A group of East Asia and Pacific central banks is closing its US-dollar denominated bond fund and transferring the investment to a local-currency bond fund to enhance local-currency bond market development in the region.
Asian local-currency bond markets have grown steadily since the inception of Asian Bond Fund 1 (ABF1), providing local currency funding for borrowers in the region and local currency savings vehicles for regional investors.
A joint statement by Bank Negara and Executives Meeting of East Asia Pacific (EMEAP) said that from 2003 to 2015, issuance of local currency-denominated bonds in Asia ex-Japan recorded a near eight-fold increase from around US$125 billion to more than US$1 trillion.
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Asian local-currency bond markets have grown steadily since the inception of Asian Bond Fund 1 (ABF1), providing local currency funding for borrowers in the region and local currency savings vehicles for regional investors.
A joint statement by Bank Negara and Executives Meeting of East Asia Pacific (EMEAP) said that from 2003 to 2015, issuance of local currency-denominated bonds in Asia ex-Japan recorded a near eight-fold increase from around US$125 billion to more than US$1 trillion.
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