27 January 2025

(Notes: 1. This is the only date you need to change;

the rest are automated based on this. 2. If needed,
Economic Data Releases: 20–24 January 2025 adjust tables' row heights to fit to page.)

(Include hyperlink on Indicator. 1 decimal place. Update legend. Alphabetical by market then by indicator).
Market Indicator Latest Period Previous Period Release Date

Euro Area Consumer Confidence Indicator Jan –14.2 ▲ Dec –14.5 23-Jan
Euro Area HCOB Flash Eurozone Manufacturing Purchasing Managers Index Jan (Preliminary) 46.1 ▲ Dec 45.1 24-Jan
Hong Kong, China Consumer Price Inflation, year-on-year Dec 1.4% ◆ Nov 1.4% 21-Jan
Hong Kong, China Unemployment Rate, seasonally adjusted Oct–Dec 3.1% ◆ Sep–Nov 3.1% 20-Jan
Japan Consumer Price Inflation, year-on-year Dec 3.6% ▲ Nov 2.9% 24-Jan
Japan Exports, year-on-year Dec 2.8% ▼ Nov 3.8% 23-Jan
Japan Imports, year-on-year Dec 1.8% ▲ Nov –3.8% 23-Jan
Japan Industrial Production, year-on-year Nov (Final) –2.7% ▲ Nov (Preliminary) –2.8% 20-Jan
Japan Jibun Bank Flash Japan Manufacturing Purchasing Managers Index Jan (Preliminary) 48.8 ▼ Dec 49.6 24-Jan
Japan Trade Balance Dec JPY130.9 b ▲ Nov –JPY110.3 b 23-Jan
Republic of Korea Consumer Confidence Index Jan 91.2 ▲ Dec 88.2 22-Jan
Republic of Korea Gross Domestic Product, year-on-year Q4 2024 (Advance) 1.2% ▼ Q3 2024 1.5% 23-Jan
Republic of Korea Producer Price Inflation, year-on-year Dec 1.7% ▲ Nov 1.4% 21-Jan
Republic of Korea Retail Sales, year-on-year Dec 8.9% ▲ Nov 8.0% 23-Jan
Malaysia Consumer Price Inflation, year-on-year Dec 1.7% ▼ Nov 1.8% 22-Jan
Malaysia Exports, year-on-year Dec 16.9% ▲ Nov 3.9% 20-Jan
Malaysia Imports, year-on-year Dec 11.9% ▲ Nov 1.6% 20-Jan
Malaysia Trade Balance Dec MYR19.2 b ▲ Nov MYR15.1 b 20-Jan
Philippines Overall Balance of Payments Dec –USD1.5 b ▲ Nov –USD2.3 b 20-Jan
Philippines Exports, year-on-year Dec –2.2% ▲ Nov –8.6% 24-Jan
Philippines Imports, year-on-year Dec –1.7% ▲ Nov –4.1% 24-Jan
Philippines Trade Balance Dec –USD4.1 b ▲ Nov –USD4.9 b 24-Jan
Singapore Consumer Price Inflation, year-on-year Dec 1.6% ◆ Nov 1.6% 23-Jan
Singapore Industrial Production, year-on-year Dec 10.6% ▲ Nov 8.5% 24-Jan
United Kingdom S&P Global Flash United Kingdom Manufacturing Purchasing Managers Index Jan (Preliminary) 48.2 ▲ Nov 47.0 24-Jan
United States S&P Global Flash United States Manufacturing Purchasing Managers Index Jan (Preliminary) 50.1 ▲ Nov 49.4 24-Jan
b = billion, HCOB = Hamburg Commercial Bank AG, JPY = Japanese yen, MYR = Malaysian ringgit, Q3 = third quarter, Q4 = fourth quarter, USD = United States dollar.
Note: An arrow up (down) indicates an increase (decrease) from the figures of the previous period.
Sources: Local market sources.

Policy News: 20–24 January 2025

(Monetary. TWO sentences at most: decision, outlook (if applicable). Include hyperlink on Market. Update legend.)
Market News

People’s Republic of China On 20 January, the People's Bank of China left unchanged the 1-year and 5-year loan prime rates at 3.10% and 3.60%, respectively.

Japan During its 23–24 January meeting, the Policy Board of the Bank of Japan decided to increase its short-term interest rate to around 0.50%. This decision follows from the central bank's outlook of rising wages and prices.

Malaysia In its meeting held on 22 January, Bank Negara Malaysia maintained the overnight policy rate at 3.00% amid steady economic growth and manageable inflation.

On 24 January, the Monetary Authority of Singapore slightly reduced the slope of the Singapore dollar nominal effective exchange rate while maintaining the width of the policy band or the level at which it is centered citing inflationary uncertainties and expectations of growth
Singapore
deceleration for 2025. Monetary Authority of Singapore forecasts core inflation to average between 1.0% - 2.0% in 2025.
Sources: Bank of Japan, Bank of Korea, Bank Negara Malaysia, Monetary Authority of Singapore, and People's Bank of China.

