net_left XM mien phi swap Kdata adver left

ADB head says FX intervention among tools for emerging Asia

Friday, September 23, 2022
ADB head says FX intervention among tools for emerging Asia © Reuters. FILE PHOTO: Asian Development Bank President-elect Masatsugu Asakawa speaks during an interview with Reuters in Tokyo, Japan, November 29, 2019. Picture taken on November 29, 2019. REUTERS/Kim Kyung-Hoon

By Tetsushi Kajimoto and Leika Kihara

TOKYO (Reuters) - Capital controls and currency intervention are among tools emerging Asian policymakers can use if rapid U.S. interest rate hikes and a surging dollar risk triggering a debt crisis, Asian Development Bank President Masatsugu Asakawa said on Friday.

With investment flows already volatile, Asian policymakers may also need to accelerate debate on strengthening the region's financial safety net, said Asakawa, who was formerly Japan's top currency diplomat.

While Asia is far from experiencing a crisis, many emerging nations are being forced to raise interest rates to stem capital outflows at the cost of slowing their economies, he said.

Unless they raise rates, Asian emerging economies would see their currencies depreciate and inflate the size of their huge debt borrowed in dollars, Asakawa said.

"This time, the pace of monetary policy normalisation by the U.S. Federal Reserve is very fast, and already causing some turbulence in emerging capital markets," Asakawa told Reuters.

"With the United States raising interest rates, emerging economies have little choice but to hike rates to avoid their currencies from depreciating too much," he said.

Some discomfort at the dollar's rise, or at least at the pace of its gains, is already clear in Asia.

Japan was buying yen on Thursday for the first time since 1998 to arrest its slide. India, Thailand and Singapore have been dipping into dollar reserves to support their currencies, while South Korea on Friday said it would work with a large pension fund to limit its dollar buying in the spot market and support the won.

Various forms of interventions have also been seen in a number of regional stock and bond markets to temper volatility.

Risks to Asia's economic outlook, such as slowing Chinese growth and the fallout from rapid U.S. rate hikes, as well as post-COVID 19 challenges like food security will be key topics of debate at the ADB's annual meeting from Sept. 26-30, he said.

Asakawa said many Asian emerging economies have sufficient buffers, such as ample current account surpluses and foreign reserves, to weather another crisis. As a last resort, they can tap non-monetary policy tools like capital controls, he added.

"Some emerging Asian countries could intervene to prevent their currencies from depreciating. Countries like Malaysia put in place capital controls during the Asian financial crisis," Asakawa said.

"We're not there yet. But such tools could be among options" in the event of a debt crisis, he said, declining to comment on Japan's rare intervention this week.

Asian policymakers must also prepare for when volatile market moves destabilise regional economies, he added.

"Portfolio investment flows are becoming rapid and volatile, so policymakers must monitor moves closely. They also need to be ready for the worst case, such as by accelerating debate on boosting regional financial cooperation," Asakawa said.

In the longer run, Asian emerging nations can make their economies less vulnerable to market swings by boosting tax revenues and diminishing their reliance on foreign borrowing, Asakawa said.

"It's more viable to fund social welfare costs with internal finance, rather than external borrowing," he said, adding that introducing or ramping up carbon tax may be among options.

Japan, South Korea, China and ASEAN, a group known as ASEAN+3, are stepping up efforts to boost the Chiang Mai Initiative Multilateralisation (CMIM).

The CMIM plays a crucial role in supporting regional financial stability by allowing the member economies, which include the ASEAN+3 and Hong Kong, to tap currency swap lines to secure currencies in need.

Leave your comment
HOT AUTO TRADE BOT SOFTWARE adver right
APPROVED BROKERS
XM nhan 5k net_home_top HOT AUTO TRADE BOT SOFTWARE
04-10-2023 20:34:16 (UTC+7)

EUR/USD

1.0516

+0.0051 (+0.49%)

Summary

Sell

Moving Avg:

Buy (5)

Sell (7)

Indicators:

Buy (1)

Sell (5)

EUR/USD

1.0516

+0.0051 (+0.49%)

Summary

Sell

Moving Avg:

Buy (5)

Sell (7)

Indicators:

Buy (1)

Sell (5)

GBP/USD

1.2167

+0.0092 (+0.76%)

Summary

↑ Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (6)

Sell (1)

USD/JPY

148.90

-0.12 (-0.08%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (8)

AUD/USD

0.6337

+0.0036 (+0.57%)

Summary

↑ Buy

Moving Avg:

Buy (7)

Sell (5)

Indicators:

Buy (6)

Sell (1)

USD/CAD

1.3733

+0.0025 (+0.18%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (10)

Sell (0)

EUR/JPY

156.59

+0.62 (+0.40%)

Summary

↑ Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (0)

Sell (10)

EUR/CHF

0.9624

-0.0016 (-0.17%)

Summary

↑ Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (2)

Sell (9)

Gold Futures

1,839.20

-2.30 (-0.12%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (7)

