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sd-10-EFTA01449382Dept. of Justice

EFTA Document EFTA01449382

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28 February 2013 Exchange Rate Perspectives Deutsche Bank El Figure 13: In EM, the main driver of reserve growth has been intervention (in USD bn) 2700 2300 1900 1500 11% 700 303 Total rum., m Ebt ra wr,ut lows, '9'15 Toni quinsy Omni. -Total roduabn dims* 2703 3300 1900 1500 1100 700 300 ico -100 1999 2001 2002 2004 2005 2007 2008 2010 2011 04 02 04 02 04 02 04 02 04 $o.o CO A Reisoch Figure 15: First active diversification, then leaning against the wind 15

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Dept. of Justice
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sd-10-EFTA01449382
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