Financial Conditions
(Automated. Update tab Financial Indicators. 2 decimal places. Check negative signs: copy, then paste-values; then use en dash. Adjust number of decimals accordingly to reflect indicated up or down arrows.)
2-Year 10-Year 5-Year Credit Default
Equity Index Foreign Exchange Rate
Government Bond Yield Government Bond Yield Swap Spread
Market
17-Jan-25 24-Jan-25 Change 17-Jan-25 24-Jan-25 Change 17-Jan-25 24-Jan-25 Change Change Change
17-Jan-25 24-Jan-25 17-Jan-25 24-Jan-25
(%) (%) (bps) (%) (%) (bps) (bps) (bps) (bps) (%) (%)
People’s Republic of China 1.26 1.30 ▲ 4 1.65 1.67 ▲ 1 57.14 55.54 ▼ (2) 3,241.82 3,252.70 ▲ 0.34 7.33 7.25 ▲ 1.02
Hong Kong, China 3.35 3.33 ▼ (3) 3.91 3.89 ▼ (3) – – – 19,584.06 20,085.48 ▲ 2.56 7.786 7.787 ▼ (0.01)
Indonesia 6.89 6.83 ▼ (6) 7.16 7.12 ▼ (4) 76.58 74.09 ▼ (2) 7,154.66 7,210.86 ▲ 0.79 16,365.00 16,159.00 ▲ 1.27
Japan 0.69 0.72 ▲ 3 1.20 1.23 ▲ 3 19.83 19.76 ▼ (0.1) 575.94 591.57 ▲ 2.71 156.30 155.35 ▲ 0.61
Republic of Korea 2.646 2.655 ▲ 0.9 2.81 2.83 ▲ 2 37.73 33.26 ▼ (4) 2,523.55 2,536.80 ▲ 0.53 1,457.35 1,432.70 ▲ 1.72
Malaysia 3.362 3.356 ▼ (0.6) 3.823 3.819 ▼ (0.4) 47.87 45.20 ▼ (3) 1,566.72 1,572.69 ▲ 0.38 4.51 4.39 ▲ 2.63
Philippines 5.95 5.89 ▼ (5) 6.33 6.25 ▼ (9) 66.42 63.65 ▼ (3) 6,352.12 6,296.20 ▼ (0.88) 58.62 58.40 ▲ 0.36
Singapore 2.87 2.84 ▼ (3) 2.97 2.94 ▼ (2) – – – 3,810.78 3,804.28 ▼ (0.17) 1.37 1.35 ▲ 1.49
Thailand 2.05 2.06 ▲ 2 2.39 2.35 ▼ (4) 43.07 43.69 ▲ 0.6 1,340.63 1,347.06 ▲ 0.48 34.46 33.74 ▲ 2.13
Viet Nam 2.08 2.05 ▼ (3) 3.07 3.00 ▼ (7) 102.55 99.74 ▼ (3) 1,249.11 1,263.45 ▲ 1.15 25,333.00 25,065.00 ▲ 1.07
( ) = negative, – = no data, bps = basis points.
Notes:
1. Foreign exchange rates are presented against the United States (US) dollar.
2. An arrow up (down) indicates an increase (decrease) from the figures of the previous week. For the foreign exchange rate, an arrow up (down) reflects an appreciation (depreciation) of the currency versus the US dollar.
Source: AsianBondsOnline calculations based on Bloomberg LP data.

Capital Flows into Equity Markets

(Automated. Update tab Capital Flows.)
USD million USD million
6,000 50

4,500 0

3,000 (50)

1,500 (100)

0 (150)

(1,500) (200)
People's Republic of China Republic of Korea Indonesia Philippines Thailand Viet Nam

17-Jan-25 23-Jan-25 17-Jan-25 23-Jan-25

( ) = negative, USD = United States dollar.

Note: Data for the week ending 24 January 2025 are not yet available from the source. Data are as of 23 January 2025.
Source: Institute of International Finance.

