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Dim sum benchmark launch could bring ETFs into a growing market
April 30, 2013--Dim sum bonds showed signs of fatigue last year, despite their young age.
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Issuance of offshore renminbi bonds grew compared to 2011- but only by a whisker, while a summer sell-off in the Chinese currency prompted a spike in borrowing costs. On both counts, it was a far cry from the market’s early days of breakneck growth and barely visible coupons.
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Source: FT.com
OTC trading reform threatens Asian markets
April 30, 2013--Asia's banks may have avoided the worst of the global financial crisis, but its derivatives markets could still suffer the consequences of a regulatory overhaul.
So-called over-the-counter trading became a big target of Group of 20-led financial reforms in the wake of the 2008 market meltdown.
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Source: FT.com
Regional Economic Outlook: Shifting Risks, New Foundations for Growth
April 29, 2013--Growth in the Asia-Pacific region shows signs of improving as extreme risks emanating from advanced economies have receded and domestic demand remains resilient, supported by relatively easy financial conditions and robust labor markets.
A small and gradual pick-up in growth to over 5¾ percent is projected in the course of 2013. Risks to the outlook from within the region, such as rising financial imbalances and asset prices in some economies, are coming clearer into focus. Although Asia’s banking and corporate sectors have solid buffers, monetary policymakers should stand ready to respond early and decisively to shifting risks, and macroprudential measures will also have a role to play. In many Asian economies, some fiscal consolidation could also rebuild the space needed to respond to future shocks and preempt potential overheating pressures from capital inflows. In particular, there is a growing need to make tax and spending policies more efficient. To sustain high growth rates and alleviate the “middle-income trap” across Emerging Asia, the policy agenda will vary by jurisdiction but will also often include strengthening infrastructure investment and reforming goods and labor markets.
view the Regional Economic Outlook: Asia and Pacific
Shifting Risks, New Foundations for Growth
Source: IMF
Hong Kong to Compile Yuan Interbank Rate Fixing in June
April 26, 2013--Hong Kong's Treasury Markets Association will start compiling an interbank interest rate fixing for offshore yuan in June amid rising demand for loans in the currency outside of China.
Hong Kong Monetary Authority will also relax yuan capital rules for local banks by scrapping a limit on net open positions and a minimum requirement for the lenders’ liquid assets in the Chinese currency, Chief Executive Norman Chan told reporters yesterday at a press briefing in the city. Instead, the same rules that apply to other currencies will be applicable to offshore yuan, he said.
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Source: Washington Post
TSE to Expand "TSE Indicative NAV"(ETN) Lineup
April 26, 2013--Beginning Apr 30, 2013, Tokyo Stock Exchange, Inc. (TSE) will begin calculating and publishing Indicative Net Asset Value (Indicative NAV)
per share in real time for the ETNs below.
1. Additions
| Code | ETN | Fund Administrator |
| 2035 | NEXT NOTES Nikkei 225 VI Futures Index ETN | Nomura Europe Finance N.V. |
| 2036 | NEXT NOTES Nikkei-TOCOM Leveraged Gold ETN | Nomura Europe Finance N.V. |
| 2037 | NEXT NOTES Nikkei-TOCOM Inverse Gold ETN | Nomura Europe Finance N.V. |
| 2038 | NEXT NOTES Nikkei-TOCOM Leveraged Crude Oil ETN | Nomura Europe Finance N.V. |
| 2039 | NEXT NOTES Nikkei-TOCOM Inverse Crude Oil ETN | Nomura Europe Finance N.V. |
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Source: Tokyo Stock Exchange, Inc. (TSE)
Sourcing the right collateral a major priority for the financial industry in Asia, shows conference poll
Sourcing the right collateral a major priority for the financial industry in Asia, shows conference poll/
More than 92 percent of industry players in Asia say sourcing appropriate collateral to meet new industry practices is a high or very high priority/Almost 40 percent of delegates at Clearstream conference say their institution has no access to collateral optimisation system/Most of the financial experts see increasing role for Asian securities in the global supply of available collateral for the banking industry/Fourth annual Clearstream GSF Conference Asia in Singapore brings together more than 150 delegates from across the Asia-Pacific region
April 24, 2013--Sourcing the most appropriate collateral to cover global exposures is still a major priority for most financial institutions in Asia, according to a poll of banking professionals at Clearstream's Global Securities Financing Conference Asia in Singapore. Some 92.6 percent of the delegates-
who represented pan-regional institutions, infrastructures, investment banks, universal banks and central banks – expressed that identifying the right type of collateral was either a “very high” or “high” priority for their organisation.
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Source: Clearstream
South Korea economic growth hits two-year high
April 24, 2013--South Korea's growth rate hit a two-year high in the first three months of the year, boosted by a rebound in construction, investment and exports.
The economy grew by 0.9% in the January to March quarter from the previous three months, the central bank's estimates showed.
The data is likely to help allay fears over the health of the Korean economy.
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Source: BBC
OECD Japan is poised for expansion but must curb government debt
April 23, 2013--Japan is poised for an economic expansion, but long-term growth prospects remain contingent on additional efforts to revitalise the economy and reduce unsustainable levels of public debt, according to the OECD's latest Economic Survey of Japan.
The new Survey, presented in Tokyo by OECD Secretary-General Angel Gurría, forecasts the Japanese economy will grow by about 1.5% annually in 2013 and 2014. The report hails Prime Minister Shinzo Abe’s three-pronged strategy -- bold monetary policy, flexible fiscal policy and a growth strategy -- to end 15 years of deflation and relaunch economic growth.
view the OECD Overview Economic Survey of Japan 2013
Source: OECD
China's economic growth slows
April 15, 2013--China's economic growth slowed in the first three months of the year amid concern about the strength of its gradual recovery.
The world's second-biggest economy expanded 7.7% in the first quarter from the previous quarter's 7.9%.
The figures reported Monday fell short of forecasts that growth would rise to at least 8%.
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Source: FIN24
China Macro-Inflation is not a near-term concern
April 8, 2013--Food prices have continued to decline since Chinese New Year. The cumulative decline in food prices amounted to nearly 4% in March, and nearly 8% since mid-February, and has been broadly based across almost all food items, including meat, vegetables, dairy, and oil and fat products.
Food inflation counts for more than 30% of China’s CPI basket. We expect headline CPI to drop from 3.2% in February to 2.4% in March, due to the falling food prices as well as the high base effect.
Food prices declined by about 4% in March
According to the 10-day food prices published by the National Bureau of Statistics, food prices on average declined by about 4% in March, and by nearly 8% since Chinese New Year. The decline is broadly based across different food items (Figure 1), including meat, vegetables and dairy products.
view the China Macro report- Inflation is not a near-term concern
Source: Mirae Asset Global Research
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