Asiat ZBs zunehmend nervös wg. grünem USD-Konfetti

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Asiat ZBs zunehmend nervös wg. grünem USD-Konfetti

 
20.11.03 16:42
Published November 20, 2003

Falling US$ fuels Asian bond market urgency
Market players across the region now appear as keen as government officials are to get the market up and running

By ANTHONY ROWLEY IN TOKYO


FOR years, Asian policymakers have talked of developing a regional bond market but little emerged by way of tangible results - until recently, that is, when a deluge of official initiatives occurred.

More local flavour: a second 'Asian Bond Fund' will be launched soon which will invest in Asian-currency securities rather than in US dollar-denominated bonds
Market players now appear as keen as do government officials to get the market up and running, and the key to why this is so can be found in the fact that the US dollar has plunged to new lows against the euro and the price of gold has risen above US$400 an ounce for the first time since 1996.

Central banks and other investors in Asia are feeling dangerously overexposed to the dollar and vulnerable to major capital losses if it continues its downward trajectory, which it almost certainly will.

As a short-term hedge, they are diversifying into euro and into gold. But for the longer term, policymakers want to create a new repository capable of absorbing local savings and channelling them into local investments, and this what is driving the Asian bond market initiatives so fast.

It is not hard to see why there is flight from the US dollar. The United States has heavy and growing twin (current account and budgetary) deficits and, with the economy there picking up steam again, the chances of inflation coming back are real, given the huge amounts of money the Federal Reserve has pumped into the system.

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