Nov-14 Jan-15 Mar-15 May-15 Jul-15 Sep-15 1.20 1.40 1.60 1.80 2.00 2.20 2.40 2.60 2.80 4.5 3.5 4 2.5 3 1.5 2 0.5 1 0 IDR MYR CNY THB CNH TWD PHP SGD INR KRW 3M Risk Reversal (ranked by 1Y percentile) 3M Risk Reversal 1Y Percentile, RHS 100 10 20 30 40 50 60 70 80 90 0