Economic Calendar: 27 January–7 February 2025

(Next Monday to next next Friday. 1 decimal place, except for policy rate. Update legend.)
January–February
27 Monday 28 Tuesday 29 Wednesday 30 Thursday 31 Friday
HKG – Dec Exports, y-o-y (Nov: 2.1%) JPN – Jan Consumer Confidence Index (Dec: 36.2) EU – 30 Jan ECB Deposit Facility Rate (12 Dec: 3.00%) JPN – Dec (Preliminary) Industrial Production, y-o-y
HKG – Dec Imports, y-o-y (Nov: 5.7%) US – 29 Jan Federal Funds Target Rate Range EU – Q4 2024 (Advance) Gross Domestic Product, SA y-o-y (Nov: –2.7%)
HKG – Dec Trade Balance (Nov: –HKD43.4 b) (18 Dec: 4.25%–4.50%) (Q3 2024: 0.9%) JPN – Dec Retail Sales, y-o-y (Nov: 2.8%)
PRC – 27 Jan 1-Year Medium-Term Lending PHI – Q4 2024 Gross Domestic Product, y-o-y (Q3 2024: 5.2%) JPN – Dec Unemployment Rate (Nov: 2.5%)
Facility Rate (16 Dec: 2.00%) US – Q4 2024 (Advance) Gross Domestic Product, THA – Dec Balance of Payments (Nov: –USD0.1 b)
PRC – Jan Manufacturing PMI (Dec: 50.1 ) annualized q-o-q (Q3 2024: 3.1%) THA – Dec Current Account Balance (Nov: USD2.0 b)
SIN – Dec Unemployment Rate, SA (Nov: 1.8%) THA – Dec Exports, y-o-y (Nov: 9.1%)
THA – Dec Imports, y-o-y (Nov: 2.3%)
THA – Dec Trade Balance (Nov: USD2.0 b)

3 Monday 4 Tuesday 5 Wednesday 6 Thursday 7 Friday

EU – Jan (Final) Consumer Price Inflation (Dec: 2.4%) EU – Dec Producer Price Inflation, y-o-y (Nov: –1.2%) EU – Dec Retail Sales, y-o-y (Nov: 1.2%) MAL – Dec Industrial Production, y-o-y (Nov: 3.6%)
EU – Jan (Final) HCOB Eurozone Manufacturing PMI HKG – Jan S&P Global Hong Kong SAR PMI (Dec: 51.1) PHI – Dec Unemployment Rate (Nov: 3.2%) THA – Jan Consumer Confidence Index (Dec: 57.9)
(Jan [Preliminary]: 46.1) INO – Q4 2024 Gross Domestic Product, y-o-y (Q3 2024: 4.95%) KOR – Oct Current Account Balance (Sep: USD9.3 b) US – Jan Change in Total Nonfarm Payroll Employment
HKG – Q4 2024 (Advance) Gross Domestic Product, y-o-y KOR – Jan Consumer Price Inflation (Dec: 1.9%) UK – 6 Feb Bank of England Bank Rate (19 Dec: 4.75%) (Dec: 256,000)
(Q3 2024: 1.8%) PHI – Jan Consumer Price Inflation (Dec: 2.9%) VIE – Jan Consumer Price Inflation, y-o-y (Dec: 2.9%) US – Jan Unemployment Rate (Dec: 4.1%)
HKG – Dec Retail Sales, y-o-y (Nov: –7.3%) SIN – Dec Retail Sales, y-o-y (Nov: –0.7%) VIE – Jan Exports, y-o-y (Dec: 12.8%)
INO – Jan Consumer Price Inflation (Dec: 1.6%) THA – Jan Consumer Price Inflation (Dec: 1.2%) VIE – Jan Imports, y-o-y (Dec: 19.2%)
INO – Jan S&P Global Indonesia Manufacturing PMI (Dec: 51.2) US – Dec Trade Balance (Nov: –USD78.2 b) VIE – Jan Industrial Production, y-o-y (Dec: 8.8%)
KOR – Dec (Preliminary) Industrial Production (Nov: 0.1%) VIE – Jan Retail Sales, y-o-y (Dec: 9.3%)
KOR – Jan S&P Global South Korea Manufacturing PMI (Dec: 49.0) VIE – Jan Trade Balance (Dec: USD0.5 b)
MAL – Jan S&P Global Malaysia Manufacturing PMI (Dec: 48.6)
PHI – Jan S&P Global Philippines Manufacturing PMI (Dec: 54.3)
SIN – Jan Purchasing Managers Index (Dec: 51.1)
THA – Jan S&P Global Philippines Manufacturing PMI (Dec: 51.4)
UK – Jan (Final) S&P Global UK Manufacturing PMI
(Jan [Preliminary]: 48.2)
US – Jan (Final) S&P Global US Manufacturing PMI
(Jan [Preliminary]: 50.1)
VIE – Jan S&P Global Vietnam Manufacturing PMI (Dec: 49.8)

b = billion; ECB = European Central Bank; EU = European Union; HCOB = Hamburg Commercial Bank AG; HKG = Hong Kong, China; HKD = Hong Kong dollar; INO = Indonesia; JPN = Japan; KOR = Republic of Korea; MAL = Malaysia; PHI = Philippines; PMI = Purchasing Managers Index; PRC = People's Republic of China; q-o-q = quarter-on-quarter; Q3 = third quarter; Q4 = fourth quarter; SA = seasonally adjusted;
SAR = Special Administrative Region; SIN = Singapore; THA = Thailand; UK = United Kingdom; US =United States; USD = United States dollar; VIE = Viet Nam; y-o-y = year-on-year.
Sources: Local market sources.
 27 January 2025

