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26 September 2011 asianbondsonline.adb.org

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Key Developments in Asian Local Currency Markets

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onsumer price inflation in Hong Kong, China slowed to 5.7% year-on-year (y-o-y) in August, compared with 7.9%in July, due to a timing difference in the government's payment of public housing rentals in July. Netting out thiseffect, consumer price inflation in August rose to 6.3% y-o-y from 5.8% in July on account of higher privatehousing rental and food prices. Malaysia's consumer price inflation eased slightly to 3.3% y-o-y in August from

3.4% in July. The index for food and non-alcoholic beverages increased 4.6% y-o-y in August, slightly lower than the4.9% increase posted in July. In Singapore, consumer price inflation accelerated to 5.7% y-o-y in August from 5.4% inJuly due to higher costs for transportation, housing, and food.

The People's Republic of China's (PRC)outstanding foreign debt climbed to USD642.5billion as of end-June from USD586.0 billion atend-March.

The seasonally adjusted unemployment ratein Hong Kong, China eased to 3.2% in June-August compared with 3.4% in May-July. The

unemployment rate in the Republic of Korea fellto 3.0% in August from 3.3% in July amidstrong export growth and a modest increase indomestic demand. Malaysia's unemploymentrate fell to 3.0% in July from 3.2% in June.

Japan reported a trade deficit of JPY775.3billion in August-the highest recorded deficitsince 1979-resulting from the fuel imports ofutility firms to meet electricity demand as manynuclear reactors remain offline. The Philippines'balance of payments (BOP) surplus soared166.0% y-o-y to USD9.0 billion in the first 8months of the year, exceeding the revised full-year target of USD6.7 billion.

The Philippines posted a budget surplus ofPHP9.2 billion in August due to higher revenuecollections and constrained governmentspending. The Bureau of the Treasury plans toissue retail treasury bonds in 4Q11.

Last week in Hong Kong, China, US-basedYum! Brands priced a CNH350 million 3-yearbond at 2.375%. In the Republic of Korea,Honam Petrochemical Corporation priced aKRW500 billion 3-year bond at a coupon rate of3.93%, while Dongkuk Steel priced a KRW250

billion 3-year bond and a KRW70 billion 5-yearbond at coupon rates of 4.35% and 4.53%,respectively. In Malaysia, shipping companyMISC sold two tranches of Islamic medium-term notes totaling MYR800 million: (i) aMYR500 million 3-year tranche, which pays anannual return of 3.51%; and (ii) a MYR300million 5-year tranche, which pays an annualreturn of 3.71%. In Singapore, Overseas Union

Enterprise Ltd. (OUE) issued SGD200 million worth of 4-year medium-term notes at 3.95% last week. Thailand's mobile phone operator TrueMove also completed its tender offer to buy back two USD-denominated bonds totaling USD690 million. In Viet Nam, Song DaUrban & Industrial Investment and Development Joint Stock Companyissued VND700 billion 3-year corporate bonds with coupon rate to beadjusted every six months.

Government bond yields fell last week for most tenors in Singapore,while yields rose for all tenors in Indonesia, the Republic of Korea, andthe Philippines, and for most tenors in Malaysia, Thailand and Vietnam.Yield movements were mixed in the PRC and Hong Kong, China:falling in the shorter end of the curve in the PRC, but in the longer endof the curve in Hong Kong, China. Yield spreads between 2- and 10-year maturities widened in the PRC, the Republic of Korea, thePhilippines and Thailand, while spreads narrowed in most otheremerging East Asian markets.

CAsia Bond Monitor September 2011

10-Year Selected LCY Government Security Yields Close of 23 September 2011basis point change from

