An accommodative monetary stance sustained the growth of local currency bond markets in emerging East Asia, including Vietnam, with currencies and equity markets gaining in early November, the Asian Development Bank (ADB) said in a press release on Wednesday, citing the latest quarterly issue of its Asia Bond Monitor report. “We saw an improvement in the global investment sentiment, but uncertainty over the trajectory of the COVID-19 pandemic still weighs on the region’s economic outlook,” said ADB chief economist Yasuyuki Sawada. “The region’s large and growing local currency bond markets can help finance a sustainable and inclusive post-COVID-19 recovery.” Emerging East Asia comprises mainland China, Hong Kong, Indonesia, South Korea, Malaysia, the Philippines, Singapore, Thailand, and Vietnam. Local currency bonds outstanding in emerging East Asia reached US$18.7 trillion at the end of September, a 4.8 percent expansion from June this year and 17.4 percent higher than a year ago. Emerging East Asia’s bond issuance in the third quarter climbed to $2.2 trillion, up 6.4 percent quarter-on-quarter and 39.8 percent year-on-year, as governments borrowed to support large-scale stimulus programs. Vietnam’s local currency bond market posted a strong quarterly growth rate of 11.6 percent at the end of September this year –… Read full this story
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