Model portfolio and trade
recommendations 3
LatAm at a glance 4
BRL: A truce in the currency wars 5
Chile: a reluctant hawk 11
Long LatAm positions look stretched 16
Asia at a glance 19
China: RMB Q&A 20
Offshore RMB: Introducing the CNT 30
EMEA at a glance 35
Hungary: The dangers of a weaker forint 36
Poland: rates ease, bonds please, zloty to freeze 42
RUB: Money rules 47
EMEA FX: Where is the value? 56
Real effective exchange rates 60
Key global economic and FX
assumptions 66
Currency reference table 68
Emerging markets FX strategy
biographies 69
Disclosure appendix 74
Disclaimer 75