Markets Latest Closing Previous Day* Previous Week* 1-Jan-11*

Selected

Benchmark Yield Curves - Local Currency Government Bonds

Policy Rate versus Inflation Rate Charts

Government Security Yields

Credit Default Swap Spreads & Exchange Rate Indexes

Selected Debt Security IssuancesSelected Asia Data Releases

2-versus-10 Yield Spread Chart

US 1.83 11.54 -21.45 -146.01

EU 1.75 7.30 -11.60 -121.60Japan 0.99 0.00 -2.60 -14.10

PRC 4.08 -1.00 2.00 17.00

Hong Kong, China 1.24 -11.60 -30.50 -162.10

Ind ia 8.30 0.10 -6.00 38.40

Indones ia 7.36 -28.80 22.10 -24.70

Malays ia 3.72 0.00 1.20 -31.80

Korea, Rep. of 3.76 -6.00 8.00 -76.00

Philippines 6.30 38.57 48.47 41.19

Singapore 1.51 -6.00 -10.00 -120.00

Thailand 3.85 2.80 15.20 12.60

Viet Nam 12.70 5.00 1.70 95.00

-21.45

-11.60

-2.60

2.00

-30.50

-6.00

22.10

1.20

8.00

48.47

-10.00

15.20

1.70
http://asianbondsonline.adb.org/documents/abm_sep_2011.pdf?src=wdhhttp://asianbondsonline.adb.org/documents/abm_sep_2011.pdf?src=wdh


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EBTHIGHLIGHTSASIANBONDSONLINE

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Summary Text of News Articles

Consumer Price Inflation Slows in Hong Kong, China; and Malaysia, Accelerates in Singapore in August.......................................................................................................................Consumer price inflation in Hong Kong, China slowed to 5.7% year-on-year (y-o-y) in August from 7.9% in July. Inflation

had quickened in July due to the low base effect from the difference in the timing of the government's payment of publichousing rentals in July 2010. The impact of this subsidy on inflation did not come into play in 2011 until August.However, netting out the effect of the government's housing relief measures, consumer price inflation in August rose to6.3% y-o-y, compared with 5.8% in July, on account of increases in private housing rental and food prices.

Malaysia's consumer price inflation eased slightly to 3.3% y-o-y in August from 3.4% in July. Consumer pricesincreased 0.2% on a month-on-month (m-o-m) basis. The index for food and non-alcoholic beverages increased 4.6%y-o-y in August, slightly lower than the 4.9% increase posted in July. Also, the index for transportation rose 4.0% y-o-yin August versus 4.8% in the previous month. During the first 8 months of the year, the consumer price index increased3.1%.

In Singapore, consumer price inflation accelerated to 5.7% y-o-y in August from 5.4% in July due to higher costs fortransportation, housing, and food. The index for transportation increased 12.5% y-o-y, while that of housing and foodrose 9.9% and 3.0% y-o-y, respectively. On a m-o-m basis, the consumer price index rose 0.7% in August. In January-

August, the consumer price index increased 5.1% over the same period last year.

For inflation trends in Hong Kong, China, refer to this link:http://asianbondsonline.adb.org/hongkong/data/marketwatch.php?code=policy_rate_and_inflation_trends

For inflation trends in Malaysia, refer to this link:http://asianbondsonline.adb.org/malaysia/data/marketwatch.php?code=policy_rate_and_inflation_trends

For inflation trends in Singapore, refer to this link:http://asianbondsonline.adb.org/singapore/data/marketwatch.php?code=policy_rate_and_inflation_trends.

The PRC's Foreign Debt Climbs to USD642.5 Billion in June.......................................................................................................................The People's Republic of China's (PRC) State Administration of Foreign Exchanges reported that the country'soutstanding foreign debt climbed to USD642.5 billion at end-June from USD586.0 billion at end-March. Of this amount,

78.3% was denominated in US dollars and 4.1% was denominated in euros. Medium- to long-term foreign debt stood atUSD180.4 billion and short-term foreign debt amounted to USD462.1 billion. Of the short-term foreign debt outstanding,about 75% (USD348.2 billion) comprised trade loans and financing.

For statistics on the PRC's external debt, refer to this link:http://asianbondsonline.adb.org/china/data/macroeconomic_credit.php

Unemployment Eases to 3.2% in Hong Kong, China in June-August;

Unemployment Falls to 3.0% in the Republic of Korea (August) and Malaysia (July).......................................................................................................................The seasonally adjusted unemployment rate in Hong Kong, China eased to 3.2% in June-August from 3.4% in May-July, reaching the lowest level since December 1997-February 1998. Meanwhile, the underemployment rate roseslightly to 1.8% in June-August from 1.7% in May-July. According to the Secretary for Labour and Welfare, with most

summer workers returning to school at the start of academic year in September, the labor supply is expected to shrinkslightly in the next few months.

