1 2 3 4 5 6 7 8

BRIEF
Economics
AsiaNEWS, ANALYSIS AND COMMENTARY
WEDNESDAY
03.26.14
www.bloombergbriefs.com
CALENDAR (HONG KONG TIME)
TIME EVENT SURVEY PRIOR
JN 7:50 Corp Serv Px Indx 0.8% 0.8%
SI 13:00 Industr Prod MoM 4.0% -8.1%
SI 13:00 Industr Prod YoY 12.5% 3.9%
TH 14:30 Customs Exports 0.2% -2.0%
TH 14:30 Customs Imports -2.0% -15.5%
TH 14:30 Customs Trade Bal -$1400M -$2521M
VN TBD Exports YTD YoY 13.4% 12.3%
VN TBD GDP YTD YoY 5.2% 5.4%
VN TBD Imports YTD YoY 16.0% 17.0%
VN TBD Retail Sales YoY 11.6%
BCAL<GO>
WHAT TO WATCH: Singapore industrial output probably
rose 12.5 percent in February from a year earlier, 1 p.m. (See
story, page 4.) Taiwan President Ma Ying-jeou said hes willing
to meet protesters in a bid to assuage anger over a China trade
pact. Bank of Thailand releases minutes of its March 12 meeting.
ECONOMICS: Thai customs trade balance, 2:30 p.m. Reserve Bank of Australia
Governor Glenn Stevens speaks in Hong Kong on the Australian and global economies,
11:30 a.m. Reserve Bank of Australias financial stability review, 8:30 a.m. Reserve
Bank of New Zealand publishes residential mortgage lending data, 10 a.m.
GOVERNMENT: President Barack Obama sought to mend frayed ties between
Japanese Prime Minister Shinzo Abe and South Korean President Park Geun Hye
as the three met following the Nuclear Security Summit in The Hague. The Hong Kong
Legislative Council holds a meeting on the 2014-2015 government budget, 11 a.m.
COMPANIES: Malaysian Airlines and Boeing records on Flight 370s maintenance
and crew are being sought by a law firm representing the father of one of the missing
flights passengers ahead of a possible barrage of litigation over the planes disappearance.
MARKETS: Indias rupee advanced for a third day. Copper rose the most in 15 weeks.
Chinas gold imports from Hong Kong rose in February. (All times are local for Hong Kong.)
ASIA DAYBOOK:
Anne Riley
Singapore Output, BOT Minutes, RBAs Stevens
QUOTE OF THE DAY
China is headed for a partial, controllable
and mini crisis. Theres tremendous room for
the central government to fix the problems
in local government debt. Defaults must
be allowed to restructure the debt, which
will definitely happen as part of the reform
measures in the second half of this year.
Li Daokui, former adviser
to the Peoples Bank of China.
ASIA ON THE GROUND
Why the decelerating pace of Chinas
urbanization may exacerbate the countrys
economic slowdown and may make it
tougher to hit its targets. (See page 8.)
EQUITY MARKET
-1.0 -0.5 0.0 0.5 1.0 1.5 2.0
Dow Jones
S&P 500
NASDAQ
Bovespa
FTSE 100
CAC 40
DAX
Nikkei 225
Hang Seng
1-Day Change (%)
Trading Volume (Standard Deviation From 6-Mo Avg)
Non-OECD countries are driving global crude demand because of faster economic
growth and a greater reliance on energy-intensive industries. China, India and
Indonesia posted average GDP growth of 6.7 percent in 2011 to 2013 compared with
less than 3 percent for OECD members. OECD crude demand fell from 52 million
barrels of oil per day in 2005 to 47 million last year. Grace Lee, Bloomberg Industries
China, India Lead Developing Nations in Crude Demand
25
30
35
40
45
50
55
2000 2002 2004 2006 2008 2010 2012 2014
Total OECD Demand Total Non-OECD Demand
Source: Bloomberg OMRSD401 Index , OMRSD701 Index

03.26.14 www.bloombergbriefs.com Bloomberg Brief | Economics Asia 2
1 2 3 4 5 6 7 8
SPOTLIGHT SINGAPORE TAMARA HENDERSON, BLOOMBERG ECONOMIST
Singapores Central Bank May Ease in April
-0.4%
SINGAPORE
DOLLAR
The SGD has under-
performed other Asian
currencies (excluding
Japan), which are up
0.6 percent on average
against the USD this
year.
-4%
EQUITIES
Singapores MSCI
has trailed behind the
MSCI World Index,
which has fallen 0.3
percent this year.
0%
HOUSE PRICES
Tapering and mea-
sures by the authori-
ties to curb speculation
in the housing market
have kept home prices
stable.
0%
GLOBAL FOOD
PRICES
Steady food prices, in-
dicated by stable global
food-price futures,
should help contain
inflation; food accounts
for 22 percent of Singa-
pores CPI.
-6bp
10-YEAR GOVT
BOND YIELD
Singaporean 10-
year bond yields are
little changed this year
amid the well-signaled
tapering of asset
purchases by the U.S.
Federal Reserve.
112
114
116
118
120
122
124
0%
1%
2%
3%
4%
5%
6%
7%
8%
Apr-12 Oct-12 Apr-13 Oct-13
Singapore Core CPI 3M Rolling Average YoY
Singapore CPI 3M Rolling Average YoY
MAS S$NEER, Index
Source: Bloomberg
External Headwinds, SGD Strength Tamed Inflation
1.20
1.22
1.24
1.26
1.28
1.30
1.32
Apr-12 Oct-12 Apr-13 Oct-13
Source: Bloomberg, Goldman Sachs
Weaker Band
(Estimated)
Stronger Band
(Estimated)
S$NEER Implied USDSGD
SGD Is Trading in the Middle of the Band
The Monetary Authority of Singapore may reduce the slope
of the band governing the nominal effective exchange rate
{SNEER Index} , while leaving unchanged the modest and
gradual appreciation bias.
Inflation dropped to 0.4 percent {SICPIYOY Index} and
has scope to fall further owing to a multitude of obstacles to
growth.
The March flash reading of Chinese manufacturing PMI sug-
gests growth momentum will continue to slow in China, the city-
states largest trading partner {ECTR SINGAPORE Total Trade}.
Higher yields related to the U.S. recovery and tapering by
the U.S. Federal Reserve may slow investment, especially in
Singapores property market {URPIPRCY Index}.
High costs can be a deterrent to investors. The SGD on a
real-effective-exchange-rate basis {WCRS REER<GO>}
is among the least competitive currencies in emerging mar-
kets, and Singapore has displaced Tokyo as the worlds most
expensive city.
Heightened tensions over Russias annexation of Crimea in-
troduce geopolitical risk as an added challenge for risk appetite
{CRIS<GO>}.
In Singapore, monetary conditions are adjusted by managing
USDSGD against a basket of currencies within an undisclosed
band. The MAS signals monetary policy shifts by changing the
slope, width or center of the band. The MASs semi-annual
policy decision will probably be announced on April 11 {ECO
SI<GO>}.
Asset Prices
Year-to-date change