Silver Futures

21.312

-0.065 (-0.30%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (7)

Copper Futures

3.5972

-0.0238 (-0.66%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (7)

Crude Oil WTI Futures

86.93

-2.30 (-2.58%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (9)

Brent Oil Futures

88.80

-2.12 (-2.33%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (7)

Natural Gas Futures

3.045

+0.096 (+3.26%)

Summary

Neutral

Moving Avg:

Buy (7)

Sell (5)

Indicators:

Buy (2)

Sell (6)

US Coffee C Futures

148.42

-0.33 (-0.22%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (4)

Sell (3)

Euro Stoxx 50

4,115.25

+19.66 (+0.48%)

Summary

↑ Buy

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (7)

Sell (1)

S&P 500

4,240.38

+10.93 (+0.26%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (9)

Sell (0)

DAX

15,132.35

+47.14 (+0.31%)

Summary

Buy

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (5)

Sell (2)

FTSE 100

7,445.62

-24.54 (-0.33%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (10)

Hang Seng

17,186.00

-90.00 (-0.52%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (6)

Sell (1)

US Small Cap 2000

1,725.40

-1.75 (-0.10%)

Summary

Neutral

Moving Avg:

Buy (7)

Sell (5)

Indicators:

Buy (2)

Sell (3)

IBEX 35

9,146.89

-18.61 (-0.20%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (8)

BASF SE NA O.N.

41.905

+0.145 (+0.35%)

Summary

Buy

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (6)

Sell (1)

Bayer AG NA

44.33

+0.45 (+1.03%)

Summary

↑ Sell

Moving Avg:

Buy (2)

Sell (10)

Indicators:

Buy (0)

Sell (10)

Allianz SE VNA O.N.

220.43

-0.52 (-0.24%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (9)

Sell (0)

Adidas AG

162.38

+1.66 (+1.03%)

Summary

Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (2)

Sell (2)

Deutsche Lufthansa AG

7.148

-0.099 (-1.37%)

Summary

↑ Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (0)

Sell (9)

Siemens AG Class N

134.40

+1.30 (+0.98%)

Summary

↑ Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (7)

Sell (1)

Deutsche Bank AG

9.910

-0.021 (-0.21%)

Summary

↑ Sell

Moving Avg:

Buy (2)

Sell (10)

Indicators:

Buy (0)

Sell (10)

 EUR/USD1.0516Sell
 GBP/USD1.2167↑ Buy
 USD/JPY148.90↑ Sell
 AUD/USD0.6337↑ Buy
 USD/CAD1.3733↑ Buy
 EUR/JPY156.59↑ Sell
 EUR/CHF0.9624↑ Sell
 Gold1,839.20↑ Sell
 Silver21.312↑ Sell
 Copper3.5972↑ Sell
 Crude Oil WTI86.93↑ Sell
 Brent Oil88.80↑ Sell
 Natural Gas3.045Neutral
 US Coffee C148.42↑ Buy
 Euro Stoxx 504,115.25↑ Buy
 S&P 5004,240.38↑ Buy
 DAX15,132.35Buy
 FTSE 1007,445.62↑ Sell
 Hang Seng17,186.00↑ Buy
 Small Cap 20001,725.40Neutral
 IBEX 359,146.89↑ Sell
 BASF41.905Buy
 Bayer44.33↑ Sell
 Allianz220.43↑ Buy
 Adidas162.38Buy
 Lufthansa7.148↑ Sell
 Siemens AG134.40↑ Buy
 Deutsche Bank AG9.910↑ Sell
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,820/ 6,870
(-20/ -20) # 1,473
SJC HCM6,815/ 6,885
(-5/ -5) # 1,487
SJC Hanoi6,815/ 6,887
(-5/ -5) # 1,489
SJC Danang6,815/ 6,887
(-5/ -5) # 1,489
SJC Nhatrang6,815/ 6,887
(-5/ -5) # 1,489
SJC Cantho6,815/ 6,887
(-5/ -5) # 1,489
Cập nhật 04-10-2023 20:34:18
Xem lịch sử giá vàng SJC: nhấn đây!
ↀ Giá vàng thế giới
$1,824.72+1.040.06%
Live 24 hour Gold Chart
ʘ Giá bán lẻ xăng dầu
Sản phẩmVùng 1Vùng 2
RON 95-V25.37025.870
RON 95-III24.84025.330
E5 RON 92-II23.50023.970
DO 0.05S23.59024.060
DO 0,001S-V24.45024.930
Dầu hỏa 2-K23.81024.280
ↂ Giá dầu thô thế giới
WTI$86.21+4.20.05%
Brent$88.58+2.920.03%
$ Tỷ giá Vietcombank
Ngoại tệMua vàoBán ra
USD24.210,0024.580,00
EUR24.873,2126.238,71
GBP28.676,2629.897,08
JPY158,99168,29
KRW15,4918,87
Cập nhật lúc 18:51:01 04/10/2023
Xem bảng tỷ giá hối đoái
XM don bay 1:1000 main right adver main right