The New ABMI Medium-Term Road Map 2019-2022 highlights future directions and major activities, including deepening support for infrastructure finance; promoting green bonds and ASEAN+3 Multi-currency Bond Issuance Framework (AMBIF) bonds; fostering standardization and harmonization of bond-market-related regulations; improving bond market infrastructure to facilitate cross-border transactions; and enhancing collaboration among regional initiatives. It is expected that the efforts under the ABMI will help contribute to regional economic and financial stability, and advance regional financial integration.
Local currency government bond yields in emerging East Asia trended downward between 28 December 2018 and 15 February 2019, according to the latest Asia Bond Monitor. Bond yields edged lower partly driven by expectations that the United States Federal Reserve will slow its pace of monetary tightening in 2019. The report also noted the size of emerging East Asia's local currency bond market surpassed USD13 trillion at the end of December.
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.
This report is a technical document by the Cross-Border Settlement Infrastructure Forum (CSIF) to create linkages among payment and securities settlement infrastructures in ASEAN+3. It aims to create a common understanding on international standards and technical specifications for gateways of CSD-RTGS linkages.
Real gross domestic product (GDP) growth moderated in Singapore (1.2% year-on-year [y-o-y]) and Thailand (2.8% y-o-y) in the first quarter of 2019, while it accelerated in Japan (annualized rate of 2.1%). Singapore's manufacturing industry grew 0.1% y-o-y in April, rebounding from a decline of 4.3% y-o-y in March. Consumer price inflation in April rose in Hong Kong, China (2.9% y-o-y) and Singapore (0.8% y-o-y); and was unchanged in Malaysia (0.2% y-o-y) vis-Ă -vis the prior month. Producer prices for goods and services in the Republic of Korea rose 0.3% month-on-month in April. In the Philippines, a balance of payments surplus was registered amounting to USD467 million in April.
China, People's Republic of
Source: China Central Depository & Clearing Co., Ltd. (CCDC)
Source: Indonesia Bond Pricing Agency
Source: Bond Pricing Agency Malaysia
Source: Philippine Dealing & Exchange Corp.
Source: Thai Bond Market Association
Source: Bond Pricing Agency Malaysia, Indonesia Bond Pricing Agency, and Thai Bond Market Association