The Republic of Korea's unemployment rate fell to 3.0% in August from 3.3% in July amid strong export growth and amodest increase in domestic demand. The unemployment rate for high school graduates recorded the sharpest monthlydrop among all categories in August, falling by 0.6 percentage points from the previous month to 3.5%.

The unemployment rate in Malaysia fell to 3.0% in July from 3.2% in June as total employment reached 12.4 million, up2.1% m-o-m and 3.5% y-o-y. The labor force participation rate increased to 65.0% in July from 63.9% in June. Theactual number of unemployed fell to 380,600 in July from 400,000 in June.


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Japan Reports JPY775.3 Billion Trade Deficit in August;

The Philippines' Balance of Payments Surplus Surges to USD9.0 Billion

.......................................................................................................................Japan reported a trade deficit of JPY775.3 billion in August-the highest recorded deficit since 1979. The huge deficitresulted from utility firms importing fuel to meet electricity demand since many nuclear reactors remain offline.Meanwhile, exports recovered in August to grow 2.8% y-o-y after a 3.4% decline in July. However, this increase wasdwarfed by 19.2% y-o-y growth in imports following a 9.9% increase in July.

Bangko Sentral ng Pilipinas (BSP) reported that the Philippines' balance of payments (BOP) surplus soared 166.0% y-o-y to USD9.0 billion in the first 8 months of the year, exceeding the revised full-year target of USD6.7 billion on theback of strong capital inflows into emerging market economies, strong exports, increased remittances from overseasFilipino workers, as well as business process outsourcing and tourism earnings. For the month of August, the BOPsurplus reached USD2.7 billion compared with only USD151 million in August 2010.

For statistics on Japan's exports and imports, refer to this link:http://asianbondsonline.adb.org/japan/data/macroeconomic_credit.php

For statistics on the Philippines' balance of payments, refer to this link:http://asianbondsonline.adb.org/philippines/data/macroeconomic_credit.php

The Philippines Posts Budget Surplus of PHP9.2 Billion in August, Plans RTB Sale in 4Q11.......................................................................................................................The Philippines posted a budget surplus of PHP9.2 billion in the month of August, according to the Bureau of theTreasury (BTr). The cumulative budget deficit for January-August was PHP34.5 billion, down significantly fromPHP228.1 billion in the same period last year. The smaller January-August deficit, which was below budget projections,was attributed to increased revenue collections and limited government spending. Revenue grew 13.7% y-o-y toPHP912.8 billion in January-August. The Bureau of Internal Revenue (BIR) contributed PHP619.7 billion to governmentrevenue, a 13.4% increase over the same period last year. Government spending, on the other hand, was down 8.2%y-o-y to PHP947.2 billion. Government expenditures are expected to accelerate in the second half of the year to spurthe economy after gross domestic product (GDP) growth fell to 3.4% y-o-y in 2Q11 from 4.6% y-o-y in 1Q11.

Last week, BTr received borrowing authority from the Office of the President to issue as much as PHP500 billion worthof retail treasury bonds (RTB) in 4Q11. BTr has requested financing proposals from 10 banks to become arrangers ordeal managers for the RTB sale. The government is looking at 10- or 15-year tenors for the upcoming sale. BTr willannounce the mandated banks for the RTB sale later this week.

For statistics on the Philippines' fiscal balance, refer to this link:http://asianbondsonline.adb.org/philippines/data/macroeconomic_credit.php

Issuance in Hong Kong, China; Republic of Korea; Malaysia; Singapore; Thailand; and Viet Nam.......................................................................................................................Last week, US-based Yum! Brands priced CNH350 million worth of 3-year bonds. The bonds were priced to yield2.375%. HSBC and Bank of China (Hong Kong) Ltd. were the joint bookrunners for the bond issue.

In the Republic of Korea, Honam Petrochemical Corporation priced a KRW500 billion 3-year bond at a coupon rate of

3.93%, while Dongkuk Steel priced a KRW250 billion 3-year bond and a KRW70 billion 5-year bond at coupon rates of4.35% and 4.53%, respectively.