Selected Government Debt Security Issuance: 20–24 January 2025

(Update your market. 2 decimal places. Update legend.)
Average Yield Coupon Amount Offered Amount Issued
Market Auction Date Type of Security
(%) (%) (LCY billion) (LCY billion)

People's Republic of China 22-Jan 91-Day Treaury Bills 1.36 55.00 55.00

10-Year Treaury Bonds 1.62 2.04 126.00 126.00

24-Jan 3-Year Treasury Bonds 1.30 1.42 125.00 125.57

Hong Kong, China 21-Jan 91-Day Exchange Fund Bills 3.63 62.28 62.28

182-Day Exchange Fund Bills 3.56 12.60 12.60

Indonesia 21-Jan 1-Year Treasury Bills 6.45 2,750.00

5-Year Treasury Bonds 6.91 6.50 8,900.00

10-Year Treasury Bonds 7.12 6.75 7,800.00

15-Year Treasury Bonds 7.30 7.13 26,000.00 3,800.00

20-Year Treasury Bonds 7.29 7.13 2,300.00

29-Year Treasury Bonds 7.23 6.88 150.00

39-Year Treasury Bonds 7.23 6.88 300.00

Japan 21-Jan 40-Year Japanese Government Bonds 2.20 700.00 700.00

23-Jan 3-Month Treasury Discount Bills 0.37 4,500.00 4,500.00

Republic of Korea 20-Jan 91-Day Monetary Stabilization Bonds 2.81 1,200.00 1,200.00

10-Year Korea Treasury Bonds 2.84 3.00 2,400.00 2,400.00

Malaysia 22-Jan 3.5-Year Government Investment Issues 3.56 3.60 5.50 5.50

Philippines 20-Jan 91-Day Treasury Bills 5.17 9.80 9.80

182-Day Treasury Bills 5.50 9.80 9.80

364-Day Treasury Bills 5.84 8.00 8.00

21-Jan 9.0-Year Treasury Bonds 6.25 6.25 40.00 40.00

24-Jan 28-Day Bangko Sentral ng Pilipinas Bills 5.81 100.00 74.20

56-Day Bangko Sentral ng Pilipinas Bills 5.79 100.00 100.00

Singapore 21-Jan 4-Week Monetary Authority of Singapore Bills 2.79 15.60 15.60

12-Week Monetary Authority of Singapore Bills 2.74 22.30 22.30

36-Week Monetary Authority of Singapore Bills 2.71 0.80 0.80

23-Jan 1-Year Singapore Government Securities Bills 2.72 5.40 5.40

Thailand 21-Jan 91-Day Bank of Thailand Bills 2.09 60.00 60.00

22-Jan 10.15-Year Government Bonds 2.36 2.41 20.00 20.00

23-Jan 183-Day Bank of Thailand Bills 2.25 Compounded THOR + 0.05 20.00 20.00

1.83-Year Bank of Thailand Bonds 2.09 2.08 20.00 20.00

Viet Nam 22-Jan 10-Year Treasury Bonds 2.83 2.70 7,500.00 6,600.00
15-Year Treasury Bonds 2.98 2.90 3,000.00 1,520.00
20-Year Treasury Bonds 3.05 3.00 500.00 500.00
30-Year Treasury Bonds 3.25 3.20 500.00 25.00
LCY = local currency, THOR = Thai overnight repurchase rate.
Sources: Local market sources.

Other Bond Issuances: 20–24 January 2025

(Update your market. Include hyperlink on Issuer. Coupon rate and yield decimal place, full. Update legend.)
Market Issuer Coupon and Yield Tenor Amount

Indonesia Sinar Mas Multiartha 7.00% and 7.00% 370.0 Days IDR100.0 billion

Indonesia Sinar Mas Multiartha 8.25% and 8.25% 3.0 Years IDR500.0 billion

Indonesia Sinar Mas Multiartha 9.00% and 9.00% 5.0 Years IDR200.0 billion

Thailand AP (Thailand) 3.00% and 3.00% 3.0 Years THB3,000.0 million

Thailand Grande Asset Hotels and Property 7.40% and 7.40% 1.5 Years THB48.1 million

Thailand Grande Asset Hotels and Property 7.20% and 7.20% 2.0 Years THB134.6 million

Thailand Sansiri 3.90% and 3.90% 2.0 Years THB1,985.7 million

Thailand Sansiri 4.20% and 4.20% 3.0 Years THB2,615.8 million

Thailand Sansiri 4.50% and 4.50% 4.0 Years THB2,398.4 million

IDR = Indonesian rupiah, THB = Thai baht.
Sources: Indonesia Stock Exchange and Thai Bond Market Association.