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Asia Bond Monitor
The size of emerging East Asia’s local currency bond markets reached USD15.2 trillion at the end of September, according to the latest issue of the Asia Bond Monitor. The report also noted that the protracted trade dispute between the People’s Republic of China (PRC) and the United States and a sharper-than-expected economic slowdown in advanced economies and the PRC pose as the biggest downside risks to the region’s financial stability.
Good Practices For Developing a Local Currency Bond Market: Lessons from ASEAN+3 Asian Bond Markets Initiative
This report shares the experiences of ASEAN+3 and provides a comprehensive picture on fostering a local currency bond market. Although every market is unique, some lessons from the region's varied experiences could still be drawn on how to expedite the process of bond market development in a developing economy.
In Hong Kong, China, final figures showed that gross domestic product (GDP) contracted 2.9% year-on-year (y-o-y) in the third quarter (Q3) of 2019, following tepid 0.4% y-o-y growth in the second quarter (Q2). In seasonally adjusted quarter-on-quarter (q-o-q) terms, Hong Kong, China’s GDP contracted 3.2% q-o-q in Q3 2019 following a 0.5% q-o-q drop in Q2 2019. Japan’s GDP growth rate decelerated to an annualized rate of 0.2% in Q3 2019 from 1.8% annualized growth in Q2 2019. In Malaysia, GDP growth eased to 4.4% y-o-y in Q3 2019 from 4.9% y-o-y in Q2 2019. Last week, the Monetary Board of the Bangko Sentral ng Pilipinas decided to leave its key interest rates unchanged, supported by the benign inflation outlook and solid economic growth prospects.
Notes: 1. CN=People's Republic of China; HK=Hong Kong,China; ID=Indonesia; KR=Republic of Korea; MY=Malaysia; PH=Philippines; SG=Singapore; TH=Thailand; VN=Viet Nam; VN*=Viet Nam (MOF data). 2. Data as of end-June 2019.
Notes: A positive (negative) value for the foreign exchange rate indicates the appreciation (depreciation) of the local currency against the United States dollar.
Asia Bond Monitor
The Asia Bond Monitor (ABM) is AsianBondOnline's quarterly publication released every March, June, September, and November. The report reviews recent developments in East Asian local currency bond markets along with the outlook, risks, and policy options. The ABM covers the 10 Association of Southeast Asian Nations member countries and the People's Republic of China; Hong Kong, China; and the Republic of Korea.
The Weekly Debt Highlights Report provides a summary of the relevant key macroeconomic data and monetary policy updates released in the previous week in the various economies covered by ABO. The report also includes select government and corporate debt issuances, credit rating updates, and other relevant regulatory developments. The report is published every Monday.
The ABO Monthly Debt Roundup provides a snapshot on changes in financial prices such as foreign exchange, yields, equity as well as recent monetary policy rate movements in the region. In addition, the ABO Monthly Debt Roundup provides data on foreign investor bond flows of local currency government bonds for the PRC, Indonesia, Malaysia, the Philippines and Thailand.
The ASEAN+3 Bond Market Guide is a series published by the ASEAN+3 Bond Market Forum in collaboration with ADB as its secretariat. Each country-specific guide provides information on the investment climate, rules, laws, opportunities, and characteristics of the local bond market. The guides are produced in close consultation with local policymakers and market players.
The AsianBondsOnline web portal is an ASEAN+3 Initiative supported by the Asian Development Bank and funded by the Ministry of Finance Japan, through the Investment Climate Facilitation Fund.