Hard commodities 3
Equity markets 6
Financial architecture 7
EM currencies: reserving their
place 11
A system under pressure 11
The Day of the Triffins 11
Inertia and the current position 12
Reforming the system 13
Options for a multi-currency world 13
What could stop the
juggernaut? 19
What caused the crisis? 19
Time to look for the exit? 20
Is the model broken? 26
Protectionism – how much of a drag? 31
Full circle 33
Appendix 37
The rise and rise of EM 38
Country and territory
overviews 42
Argentina 48
Brazil 52
Chile 56
China 60
Colombia 64
Egypt 68
Hong Kong SAR 72
Hungary 76
India 80
Indonesia 84
Israel 88
Kazakhstan 92
Korea 96
Malaysia 100
Mexico 104
Nigeria 108
Pakistan 112
Philippines 116
Poland 120
Romania 124
Russia 128
Saudi Arabia 132
Singapore 136
South Africa 140
Sri Lanka 144
Taiwan 148
Thailand 152
Turkey 156
Ukraine 160
United Arab Emirates 164
Venezuela 166
Vietnam 170
Disclosure appendix 174
Disclaimer 176