German lender Deutsche Bank said on Tuesday it launched a new set of foreign exchange (FX) indexes to track 21 emerging market (EM) currencies, indicating a growing relevance and importance of developing markets in the global economy.

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The set of four new non-tradable FX indexes would track EMs that have over the past couple of decades seen increased global investment inflows, growing proportion of government debt issuance, and a significant jump in transaction volumes in FX.

"The new indices track both spot and carry performance of 21 emerging market currencies, serving as a comprehensive set of barometers for EM investors tracking FX," Deutsche Bank EM strategist Oliver Harvey said in a statement.