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Sebi allows mutual funds in exchange traded commodity derivatives-The mutual fund schemes cannot invest in physical goods except in "gold" through ETFs
May 22, 2019--The Securities and Exchange Board of India (Sebi) on Tuesday allowed mutual funds to participate in exchange-traded commodity derivatives (ETCD). However, the regulator has decided to keep away MFs from trading in derivatives of sensitive commodities.
The mutual fund schemes cannot invest in physical goods except in 'gold' through ETFs.
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Source: economictimes.indiatimes.com
Singapore Lowers Growth Forecasts as Global Economy Cools
May 21, 2019--Singapore's government has downgraded its growth forecasts for this year, as the Asian city state posted its worst quarterly economic performance in a decade amid a slowing global economy and trade upheaval, the Financial Times reported. The global trade hub's Ministry of Trade and Industry said on Tuesday that it now expects Singapore's growth for 2019 to come in at between 1.5 per cent and 2.5 per cent.
Previously the government had forecast economic expansion of between 1.5 per cent and 3.5 per cent for the year. The downgrade came as Singapore posted its worst quarterly expansion in gross domestic product in almost a decade. For the first three months of the year, the economy grew by just 1.2 per cent compared to the same period in 2018. That was below both the 1.5 per cent rate of growth predicted by economics polled by Reuters, and the 1.3 per cent recorded in the immediately prior fourth quarter.
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Source: globalinsolvency.com
Korea's Economic Outlook in Six Charts
May 21, 2019--With strong fundamentals, Korea's economy has performed well in recent years, but short-term growth is now moderating, and long-term growth is facing headwinds. Fiscal and monetary policies should boost growth, and structural policies should foster inclusion and enhance productivity, according to the IMF’s latest assessment of the Korean economy.
Korea is the 11th largest economy in the world and its per capita income has recently passed the $30,000 mark. It has a very strong export base and a skilled labor force. Importantly, to guard the economy against significant adverse developments, Korea has built large buffers in the financial and public sectors.
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Source: IMF
India in 2024: Narendra Modi once more, but to what end?
May 17, 2019--Even with the recent economic slowdown, India still boasts Asia's fastest growing economy in 2018. But beneath the veneer of impressive GDP expansion, uneasiness about India's economic model clearly tempers enthusiasm.
Indians are widely expected to decide to continue the country's current economic development path under the leadership of the Bharatiya Janata Party (BJP).[1]
Even with the recent economic slowdown, India still boasts Asia's fastest growing economy in 2018. But beneath the veneer of impressive GDP expansion, uneasiness about India's economic model clearly tempers enthusiasm. There is no doubt that the slowdown of India economy casts shadow on Narendra Modi's second term and whether this time it will be different.
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Source: bruegel.org
China's central bank won't let yuan weaken past 7 to the dollar: sources
May 17, 2019--China's central bank will use foreign exchange intervention and monetary policy tools to stop the yuan weakening past the key 7-per-dollar level in the near-term, three people familiar with the central bank's thinking said.
"At present, rest assured they will certainly not let it break 7," a source told Reuters.
A defense of the 7 level could help boost confidence in the currency and soothe investor fears about a sharp depreciation in the yuan, or renminbi, even as souring trade relations with Washington make competitive devaluation a compelling option for Beijing.
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Source: Reuters
STOXX turns to China's expanding ESG market
May 17, 2019--Deutsche Boerse unit STOXX plans to target growing interest in environmental, social and governance products in China.
The biggest hurdle is showing Chinese investors they can invest sustainably and remain profitable, says Rick Chau, managing director and head of Asia-Pacific at STOXX.
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Source: fow.com
Shanghai-London stock exchange tie-up faces more delays-sources
May 15, 2019-- A tie-up between London and Shanghai to allow Chinese firms to raise money on the UK stock market and British firms to sell shares in China is facing a long delay and is not likely to happen this year, sources close to the matter said.
The Shanghai-London Stock Connect project started in 2015 and was embraced by the London Stock Exchange as one that would give Britain a lead in tapping Chinese investors who are currently not able to invest overseas. It would also allow companies on the Shanghai Stock Exchange (SSE) to launch secondary offerings in London.
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Source: Reuters
IMF Staff Completes 2019 Article IV Mission to Singapore
May 14, 2019--Following a period of above-potential economic expansion, Singapore's economic growth is expected to moderate to 2.3 percent in 2019. Risks are tilted to the downside and mainly stem from external sources.
The IMF team concurs with MAS's decision to keep monetary policy on hold for now.
Going forward, monetary policy should continue to be data dependent, and the authorities should remain ready to provide fiscal stimulus as a first line of defense if downside risks materialize.
The IMF team welcomes the authorities' concerted efforts to promote a more innovation-based growth model with targeted policies to facilitate the structural transition by mitigating disruption from technology and aging.
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Source: IMF
Hang Seng Indexes Launches Two ESG Indexes and Expands Hang Seng Stock Connect Greater Bay Area Index Series
May 14, 2019--Hang Seng Indexes Company Limited ("Hang Seng Indexes") today launched the HSI ESG Index and the HSCEI ESG Index, expanding its portfolio of benchmarks for
investors interested in socially responsible investment strategies. The company also added the Hang Seng Stock Connect Greater Bay Area Innovation Top 50 Index to its Hang Seng Stock Connect Greater Bay Area Index Series.
The HSI ESG Index and the HSCEI ESG Index have the same list of constituents as the Hang Seng Index ("HSI") and the Hang Seng China Enterprises Index ("HSCEI") respectively, but adopt different constituent weightings. The weighting of each constituent in the two new indexes is adjusted according to its environmental, social and corporate governance ("ESG") score. The weightings of constituents with relatively high ESG scores will be increased, while weightings of those with relatively low ESG Scores will be decreased.
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Source: Hang Seng Indexes
IMF Staff Country Report-Republic of Korea: Selected Issues
May 13, 2019-EVOLUTION OF MACROPRUDENTIAL POLICIES IN
KOREA
1. The primary aim of macroprudential policy is to secure financial stability by leaning
against excess financial conditions. FSB, IMF, and BIS (2011) define macroprudential policy as "a
policy that uses primarily prudential tools to limit systemic or system-wide financial risk, thereby
limiting the incidence of disruptions in the provision of key financial services that can have serious
consequences for the real economy.
Rather than managing inflation or the business cycle, as monetary policy aims to do, macroprudential policy tries to strengthen the financial system's defenses in the face of economic and financial shocks.
2. This Selected Issues chapter looks at (i) monetary policy and financial cycles; (ii) the evolution of macroprudential policies in Korea; (iii) the efficacy in prudential policies in taming financial excess and building financial resilience and; (iv) the interaction between monetary policy and macroprudential policies
view the IMF Staff Country Report-Republic of Korea: Selected Issues
Source: IMF
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