In Malaysia, shipping company MISC sold two tranches of Islamic medium-term notes totaling MYR800 million lastweek. The first tranche is a MYR500 million 3-year note, which pays a 3.51% annual return, while the second is aMYR300 million 5-year note, which pays a 3.71% annual return.

In Singapore, Overseas Union Enterprise Ltd. issued SGD200 million worth of 4-year medium-term notes. The issuancecarries a semi-annual coupon of 3.95% and will mature on 29 September 2015.


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Issuance in Hong Kong, China; Republic of Korea; Malaysia; Singapore; Thailand; and Viet Nam (cont).......................................................................................................................Meanwhile, Thailand's mobile phone operator True Move bought back two USD-denominated bonds totaling USD690

million. One bond worth USD465 million was due on December 2013 and carried a coupon rate of 10.75%; the otherbond worth USD225 million was due on March 2014 and carried a 10.35% coupon.

In Viet Nam, Song Da Urban & Industrial Investment and Development Joint Stock Company issued 700 3-yearcorporate bonds amounting to VND700 billion with par value of VND1 billion per bond. The coupon rates will beadjusted every six months, with coupon rate of 22% for the first period, and floating interest rates equivalent to 12-month deposit rates at Techcombank plus 6% for the coming years. The proceeds are used for supplementing thecompany's capital for business activities.

Singapore's Housing and Development Board issued last week SGD625 million worth of 5-year bonds and SGD650million 10-year bonds. The 5-year paper carries 1.01% annual coupon, while the 10-year paper pays 1.95%.

Meanwhile, Thailand auctioned a 50-year THB5.0 billion bond with a 4.85% coupon.


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DEBTHIGHLIGHTSASIANBONDSONLINE

5

Tip: Zoom-in on the table using the Acrobat zoom tool

Selected Government Security Yields

3-Month Selected LCY Government Security Yields

10-Year Selected LCY Government Bond Yields

Close of 23 September 2011

Close of 23 September 2011

Source: Based on data from Bloomberg, LP.

Previous

Day*

Previous

Week*1-Jan-11*

US -0.01 -0.51 -0.51 -12.48

EU 0.36 -4.80 -11.40 -3.40

Japan 0.10 0.00 0.00 -2.40

PRC 3.55 -2.00 -2.00 37.00

Hong Kong, China 0.10 0.00 0.00 -18.00

India 8.40 0.00 3.00 130.00

Malaysia 2.99 0.00 2.10 21.10Korea, Rep. of 3.27 0.00 2.00 76.00

Philippines 1.90 120.02 150.02 70.52

Singapore 0.19 0.00 1.00 -20.00

Thailand 3.47 3.40 3.67 150.00

basis point change fromLatest

ClosingMarkets

-0.51

-11.40

0.00

-2.00

0.00

3.00

2.10

2.00

150.02

1.00

3.67

Previous

Day*

Previous

Week*1-Jan-11*

US 1.83 11.54 -21.45 -146.01

EU 1.75 7.30 -11.60 -121.60

Japan 0.99 0.00 -2.60 -14.10

PRC 4.08 -1.00 2.00 17.00

Hong Kong, China 1.24 -11.60 -30.50 -162.10

India 8.30 0.10 -6.00 38.40

Indonesia 7.36 -28.80 22.10 -24.70

Malaysia 3.72 0.00 1.20 -31.80

Korea, Rep. of 3.76 -6.00 8.00 -76.00

Philippines 6.30 38.57 48.47 41.19

Singapore 1.51 -6.00 -10.00 -120.00

Thailand 3.85 2.80 15.20 12.60

Viet Nam 12.70 5.00 1.70 95.00

basis point change fromLatestClosing

Markets

-21.45

-11.60

-2.60

2.00

-30.50

-6.00

22.10

1.20

8.00

48.47

-10.00

15.20

1.70


6/12


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DEBTHIGHLIGHTS

ASIANBONDSONLINE

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Tip: Zoom-in on the table using the Acrobat zoom tool2-versus-10 Yield Spread Chart

Yield Spread between the Two- and Ten-Year Government Bonds

Source: Based on data from Bloomberg LP.0 50 100 150 200 250 300 350 400

China, People's Rep. of

Hong Kong, China

Indonesia

Korea, Rep. of

Malaysia

Philippines

Singapore

Thailand

Viet Nam

U.S.

