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Singapore becomes yuan's largest offshore clearing center
April 28, 2014--Singapore has overtaken London as the largest clearing center for China's domestic currency outside of China and Hong Kong, according to the Society for Worldwide Interbank Financial Telecommunication (SWIFT).
Data released by the SWIFT show the value of Singapore's renminbi payments increased by 375 percent between March 2014 and March 2013, making Singapore number one in terms of renminbi payments value, excluding China and Hong Kong.
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Source: CNBC
Alteration of Trading Unit of ETF
April 25, 2014--The trading units of the ETFs below will be changed from May 10, 2014 (Sat.) (in effect, May 12 (Mon.)) as follows
Issue Name: iShares Nikkei225 ETF
Code: 1329
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Source: TSE
DB-Synthetic Equity & Index Strategy-Asia-Pac Weekly ETF Market Review -Japan focused ETFs witness $4.4bn inflows
Data in this report is as of 18 April 2014
April 24, 2014--Market Review
Last week, Asia-Pacific region had mixed markets with Japan partially
reversing previous week's losses. Compared to the week before, from north to
south:
Japan (Nikkei 225) +3.98%
South Korea (KOSPI2) +0.38%
China (CSI 300) -2.03%
Hong Kong (HSI) -1.06%
Singapore (FSSTI) +1.74%
Australia (S&P/ASX 200) +0.47%
New Product Launch Review
There was no ETP launch in the last week.
ETP Weekly Flows- Single ETF boosts weekly inflows
Asia-Pacific ETP market recorded inflows of +$4.8bn during last week
(-$522mn over the prev. week), setting the YTD weekly flows average at
+$724mn (+$11.2bn in YTD flows). Developed markets benchmarked ETFs
recorded inflows of +$4.5bn led by Japan focused ETFs (+$4.4bn). These
inflows primarily came from one ETF (Daiwa ETF – Topix (1305 JP): +$3.8bn).
Emerging markets ETF flows remained in negative territory (-$37mn) where
China and South Korea focused ETFs went into opposite direction recording
inflows of +$200mn and outflows of -$200mn respectively. Among other subsegments,
leveraged long strategy and financial sector ETFs saw inflows of
+$323mn and +$157mn respectively over the last week.
Winners and losers: At ETP level, Daiwa ETF- Topix (1305 JP), Next Funds Nikkei 225 Leveraged Index ETF (1570 JP) and CSOP FTSE China A50 ETF (82822 HK) were the largest flows receivers of the week collecting +$3.8bn, +$354mn and +$206mn respectively. Over the same period, biggest outflows were experienced by Samsung KODEX 200 (069500 KS) and Maxis Nikkei 225 ETF (1346 JP) recording -$212mn and -$104mn of outflows. Turnover Review -Floor activity down by 26.5%
Asia-Pacific ETP turnover totaled $11.2bn for the last week, 26.5% down from the previous week’s total. On a country level, stock exchanges in Japan topped the turnover ranking with aggregate turnover of $4.2bn (-31.9%), followed by China ($3bn, -5.9%), South Korea ($2.5bn, -11.5%), and Hong Kong ($1bn, - 57.6%). Among equity ETFs, leveraged long strategy, emerging country, Asia- Pacific developed country, and short strategy ETFs were the most traded products recording total turnovers of $4.1bn, $3.4bn, $1.1bn and $0.7bn respectively. Within fixed income ETFs, money market ETFs recorded turnover of $1.3bn (+17.9%) over the last week.
Assets under Management Review-Assets crossed $170bn mark
Asia-Pac ETP AUM closed the week at a new high of $172.7bn after weekly
gains of $6.2bn. On a year-to-date basis, Asia-Pac ETP market is up by $3.6bn
or 2.1% above last year’s closing.
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Source: Deutsche Bank-Synthetic Equity & Index Strategy- Asia
TSE has published the index value of TSE Home Price Index for February
April 22, 2014--April 22, 2014--TSE has published the index value of TSE Home Price Index for February on April 22, 2014.
The index value of TSE Home Price Index (Used Condominium, Composite of Tokyo Metro Area) is 79.95 points. The index value of TSE Home Price Index (Used Condominium, Tokyo) is 85.40 points. The index value of TSE Home Price Index (Used Condominium, Kanagawa) is 78.16 points.
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Source: TSE (Tokyo Stock Exchange)
IMF-Republic of Korea: 2013 Article IV Consultation-Staff Report; Press Release and Statement by the Executive Director for the Republic of Korea
April 17, 2014--Summary: KEY ISSUES Overview. Korea has experienced impressive growth since the 1970s, enabling it to escape the middle-income trap. However, this prosperity has been concentrated lately within the highly competitive export-oriented conglomerates, whereas household income growth and service sector productivity have been sluggish. Moreover the population is aging rapidly. To sustain income convergence with the most advanced countries and enhance stability and inclusiveness, Korea needs ambitious reforms to its fiscal framework (including to create space for higher social spending), labor market, and services sector. Such reforms would be mutually reinforcing. Near-term Outlook and Risks.
