y•• SO 0:0 GOO
— Silts
40 — woeFIW 40
r. , r 004.Cotornan 400 CO
30 30
20 20
203 200
10 10
0 a
1 99 2000 2002 2003 2005 2006 2008 2009 2011 201 I 99 2000 2002 2003 2005 2006 2008 2009 2011 2012
01 03 01 03 111 03 01 03 01 03 01 03 01 03 01 03 01 03 01 03
Sant COM MV At PrAnech la Ca MV DIIXIbmord,
FIgure 11: The share of euros and dollars Is not very Figure 12: EM holdings of dollars had climbed steadily
different
1003
USD Br%
—us dein
few 1603
— Yon
— lust
— 1.112 hoe 12:13
, 099ocunonces
003
666
303
0
1999 2000 2002 2003 2005 2006 2004 2009 2011 2012 I 99 2003 2002 TOO) 2005 2006 20011 2009 2011 201
01 03 01 03 01 03 01 03 01 03 01 03 01 03 01 03 01 03 01 03
Sane MAR MV 06 FYMardi Sant Caret M9 08FXMoped.
Deutsche Bank Securities Inc. Page 47
CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0104560
CONFIDENTIAL SDNY_GM_00250744
EFTA01449238
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