wth (lhs) EM FX index (rhs) 2008 2011 67 72 77 82 87 92 97 2014 2017 Source: National statistical organizations, Deutsche Bank Research Binky Chadha, (1) 212 250 4776 Parag Thatte, (1) 212 250 6605 Rajat Dua, (1) 212 250 2946 Page 70 Deutsche Bank AG/London Oct-2000 Oct-2002 Oct-2004 Oct-2