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China, People's Republic of: Spillover Report for the 2011 Article IV Consultation and Selected Issues
July 20, 2011--KEY POINTS
Issues. Spillover reports explore the external effects of policies in systemic economies, focusing on issues raised by key partners. In the case of China, these partners saw benefits
from its growth, especially during the crisis, but were also concerned to varying degrees about spillovers from (1) a potential disruption to China’s so far steady growth; (2) the slow pace of currency adjustment; and (3) a further build up in foreign exchange reserves,
already the largest in the world, and the closed capital account.IMF.
Findings
The main messages flowing from the analysis are as follows:
China’s capacity to both transmit and originate real shocks is rising, implying an important stake for the world in its stability. Insofar as its export-oriented growth model is a source of stresses, economic rebalancing is crucial.
Currency appreciation is important to that process but alone yields only limited spillovers. Significant positive effects on others’ output and trade require a comprehensive transformation that reduces China’s household and corporate savings rates and raises depressed factor prices. The latter could also alleviate concerns that China’s competitiveness is built on a distorted cost structure, thus easing trade tensions—itself a risk to the world economy.
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Source: IMF
Japan: Lower Public Debt, Structural Reforms Critical, says IMF
July 19, 2011--Japan must consolidate its fiscal position, says IMF
Recovery has started after earthquake, but uncertainties remain
IMF advocates modest increase in consumption tax to pay for recovery
The massive earthquake in northeast Japan earlier this year has led to additional government spending which is pushing the country’s public debt to higher levels. The world’s third largest economy must consolidate its fiscal position over the medium term if it is to continue being a positive force in the region, says the IMF in its regular assessment of the country’s economy.
view the report-Japan-2011 ARTICLE IV CONSULTATION
Source: IMF
Japan: Spillover Report for the 2011 Article IV Consultation and Selected Issues
July 19, 2011--KEY ISSUES
Objective. Spillover reports explore the external effects of policies in systemic economies, focusing on concerns raised by key partners. In the case of Japan, these
relate primarily to the dynamics of public debt, and the potential effects of delayed fiscal consolidation. More recently, interest centered on the impact of the March 2011
Findings. The main messages flowing from the analysis are as follows:
sophisticated technological products, neither fiscal nor monetary policies appear to have led to significant global spillovers in recent years. However, Japan remains an important source of demand in Asia, and the lack of policy space and rising public debt levels in other advanced economies suggests that developments in Japan may have a larger impact than in the past.
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Source: IMF
Asian stocks dip on global debt woes
July 18, 2011--Worries about Europe's banking woes, debt problems in the US and the global economy dragged down most Asian stock markets on Monday.
Crude oil fell and the dollar strengthened against the euro while falling slightly against the Japanese yen.
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Source: FIN24
A Quantitative Assessment of Financial Conditions in Asia-IMF Working Paper
July 18, 2011--Summary: We propose a new Financial Condition Index (FCI) for Asian economies based on two different methodologies: a VAR model and a Dynamic Factor Model. The paper shows that this index has predictive power in forecasting GDP growth and may be thus used as a leading indicator.
Based on the FCI, financial conditions in Asia tightened substantially earlier in the global crisis, reflecting losses in the stock markets and tighter credit conditions. In early 2010, financial conditions in Asia recovered rapidly and reached precrisis levels, thanks to accommodative monetary policies and a rapid rebound in regional equity markets.
view IMF Working paper-A Quantitative Assessment of Financial Conditions in Asia
Source: IMF
Japanese exchanges
July 17, 2011--Even by the leisurely standards of Japan, the proposed merger between the Tokyo Stock Exchange and the Osaka Securities Exchange is moving at a glacial pace. Back in early March, TSE president Atsushi Saito said the group was pondering some kind of combination with the derivatives-focused OSE. Four months on there is not even a confirmation of talks between the two dominant Japanese groups, let alone any disclosed progress on structure, price and management.
The mere prospect of a deal seems to be forcing both sides to buck up their business, though. This week Osaka will start trading derivatives until 3am; Tokyo, too, is pushing trading hours back from 7pm to 11.30pm
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Source: FT.com
Tokyo Stock Exchange: New ETF Included In Real-Time Dissemination Of “TSE Indicative NAV”
July 15, 2011--Tokyo Stock Exchange, Inc. (TSE) will calculate and publish the real-time Indicative Net Asset Value (Indicative NAV) per share for one additional Exchange Traded Fund (ETF) beginning August 8, 2011.
1.Addition
| Code | ETF | Fund Administrator | Starting date |
| 1329 | iShares Nikkei 225 ETF | BlackRock Japan | August 8, 2011 |
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Source: Tokyo Stock Exchange, Inc. (TSE)
Korea Exchange To Celebrate Its 100th ETFs On July 18
July 15, 2011--The Korea Exchange (”KRX”) would list more than 100 ETFs by next week.
Since introduction of first ETF in 2002, ETFs made an impressive growth, both in number of ETFs and product categories. With the listing of five new ETFs (TIGER S&P 500 Futures, TIGER Inverse KTB 3Y, TIGER Health Care, KODEX Silver Futures, and KOSEF Fundamental Large) on July 18, 2011,
total number of ETFs listed on the KRX will be 100, covering 6 product categories, including Korean equities, foreign equities, fixed incomes, derivatives, commodities, and currency, thus satisfying various investors’ demands.
Aiming to become one of the world top 10 markets for ETFs, the KRX intends to make further efforts to promote the growth of ETFs by upgrading the market regulations and infrastructure, expanding the investor base and globalizing ETF lineups.
Source: Korea Exchange (KRX)
HKFE Announces Revised Margins for China Construction Bank and PetroChina Futures
July 15, 2011--Hong Kong Futures Exchange Limited (HKFE), a wholly-owned subsidiary of Hong Kong Exchanges and Clearing Limited (HKEx), has announced that with effect from the commencement of trading on Monday, 18 July 2011, the minimum margins to be collected by an Exchange Participant from its clients in respect of their dealings in the following futures contract will be as outlined in the table below.
The adjustments are based on the clearing company’s normal procedures and standard margining methodology.
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Source: Hong Kong Futures Exchange Limited (HKFE)
HKFE Announces Revised Margins For H-shares Index, Mini H-Shares Index, Bank Of China, And Industrial And Commercial Bank Of China Futures
July 14, 2011--Hong Kong Futures Exchange Limited (HKFE), a wholly-owned subsidiary of Hong Kong Exchanges and Clearing Limited (HKEx), has announced that with effect from the commencement of trading on Friday, 15 July 2011, the minimum margins to be collected by an Exchange Participant from its clients in respect of their dealings in the following futures contract will be as outlined in the table below.
The adjustments are based on the clearing company's normal procedures and standard margining methodology.
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Source:Hong Kong Futures Exchange Limited (HKFE)
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