20% 10% 0% -10% -20% -30% SGD CNY PHP HRelatIve PPP ofteladve FEER • BEER • Average TH8 MYR KRW Swat Owititilo Beak Ilbonthirp 'nano. U.P. CSC TWD IDR INR Deutsche Bank AG/London Page 15 EFTA00610290 9 January 2014 FX Blueprint: Thin end of the wedge differently. Our view that USD