EFTA01449337.pdf

30 July 2013 Exchange Rate Perspectives: FX and the Financial Transaction Tax Central Bank Reserves Currency Composition Monitor [Figure 1: Official FX. reserves have quadrupled reflecting Figure 2: Mature market (MM) reserves have grown only primarily the growth of EM holdings modestly reflecting valuation & interest 12.000 UM) CM 12.000 4000 USD On 4200 J500 —Total WA Mown* 3500 10.000 10.000 —Toga FX Atteeve, 3000 Jain_ 146444•4 3200 b.000 IVINFX 0.344644 4000 GMFX Aaaeva men Ionia Mane • 2600 2500 4020 4000 2003 • 2000 4000 4000 1503 • 1600 2.400 2.000 1000 1000 O 600 SOO 1 89 2000 2002 2003 2005 2000 2008 2009 2011 2012 0 . . 0 01 03 01 03 0% 03 01 03 01 03 1999 2000 2002 2003 2005 2006 2008 2009 2011 201 01 03 01 03 01 03 01 03 01 03 Sowvafilla Con BEA al (Ate artes SEA OS GeierMitten Rendre. I Figure 3: Many countries report the currency I:Figure 4: The advanced countries (MM) all report composition of reserves to the IMF, which publishes the composition of reserves to the IMF... them in aggregate form 12.003 12.000 4000 4060 1150 On 10000 —Tots rewrva Inebinfollt40122 10 003 3.500 3020 Alocinpa Romero 3.000 3.000 ft 020 •••••••.“.. 4000 2.600 2.600 5.003 5.024) 2.000 2.000 4.003 4.000 1000 1.600 2.000 2000 1000 1000 500 603 0 1999 2000 2002 2003 2005 2006 2008 2009 2011 201 0 0 01 03 01 03 CI 03 el 03 Cl 03 1999 2000 2002 2003 2005 2006 2008 2009 2011 2012 01 03 Cl 03 01 03 01 03 CI 03 Snot COASt WA O PX Iteseircil Sam. cola MO. CO 0C Rearecn [ Figure 5: ...while about half of emerging markets report the currency composition of their reserves Figure 6: The currency composition of (114 reporting countries) total FX reserves: levels 0000 4000 4.000 USD an 4000 USDOn 1 Wen 3.500 3.500 . 114 Fit Roma, 5.200 6003 3000 f — Y44 3,030 0.14.4.cas Canes —FM ilosta.4 4•444•4 2.500 4 - Owes Pilot 2.500 00•110223•Poey 4.000 4000 2,020 2000 1.500 1.500 2.000 LOX 1,200 2.040 6C0 603 0 0 — -- 0 1 99 2000 2002 2003 2005 2008 2008 2009 2011 2012 1999 20110 2002 20113 2005 2005 me 2009 2011 201 01 01 03 01 03 01 03 01 03 01 03 01 03 01 03 CI 03 03 01 03 Sam. COFER MU. CO FX INSWIlth Sotto*, COOMME 0O FX Ansa. Page 46 Deutsche Bank Securities Inc. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0104702 CONFIDENTIAL SDNY_GM_00250886 EFTA01449337