E.U.

Japan

basis points

23-Sep-11

16-Sep-11

9-Sep-11


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8

Tip: Zoom-in on the table using the Acrobat zoom tool

Policy Rate versus Inflation Rate Charts

Philippines Thailand

China, Peoples Rep. of Hong Kong, China India

PRC uses 1-year lending rate as one of its policy rates.

Source: Bloomberg LP.The Hong Kong Monetary Authority maintains a Discount

Window Base Rate. Source: Bloomberg LP.

The Reserve Bank of India uses the repurchase (repo) cut-

off yield as its policy rate. Source: Bloomberg LP.

Indonesia Korea, Republic of Malaysia

Bank Indonesia uses its reference interest rate (BI rate) as its

policy rate. Source: Bloomberg LP. The Bank of Korea shifted its policy rate from the overnight

repurchase (repo) rate to the 7-day repo rate in March 2008.

Source: Bloomberg LP.

Bank Negara Malaysia uses the overnight policy rate

(OPR) as its policy rate. Source: Bloomberg LP.

Viet Nam

Bangko Sentral uses the Philippine overnight reverse

repurchase agreement rate as one of its policy

instruments. Source: Bloomberg LP.

The Bank of Thailand replaced the 14-day repurchase

rate with the 1-day repurchase rate in January 2007 as

its policy rate. Source: Bloomberg LP.

The State Bank of Viet Nam uses a benchmark prime

lending rate as its policy rate. Source: Bloomberg LP.

Inflation Rate

6.20

1-yearLending Rate

6.56

-4

-2

0

2

4

6

8

10

Jan-06 Dec-06 Nov-07 Nov-08 Oct-09 Sep-10 Sep-11

Inflation Rate

5.7

HKMA BaseRate

0.5

-4

-2

0

2

4

6

8


Inflation Rate

9.78RepurchaseCut-off Yield

8.25

-2

0

2

4

6

8

10

12


Inflation Rate

3.30

OvernightPolicy Rate

3.00

-4

-2

0

2

4

6

8

10


Inflation Rate

5.30

7-Day RepoRate

3.25

0

2

4

6

8


Inflation Rate

4.79

6.75

0

2

4

6

8

10

12

14

16

18

20


BI Rate

InflationRate

4.70

OvernightReverse

Repo Rate

4.50

0

2

4

6

8

10

12


Inflation Rate

4.29

1-Day RepoRate

3.50

-6

-4

-2

0

2

4

6

8

10


Inflation Rate

23.02

PrimeLending Rate

9.00

0

3

6

9

12

15

18

21

24

27

30



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ASIANBONDSONLINE

Credit Default Swap Spreads & Exchange Rate Indexes

ip: Zoom-in on the table using the Acrobat zoom toolTCredit Default Swap Spreads - Senior 5-year*

Exchange Rate Indexes (vis--vis US$, 2 January 2007=100)

* In USD currency and basedon sovereign bonds

Source: Thomson Reuters

Midspre

adinbasispoints

Source: ADB-OREI staffcalculations based onBloomberg data.

50

60

70

80

90

100

110

120

130

50

60

70

80

90

100

110

120

130

Jan-07 Aug-07 Mar-08 O ct-08 May-09 Dec-09 Ju l-10 Jan-11 Sep-11


Indonesia

Malaysia

Phil ippines

Thailand

Singapore

Korea, Rep. of

Viet Nam

0

20 0

40 0

60 0

80 0

1,000

1,200

1,400

Dec-07 Nov-08 Oct-09 Oct-10 Sep-11


Hong Kong, China

Indonesia

Korea, Rep. of

Japan

Malaysia

Phil ippines

Thailand

9


10/12

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Selected Debt Security Issuances (19 - 23 September 2011))

