Money and Finance
Executives' Meeting of East Asia Pacific (EMEAP) Central Banks - Asian Bond Fund (ABF) Initiative
Established in 1991, the Executives’ Meeting of East Asia Pacific Central Banks (EMEAP) is a forum of central banks in the East Asia and Pacific region that aims to strengthen cooperation among its 11 members. In June 2003, EMEAP launched the first phase of the Asian Bond Fund (ABF1). Designed to promote bond market development in the region, the initiative facilitates channeling the sizable official reserves held by Asian economies back into the region. Also, ABF1 provides a useful means for Asian central banks to diversify investments beyond more traditional reserve assets.
With an initial size of about US$1 billion and managed passively by the Bank for International Settlements (BIS), the ABF1 is fully invested in a basket of US dollar-denominated bonds issued by Asian sovereign and quasi-sovereign issuers in EMEAP member economies (with the exception of Australia, Japan, and New Zealand). Building on the success of the ABF1, EMEAP launched the second phase of the Asian Bond Fund initiative (ABF2) in December 2004, eight months after its announcement in April 2004. ABF2 will invest in domestic currency bonds issued by sovereign and quasi-sovereign issuers in eight EMEAP members. Amounting to around US$2 billion, ABF2 is split equally into two components: (i) a single bond fund investing in sovereign and quasi-sovereign local currency denominated bonds issued in eight EMEAP markets (also known as the ABF Pan-Asian-Bond Index Fund); and, (ii) eight Single-market Funds, each investing in sovereign and quasi-sovereign local currency denominated bonds issued within EMEAP markets. In May 2005, implementation began with the completion of the US$2 billion in funding, and the appointment of fund managers, a master custodian, and index provider for ABF2.
EMEAP includes central banks from Australia; the People’s Republic of China; Hong Kong, China; Indonesia; Japan; the Republic of Korea; Malaysia; New Zealand; the Philippines; Singapore; and Thailand.
Agreements
- East Asia Pacific central banks reinvest Asian Bond FundsExecutive`s Meeting of East Asia Pacific Central Banks - EMEAP1 Jul 2016
- The two-phase implementation of the Asian Bond Fund 2 (ABF2) Single-market Funds has been completedExecutive`s Meeting of East Asia Pacific Central Banks - EMEAP14 Jul 2011
- The Asian Bond Fund 2 has moved into Implementation PhaseExecutive`s Meeting of East Asia Pacific Central Banks - EMEAP12 May 2005
- EMEAP Central Banks Announce the Launch of the Asian Bond Funds 2Executive`s Meeting of East Asia Pacific Central Banks - EMEAP16 Dec 2004
- EMEAP Central Banks Announce the Initial Structure of the Asian Bond Fund 2Executive`s Meeting of East Asia Pacific Central Banks - EMEAP15 Apr 2004
News
- 23rd Executives' Meeting of East Asia-Pacific Central Banks (EMEAP) Governors' Meeting 4 August 2018 Manila, PhilippinesBangko Sentral ng Pilipinas6 Aug 2018
- East Asia central banks launch securities lending philstar.com29 Jun 2018
- [People's Republic of] China's yuan joins elite club of IMF reserve currenciesReuters1 Oct 2016
- 21st EMEAP (Executives' Meeting of East Asia-Pacific Central Banks) Governors' Meeting Bank Negara Malaysia1 Aug 2016
Opinions and Editorials
- Asian capital markets: Debt enjoys record year as equity reboundsEuroMoney4 Jan 2014
- People's Republic of China: Financial reform cannot waitChina Daily24 Jun 2013
- Asia's ticking time bonds; time to cut and run?Reuters12 Jun 2013
- Japan government-bond selloff sparks fears of too much, too fastReuters15 May 2013
Studies and Research
- EMEAP Repo Markets: State of PlayEMEAPExecutive`s Meeting of East Asia Pacific Central Banks - EMEAP1 Jul 2014
- Why do firms issue abroad? Lessons from onshore and offshore corporate bond finance in Asian emerging marketsMizen, Paul, Frank Packer, Eli M. Remolona, and Serafeim TsoukasBank for International Settlements18 Dec 2012
- Currency intervention and the global portfolio balance effect: Japanese lessonsGerlach-Kristen, Petra, Robert N. McCauley, and Kazuo UedaBank for International Settlements2 Oct 2012
- Defying gravity: how long will Japanese government bond prices remain high?Hoshi, Takeo and Takatoshi ItoNational Bureau of Economic Research1 Aug 2012
Meetings
- 21st EMEAP (Executives' Meeting of East Asia-Pacific Central Banks) Governors' MeetingExecutive`s Meeting of East Asia Pacific Central Banks - EMEAP31 Jul 2016
- 20th EMEAP (Executives' Meeting of East Asia-Pacific Central Banks) Governors' MeetingExecutive`s Meeting of East Asia Pacific Central Banks - EMEAP30 May 2015
- 19th EMEAP (Executive's Meeting of East Asia-Pacific Central Banks) Governors' MeetingExecutive`s Meeting of East Asia Pacific Central Banks - EMEAP25 Jul 2014
- 18th EMEAP (Executives' Meeting of East Asia-Pacific Central Banks) Governors' MeetingExecutive`s Meeting of East Asia Pacific Central Banks - EMEAP29 Jun 2013