EFTA01449287.pdf

28 February 2013 Exchange Rate Perspectives Deutsche Bank 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 12000 U5DEla 4000 USD Bn 40:0 3500 —towline wesompo 3600 14000 —TaslfXRa erne 3000 Japans Rona 31333 0000 - MMIX Aninn - Non J•parf Rrfms 293) 21500 EMFX Resent! 6000 . 6.030 2003 NCO 1503 1800 4.000 4033 103) 1000 2000 2.000 500 600 0 0 1 99 2000 2002 2003 2005 2006 2008 2009 2011 20 2 1999 2000 2002 2003 20092006 2008 2009 2011 20 2 O1 O3 O1 03 01 03 01 03 01 03 01 03 01 03 01 03 01 03 01 03 San. FRB. Catas BEA 08 aboad &Wear; Flasarce Soot...) FRS (atm ,. BEA Oa 01.1.4( M»aro ff.V...och Figure 3: Many countries report the currency 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 12.000 4000 4000 USOITIn USOSn —Total Fa lfil Eanvpa HUM'S 3.600 3000 10000 Mbfflifd ROAM) 3.003 3.00) 5010 —- tkillOceOf NOON,f 2.500 2.500 SCCO 2.030 ZOCO 1,500 1.500 4003 JACO 1.600 ZOCO 600 603 0 • 0 1999 2000 2002 2003 2005 2006 2008 2009 2011 2012 1999 2000 2002 2003 2005 2006 2008 2009 2011 20 2 01 03 01 03 01 03 01 03 01 03 01 03 01 03 CO 03 01 03 01 03 Son CO L% NI. CS IX atMeth Savor COFER NFR. 08 ft Re GOCJI Figure 5: ...while about half of emerging markets Figure 6: The currency composition of (114 reporting report the currency composition of their reserves countries) total FX reserves: levels 4000 5.003 430 .1 COO USD On —• US 001•11. 3.500 3.800 FX ROWS, _EOM) 6,000 5000 3.033 3003 EM efocald Mfrs — non. —CM Unwed Rahn 2.500 — inn Fran 2.500 OthotOunonows 4.003 4000 2.033 2000 1003 1,103 1.030 1.000 2.002 2.000 500 500 0 0 - 0 1999 2000 2002 2003 2005 2006 2008 2009 2011 20 2 1 99 2000 2002 2003 2005 2006 2008 2009 2011 2012 01 03 01 03 01 03 01 03 01 03 O1 03 01 CO Cl 03 01 03 01 CO Sane CO.R 1W CB AtaWn 2.,:t COT.% OW' 08 ri .14'4.01 Deutsche Bank AG/London Page 41 CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0104629 CONFIDENTIAL SDNY_GM_00250813 EFTA01449287