ip: Zoom-in on the table using the Acrobat zoom toolT

PRC 20-Sep 1-year PBOC Bills 3.58 1.00 1.00

21-Sep 10-year China Government Bond 4.07 30.00 30.00

22-Sep 3-month PBOC Bil ls 3.16 1.00 1.00

HK 20-Sep 91-day Exchange Fund Bills 0.11 29.09 29.09

182-day Exchange Fund Bills 0.12 9.00 9.00

JP 20-Sep 3-month Treasury Discount Bil ls 0.09 4,760.00 4,759.91

KR 19-Sep 91-day Monetary Stabilization Bonds 3.29 1,200.00 1,080.00

182-day Monetary Stabilization Bonds 3.39 500.00 460.00

10-year Treasury Bonds 3.69 4.25 1,600.00 1,600.00

MY 19-Sep 56-day BNM Notes 2.99 3.00 2.00

114-day BNM Notes 2.95 2.50 2.00

154-day BNM Islamic Notes 2.98 1.00 0.5021-Sep 126-day BNM Islamic Notes 3.05 1.50 1.00

168-day BNM Notes 3.03 2.50 1.50

210-day BNM Notes 2.96 2.00 1.00

PH 19-Sep 91-day Treasury Bills 0.69 2.00 0.63

364-day Treasury Bil ls 1.13 4.00 2.50

SG 19-Sep 91-day Treasury Bil ls 0.11 3.90 3.90

TH 20-Sep 91-day BOT Bills 3.48 20.00 17.26

182-day BOT Bills 3.56 18.00 18.00

21-Sep 3-year Treasury Bonds 3.66 7.00 7.00

20-year Treasury Bonds 4.13 9.00 9.00

14-Sep 12-year Government Bonds 3.69 3.63 8.00 8.00

50-year Government Bonds 4.52 4.85 5.00 5.00

Sources: Local market sources and Bloomberg, LP.

C o u p o n(in % ) A m o unt O f fe r e dL C Y B i llio n s

A m o u n t Is s u e dL CY B i l l i onsarkets

A uc t i onD ate T y p e o f S e c u rity

A v e r a g eY i e ld ( % )


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Selected Asia Data Releases (27 September 3 October 2011)

Acrobat zoom toolTip: Zoom-in on the table using the

1

Source: AsianBondsOnline, Bloomberg LP, and Reuters.

10/03 08/10: 3.3%09/10: 3.0%

07/11: 4.1%

08/11: 4.3%

Consumer price inflation in Thailand climbed modestly to 4.3% y-o-y in August from4.1% in the previous month.

Hong Kong, China

Exports

y-o-y, %

AUG

Hong Kong, China

M2 Money Supply

y-o-y, %

AUG

ThailandCPI

y-o-y, %

SEP

10/03 08/10: 6.4%

09/10: 5.8%

07/11: 4.6%

08/11: 4.8%

Consumer price inflation in Indonesia rose to 4.8% y-o-y in August from 4.6% in July

as f ood price inf lation accelerated amid the Idul Fitri celebration.

10/03 08/10: 1.55

09/10: 2.53

06/11: 3.31

07/11: 1.36

Indonesia recorded a tr ade surplus of USD1.36 billion in July, the low est monthly

total of the year.

Indonesia

Trade Balance

USD billion

AUG

10/01 08/10: 26.0%

09/10: 16.2%

07/11: 21.7%

08/11: 25.9%

The Republic of Koreas export grow th rate rose to 25.9% y-o-y in August from

21.7% in the previous month.

Philippines

Total Imports

y-o-y, %

JUL

09/27 06/10: 2.9%

07/10: 16.2%

05/11: 1.6%

06/11: 6.6%

The Philippines total imports grew 6.6% y ear-on-y ear (y -o-y ) in June follow ing a

1.6% increase in May.

Republic of Korea

Current Account

USD million

AUG

07/10: 36.0%

08/10: 24.1%

06/11: 9.2%

07/11: 9.3%

Hong Kong, Chinas export grow th rate w as virtually unchanged at 9.3% y -o-y in

July from 9.2% in June.

