Asia-Pacific
Nijathaworn on East Asian financial markets
In the speech 'East Asian financial markets: Some thoughts on the way forward' given on 22 June Bandid Nijathaworn of the Bank of Thailand said financial market development in East Asia has essentially been left to the market.
ACU calls for new members
The Asian Clearing Union (ACU) concluded its two-day technical committee meeting Wednesday 19 July calling for the admission of countries beyond the ESCAP Asia/Pacific region.
ACU to discuss payment systems efficiency
Members of the Asian Clearing Union (ACU) will meet in Dhaka this week to discuss ways to make their payment systems easier to use to boost trade, a Bangladesh central bank official told Reuters.
ECB's Bini Smaghi on global imbalances
In the speech 'European and Asian perspectives on global imbalances' given on 14 July Lorenzo Bini Smaghi of the ECB said for the euro area, Asia has now become a more important trade partner than the US.
Review of the Asian Bond Fund 2 Initiative
The Bank of Japan has announced that the EMEAP (Executives' Meeting of East Asia-Pacific Central Banks) Working Group on Financial Markets has released a report titled "Review of the Asian Bond Fund 2 Initiative."
HKMA's Yam on East Asian financial markets
In the speech 'East Asian financial markets - The next frontier' given on 22 June Joseph Yam of the Hong Kong Monetary Authority said the successful experience of Asian Bond Fund has laid a strong foundation for enhanced regional cooperation by central…
Common currency basket in the 'ASEAN plus three'
East Asian countries, for example "ASEAN plus three countries" (China, Korea, and Japan), have been well cognizant of importance of the regional financial cooperation since the Asian currency crisis in 1997, according to the Discussion Paper "Adopting a…
Buba's Remsperger on global imbalances
In the speech 'Global imbalances and policy implications' given on 9 May Hermann Remsperger of the Deutsche Bundesbank said the build-up of currency reserves in some Asian countries has now lost momentum.
New Zealand hosts EMEAP central bank governors
Central bank governors from major countries in the region gathered in New Zealand over the weekend to discuss common issues, Reserve Bank of New Zealand governor Alan Bollard said Monday 29 May.
Bank of Canada Review, Spring 2006
The Bank of Canada published its Review for Spring 2006 on 25 May. The Review includes the article 'Global imbalances - Just how dangerous?' which provides a guide to the major issues and controversies involved in the debate.
Knight on Asia, the dollar & global imbalances
In the speech 'Asia, the US dollar and global imbalances' given on 18 May Malcolm Knight of the BIS said global imbalances in current account deficits and budget deficits are "not sustainable".
MAS says common Asian currency unlikely soon
A top official from the Monetary Authority of Singapore has said that the establishment of a common Asian currency is unlikely to be realised in the near term.
FX reserves, US deficits and global imbalances
This article published Thursday 11 May provides detailed information on foreign reserve holdings. Global reserves continue to mount this year, it says, amid renewed downward pressure on the U.S. dollar and a fresh rise in oil prices.
Asia's savings glut keeps its bond markets tiny
According to this article published Wednesday 10 May, it is a puzzle why global investors hold almost no debt denominated in Asian currencies when they snap up fixed-income securities that pay in Uruguayan pesos or Brazilian reais.
IMF says China to benefit from yuan appreciation
China's economy will benefit from a government decision to allow greater exchange rate flexibility for the yuan, according to an IMF economist.
Asia is getting ready to dump the dollar peg
According to this article published Monday 8 May, even as they continue to pile up U.S. debt in their foreign exchange reserves to keep their currencies stable against the dollar, Asian nations are preparing for a scenario where the dollar collapses…
An Asian monetary union?
This Working Paper from The Australian National University, published April 2006, empirically examines whether a group of 12 Asian countries is suitable to form an Asian Monetary Union (AMU).
ADB says growth depends on oil price fall
The Asian Development Bank has said the rapid growth of the region's economies may only be sustained if there is a decline in global oil prices.
Fed's pause may send Asian currencies higher
With Federal Reserve chairman Ben Bernanke signalling a pause in U.S. interest-rate increases, the spotlight is once again on Asia, according to this article published on Tuesday 2 May.
Interview with IMF's Wanda Tseng
Wanda Tseng, deputy director at the IMF's Asia and Pacific department, said on Tuesday 2 May that China's decision to raise interest rates for the first time in 18 months is welcome but the country needs to let its currency move more freely.
No Nixon moment on China's currency
According to this article published on Friday 21 April, for the second time in less than a year Asia's No. 2 economy outmaneuvered the world's biggest on the yuan.
Interview with ADB's Kuroda
In an interview published on Sunday 9 April, the President of the Asian Development Bank Haruhiko Kuroda said Asian countries, including China, already have ample foreign exchange reserves and there is no need for them to accumulate more.
Comment: The IMF's challenge
Raghuram Rajan, the IMF's economic counsellor and director of research, said in a speech Monday 10 April at the Kiel Institute that "as the reserves of advanced emerging markets fall, they may well want to re-engage with the Fund". Behind these remarks…
Euro disaster a salutary lesson in what not to do
According to this recent article, the idea of a single currency area for countries like China, Japan, and Korea has certain obvious appeal. However, it is a big stretch to assume that a single currency union is either the best way for them to reap those…