d) The following graph displays the percent changes of countries exchange rates from December 31st, 2019 to March 31st, 2020. i. Japan Saudi Arabia Switzerland Brazil Local currency appreciation against USD, percent 5 t Appreciation US o Depreciation China -5 India Argentina UK Canada -10 Australia Indonesia -15 Mexico -20 Russia South Africa Euro area Korea Turkey Countries with reserve currencies (or pegged to a reserve currency) Countries with significant net energy exports Other G20 nations -25 -75 -50 125 150 -25 25 50 75 100 Foreign exchange reserves minus external debt, percent of GDP Explain the probable reasons why the countries with reserve currencies have not appreciated significantly against the dollar. pop(3 marks) ii. In reducing unwelcome exchange rate tensions, reserve-currency countries may consider coordinated intervention with affected countries. Do you think such intervention may happen? Why or why not