The economy is recovering gradually, helped by supportive monetary and fiscal policies and strong exports, and it emerged as a "safer" haven in last summer's market turmoil. Growth should strengthen further in 2014, although risks are on the downside. The main near-term risks are external: sharply slower growth in Korea's main trading partners or severe market stress. Given significant private debt overhang, key domestic risks are weak domestic demand and, over time, lower potential growth if structural reforms fail to offset the drag from rapid aging. Policy Recommendations. Policies should aim to tackle the weakness of domestic demand and counter forthcoming headwinds to potential growth.
Fiscal Policy. Keep supporting demand in 2014, which may require a supplementary budget. Increase countercyclicality through higher automatic stabilizers and a structural balance fiscal rule. Create fiscal space to boost household incomes and the growth potential by allowing a temporary structural decline in government savings and broadening the narrow tax base.
Structural Policies. Continue to focus on labor market reforms to enhance participation and reduce duality and, as the social safety net expands, accelerate services sector deregulation and SME consolidation.
Monetary Policy. The current accommodative stance is appropriate given the lack of inflation or financial stability concerns. Normalization should not start until there is confidence that the output gap will close soon.
Exchange Rate Policy. The exchange rate should continue to be market-determined and intervention limited to smoothing disorderly market conditions. FX reserves are ample and there is no need for further accumulation.
Financial Sector. As the FSAP found no imminent stability risks, focus on closely monitoring vulnerabilities such as household and corporate debt to further enhance resilience; and supporting growth, including by reducing government intervention.
Singapore and other APEC Economies release Joint Consultation Paper on the Asia Region Funds Passport
April 16, 2014--Singapore, Australia, Korea, New Zealand, Philippines and Thailand today released a joint consultation paper on the proposed rules and arrangements that will govern the operation of the Asia Region Funds Passport (ARFP).
When implemented, the ARFP will allow fund managers operating in a passport member economy to offer their funds in other passport member economies under a streamlined authorisation process.
he consultation paper sets out the substantive rules that will apply to participating fund managers and passport funds. It also sets out common standards and expectations amongst regulators from passport member economies on the supervision of passport funds, including the protection of investor interests. Following the consultation, the economies that decide to participate in the passport will together work towards the launch of the ARFP in 2016.
view the Consultation Paper: Arrangements for an Asia Region Funds Passport
Source: MAS (Monetary Authority of Singapore)
MNI China Business Sentiment
April 16, 2014--MNI China Business Indicator declines to 51.1 in April from 53.4 in March China Business Confidence Weakens Amid Growing Concerns About the Slowdown of the Chinese Economy Business conditions worsened in April, following weaker economic data, reports of company defaults and policy announcements about only modest economic stimulus measures.
The MNI China Business Indicator fell to 51.1 in April from a three-month high of 53.4 in March, posting the lowest reading since February. Most measures for short-term business expectations also worsened on the month. The MNI Business Indicator has a strong correlation with GDP and suggests economic growth is likely to ease from the 7.7% growth seen in the fourth quarter of 2013. The decline in the headline indicator was accompanied by a fall in the New Orders Indicator, which hit the lowest reading since May 2009, and slipped below the 50 breakeven level for the first time since November 2011.
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Source: MNI Indicators
IMF Working paper-India: Defining and Explaining Inclusive Growth and Poverty Reduction
April 16, 2014--Summary: The IMF has documented the evolution of poverty and inequality across Indian states during the recent period of rapid growth (2004-09), and examine the role of growth and distribution in reducing poverty. Robust economic growth has been a major driver of poverty reduction and inclusiveness in India.
They explore the role of economic policies and macrofinancial conditions in explaining inclusive growth and its components, using a new measure of inclusive growth.
view the IMF Working paper-India: Defining and Explaining Inclusive Growth and Poverty Reduction
Source: IMF
Chinese Businesses Face Competing Tensions on Fast Track to Globalization
To achieve global success, Chinese businesses must address competing tensions, or polarities
Global operating models must focus on culture, governance, processes and people
Report offers six examples of best practice from China's globalization champions
Read the report and executive summary and watch introductory video on the report
April 16, 2014--Chinese companies with active globalization strategies often fall short of growth targets in their international operations because they fail to observe three basic considerations, according to a new report, Emerging Best Practices of Chinese Globalizers: Tackle the Operational Challenges, released today by the World Economic Forum in collaboration with Strategy& (formerly Booz & Company).
In exploring the challenges facing Chinese businesses as they build their global operations, the report identifies three competing pairs of tensions or polarities that contribute to failure to meet growth expectations. These are:
Home Country & Host Country: Building globally unified cultures, governance structures and systems, while making commitments to local countries communities and business practices
Consistency & Innovation: Maintaining consistency and standardization across global operations, while seeking to innovate in products, services and operating models
Control & Empowerment: Maintaining necessary and effective management controls, while empowering local teams for operational efficiency
view the WEF Report-Emerging Best Practices of Chinese Globalizers: Tackle the Operational Challenges
Source: WEF (world Econoic Forum)
BlackRock receives first RQFII licence from CSRC
April 16, 2014--BlackRock has been awarded its first renminbi qualified foreign institutional investor (RQFII) licence by the China Securities Regulatory Commission (CSRC).
The licence has been awarded to BlackRock Asset Management North Asia Limited, a subsidiary of BlackRock Inc, to invest in the domestic capital markets in China, including the A-Share equity and onshore bond markets. BlackRock will apply for investment quotas under the licence from the State Administration of Foreign Exchange (SAFE).
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Source: Asia Asset Management
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