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IMF Staff Country Report-India: Financial System Stability Assessment
December 21, 2017-Summary:
Against the backdrop of important structural reforms and terms of trade gains, India recorded strong growth in recent years in both economic activity and financial assets. Increased diversification, commercial orientation, and technology-driven inclusion have supported growth in the financial industry, backed by improved legal, regulatory, and supervisory frameworks.
Yet, the financial sector is grappling with significant challenges, and growth has recently slowed. High nonperforming assets (NPAs) and slow deleveraging and repair of corporate balance sheets are testing the resilience of the banking system and holding back investment and growth.
view the IMF Staff Country Report-India: Financial System Stability Assessment
Source: IMF
Shanghai starts vetting outbound investment scheme licenses, regulator says
December 20, 2017--Shanghai has started vetting license applications for an outbound investment scheme allowing subsidiaries of global asset managers to raise funds for investment overseas, China's foreign exchange regulator said on Wednesday.
The city plans to hand out quotas within the existing limits of the Qualified Domestic Limited Partnership (QDLP) scheme, the State Administration of Foreign Exchange said in response to questions from Reuters.
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Source: Reuters
ETFs to be included in China-HK stock connects in 2018: report
December 20, 2017--Exchange traded funds will be included in the China-Hong Kong stock connect programmes by the end of next year, according to Hong Kong media report quoting the chairman of Hong Kong's securities regulator.
Sing Tao Daily reported on Wednesday that Securities and Futures Commission chairman Carlson Tong said the trading volume through the Shanghai-Hong Kong and Shenzhen-Hong Kong stock connects had continued to rise and that the next step to extending the programmes was to include ETFs.
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Source: cetusnews.com
China Maintains Strong Growth and Reform Momentum, Says World Bank
December 19, 2017--Economic growth in China has remained strong in 2017, supported by rising household incomes and improving external demand. Growth is projected at 6.8 percent in 2017, exceeding initial expectations, according to the World Bank's China Economic Update released today.
"China has maintained its growth resilience and gained reform momentum. The authorities have undertaken a host of policy and regulatory measures aimed at reducing macroeconomic imbalances and limiting financial risks without notable impact on growth. As a result, 2017 has been a successful year for China on many fronts. Economic rebalancing received a boost-the growth of household incomes and consumption accelerated this year relative to investment," said John Litwack, World Bank Lead Economist for China.
view the World Bank-China Economic Update-December 2017: Growth Resilience and Reform Momentum report
Source: World Bank
FTSE Russell introduces FTSE4Good TIP Taiwan ESG Index
December 18, 2017--Important new development for Taiwanese capital markets
Developed in partnership with Taiwan Index Plus Corp. the new index provides important new sustainability solutions for the region
First domestic Taiwan benchmark developed using FTSE ESG Ratings and data model
Reinforces growing global investor demand to integrate sustainability factors in investment portfolios
FTSE Russell, the global index and data provider, announces the launch of the FTSE4Good TIP Taiwan ESG Index. The index has been developed in partnership with Taiwan Stock Exchange's ("TWSE") wholly-owned subsidiary, Taiwan Index Plus Corp. ("TIP").
FTSE Russell continues to see a growing demand, both in Asia and globally, for asset owners to integrate ESG considerations into their investment strategies.
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Source: FTSE Russell
World Bank Upgrades Its 2017 Growth Projections for the Philippines
December 15, 2017--The World Bank has updated its 2017 growth projection for the Philippines, as part of its quarterly forecast exercise to reflect recent economic trends.
Following a stronger than expected growth of 6.9 percent in third quarter and a revision of GDP growth for the second quarter, from 6.5 to 6.7 percent, the World Bank projects 6.7 percent growth for 2017-higher than its previous forecast of 6.6 percent.
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Source: World Bank
December 2017 Indonesia Economic Quarterly: Decentralization that Delivers
December 15, 2017--Recent Macroeconomic Developments
Indonesia's economy strengthened modestly in the third quarter of 2017 supported by higher commodity prices, stronger global growth, rebounding international trade, and relatively accommodative monetary and financial conditions.
Real GDP growth strengthened from 5.0 percent year-on-year in the second quarter to 5.1 percent in the third quarter of 2017, partly due to strong investment and export growth.
Investment growth was at its highest in more than four years. Foreign direct investment recorded the largest net inflow in over seven years. Indonesia's key export commodities and other manufactured goods exports surged in the third quarter. Export and import volumes both registered double-digit growth for the first time since 2012.
view the World Bank Indonesia Economic Quarterly: Decentralization that Delivers December 2017
Source: World Bank
World Bank-Malaysia Economic Monitor, December 2017
December 14, 2017--Key Findings
Malaysia's acceleration is set to continue through to the next year after experiencing significant progress in 2017 with year-on-year growth projected at 5.8%.
The pace of GDP growth quickened in the first three quarters of 2017, supported by strengthening domestic and external demand. In 2018, GDP growth rate is expected to remain strong at 5.2%.
Private consumption had a robust expansion in 2017. Expect it to remain as the main driver of growth in the coming year, supported by stable labor market conditions and continued income growth.
The expansion of Malaysia's exports is expected to continue into the first half of 2018, although at a lower rate.
view the Malaysia Economic Monitor, December 2017: Turmoil to Transformation, 20 Years after the Asian Financial Crisis
Source: World Bank
China follows US Fed by raising money market rates
December 14, 2017--The last hike was in March, when the People's Bank of China responded to a similar move across the Pacific.
China's central bank raised its interbank policy rates by 5 basis points on Thursday, hours after the US Federal Reserve lifted the US benchmark, signalling that Beijing is watching policy moves across the Pacific and is ready to contain capital outflow risks.
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Source: South China Morning Post
IMF-Propping Up the Chinese Economy: Credit versus Fiscal Stimulus
December 13, 2017--Credit booms are addictive. Credit supports growth and the perception of wealth. Yet credit booms are risky, and are often followed by financial busts and economic slowdowns. The challenge is taming credit without hurting growth.
Mainland China is experiencing a major credit boom. As of end-2016, total social financing—a broad measure of credit-exceeded 200 percent of GDP. The credit-to-GDP gap-a measure of financial vulnerability-is the second highest among 44 economies covered by BIS (after Hong Kong SAR).
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Source: IMF
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