Discussion focused on the potential impact of global factors on EMEAP
monetary policy, as well as recent supply-side developments in EMEAP
The BOK plans to continue engaging in discussions on global regulatory issues taking place in the SSBs and various central bank communities (the CPMI, EMEAP
, SEACEN, ASEAN+3, etc.
is an organization of central banks and monetary authorities from Australia, the Chinese mainland, Hong Kong, Indonesia, Japan, the Republic of Korea, Malaysia, New Zealand, the Philippines, Singapore and Thailand, and reviews central bank policies and developments in foreign exchange, money and bond markets in the region.
For me, an important time was when we chaired the EMEAP
Governors' meeting in Terrace Downs [on the edge of the Rakaia Gorge at the base of Mount Hutt] in May 2006.
In its first two years, EMEAP
mainly sought to nurture relationships among member central banks and to exchange economic and financial information, including macroeconomic surveillance.
During the initial phase, EMEAP
central banks provided funding of $1 billion.
They observed that divergent economic conditions and monetary policies among major economies has exposed EMEAP
jurisdictions to key vulnerabilities and volatilities.
Tetangco, who attended the Executives' Meeting of East Asia Pacific Central Banks, or EMEAP
, last weekend, said other participants expressed optimism about the region's prospects.
26 The Reserve Bank hosts the EMEAP
(Executives' Meeting of East Asia and Pacific Central Banks) governors, furthering moves to strengthen financial market regulation and operation, and regional cooperation in central banking.
A separate effort to spur regional bond markets' liquidity can be seen in the Asian Bond Fund efforts of EMEAE The first iteration of ABF involved the joint purchase by member central banks of a total of $1 billion worth of dollar-denominated sovereign debt in the emerging-market economies of EMEAP
It will be the second fund established by the 11-member Executives' Meeting of East Asia-Pacific Central Banks (EMEAP
) in a bid to foster local bond markets in the region, EMEAP
said in a statement.
dollar-denominated bonds issued by Asian sovereign and quasi-sovereign issuers in EMEAP
economies other than Japan, Australia and New Zealand, according to the EMEAP
Group in its statement announcing the fund's launch.