09/27

Japan

Consum er Price Inflation

y-o-y, %

AUG

09/30 07/10: 4.4%

08/10: 5.3%

06/11: 8.5%

07/11: 9.4%

09/30 07/10: 7.5%

08/10: 8.2%

06/11: 10.7%

07/11: 11.9%

09/30

Malaysia

M3 Money Supply

y-o-y, %

AUG

09/30 07/10: 1,001

08/10: 280

06/11: 2,499

07/11: 3,574

The current account surplus of Thailand increased to USD3.6 billion in July from

USD2.5 billion in the previous month.

Singapore

M2 Money Supply

y-o-y, %

AUG

The Republic of Koreas c urrent ac count s urplus jumped to USD4.9 billion in July

from USD2.0 billion in June.

Thailand

Exports

y-o-y, %

AUG

09/30 07/10: 0.9%

08/10: 0.9%

06/11: 0.4%

07/11: 0.2%

Consumer price inflation in Japan w as 0.2% y -o-y in July after a dec line of 0.4% in

June.

R e le a s e D a te R e c e n t T r e n d so u n tr y /V a r ia b le H is to r ic a l D a ta

In Singapore, the M2 money supply increased 11.9% y-o-y in July, up from 10.7%

grow th posted in June.

Republic of Korea

Exports

y-o-y, %

SEP

09/30 07/10: 7.8%

08/10: 7.8%

06/11: 12.4%

07/11: 11.6%

Malays ias M3 money supply grow th eased to 11.6% y- o-y in July from 12.4% in

June.

Indonesia

CPI

y-o-y, %

SEP

Hong Kong, Chinas M2 money supply grew at a pace of 9.4% y -o-y in July

follow ing an 8.5% expansion in June.

07/10: 21.1%

08/10: 23.7%

06/11: 16.4%

07/11: 36.4%

Thailands exports s urged 36.4% y- o-y in July af ter grow ing 16.4% in June.

Thailand

Current Account

USD million

AUG

09/30 07/10: 4,458

08/10: 1,976

06/11: 2,031

07/11: 4,938


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DEBTHIGHLIGHTS

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News Articles: Sources for Further Reading

Consumer Price Inflation Slows in Hong Kong, China;and Malaysia, Accelerates in Singapore in August

Consumer Price Indices for August 2011Census and Statistics Department(22 September 2011)

Consumer Price Index Malaysia August 2011Department of Statistics Malaysia (21 September 2011)

Singapore Consumer Price Index, Aug 2011Department of Statistics Singapore(23 September 2011)

The PRCs Foreign Debt Climbs to USD642.5 Billionin June

China's outstanding foreign debt climbs to $642.5b

China Daily (16 September 2011)

Unemployment Eases to 3.2% in Hong Kong, China inJuneAugust; Unemployment Falls to 3.0% in theRepublic of Korea (August) and Malaysia (July)

Unemployment and underemployment statistics forJune - August 2011

Census and Statistics Department (20 September 2011)

Economically Active Population Survey in August 2011Statistics Korea (21 September 2011)

Principal Statistics of Labour Force, Malaysia,July 2011Department of Statistics Malaysia (21 September 2011)

Japan Reports JPY775.3 Billion Trade Deficit in August;The Philippines Balance of Payments Surplus Surges toUSD9.0 Billion

Japan records huge trade deficit as imports soarJapan Today (21 September 2011)

BOP surplus surges 166% to $9 B in 8 mosPhilippine Star (20 September 2011)

The Philippines Posts Budget Surplus of PHP9.2 Bill ionin August, Plans RTB Sale in 4Q11

National Government Achieves Surplus in August atP9.220 BillionBureau of the Treasury (22 September 2011)

RTB sale proposals solicited

Business World (22 September 2011)

Issuance in Hong Kong, China; Republic of Korea;Malaysia; Singapore; Thailand; and Viet Nam

BONDS: Yum! raises Rmb350m via three-yearDim SumIFR Asia (19 September 2011)

MISC raises M$800m from 2-part Islamic MTNIFR Asia (21 September 2011)

Overseas Union issues S$200mln 4yr MTNReuters (21 September 2011)

BONDS: True Move Tender Offer SucceedsIFR Asia (21 September 2011)

SJS issues 700b dong corporate bondsIntellasia (19 September 2011)

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