03.26.14 www.bloombergbriefs.com Bloomberg Brief | Economics Asia 3
1 2 3 4 5 6 7 8
FX TECHNICALS TAMARA HENDERSON, BLOOMBERG ECONOMIST
Near-Term Technicals Favor the KRW
TICKER
LAST
PRICE
RANK
OVERALL
TECHNICAL SIGNAL
ADX
BOLLINGER
BAND
DMI 14 MACD RSI 9 STOCHASTICS
50-DAY
SMA
200-DAY
SMA
50D VS
200D SMA
USDTWD 30.572 1.1 trending buy buy sell 30.33 29.91 1.4%
USDCNH 6.1851 0.6 strong trend buy 6.087 6.096 -0.2%
USDTHB 32.580 0.4 buy buy 32.58 31.90 2.1%
USDPHP 45.069 0.1 buy buy 44.91 44.01 2.0%
USDMYR 3.3054 0.0 range buy buy 3.304 3.245 1.8%
EURUSD 1.3826 -0.2 range buy sell 1.372 1.350 1.6%
USDSGD 1.2679 -0.5 range buy 1.269 1.263 0.5%
USDJPY 102.29 -0.5 range buy buy 102.4 100.6 1.8%
AUDUSD 0.9163 -0.6 range buy buy 0.896 0.914 -2.0%
USDINR 60.480 -0.8 range sell sell buy 61.84 61.62 0.4%
USDIDR 11394 -1.1 trending sell buy 11811 11254 4.9%
NZDUSD 0.8573 -1.8 trending buy sell 0.836 0.818 2.2%
USDKRW 1079.5 -3.1 range buy buy 1071 1083 -1.1%
Source: Bloomberg Updated: 5:50 a.m. Hong Kong time.
Six popular technical trading rules, weighted by performance over the last 90 days, favor the KRW against the NZD and TWD.
The Rate of Change rule has performed best for USDKRW over the last 90 days, earning 4.4 percent.
CNH, IDR, TWD and NZD are in established trends, in contrast with ranges for most other Asian currencies, according to ADX.
NOTE: Technical signals are aggregated using weights based on daily performance over the last 3 months. Performance is assessed based on the trading rules 3-month return, Sortino Ratio and win
rate. The return must be above 2 percent; the Sortino Ratio must be above 0.25; and the win rate must exceed 66 percent. Hover mouse over columns for TECHNICAL NOTES, including the triggers for
buy and sell signals. (Open in browser: http://bit.ly/technical_notes.). To re-create or customize this table: XLTP Historical Technical Analysis Screener <GO> . Click Open to download into Excel.
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BRIEF
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+1-212-617-6975
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03.26.14 www.bloombergbriefs.com Bloomberg Brief | Economics Asia 4
1 2 3 4 5 6 7 8
MARKET CALLS
Michael Smith, the head of ANZ
Banking Group, said the Reserve
Bank of Australia will probably try to
weaken the nations currency, which
rose today to a three-month high
against the U.S. dollar. The so-called
Aussie hasnt declined along with
commodity prices in spite of the
currencys links to raw materials, he
said. Is it a little bit too high? Smith
said. Probably it is and Im sure the
Reserve Bank governor will try to
push it down a little bit.
Vaninder Singh, an economist at
RBS, sees a 25 basis point increase
to the Philippine key rate on March
27. Worries surrounding overheat-
ing remain with credit growth likely
to accelerate further, said Singh.
Bangko Sentral ng Pilipinas will act
earlier rather than later to contain
inflation expectations, as the central
bank has done in the past.
Chen Xingdong, chief China
economist at BNP Paribas, lowered
forecasts for the onshore yuan
throughout 2014. BNP estimates the
currency will finish the first quarter
at 6.29 per dollar. Chen said yuan
depreciation may gradually cease
in the second quarter and then
weaken again in the third quarter as
the slowing economy damps market
sentiment. The bank predicts the
yuan will end 2014 at 6.20 per dollar.
Kathy Matsui, chief Japan strat-
egist at Goldman Sachs, lowered
forecasts for Japanese stocks,
citing the markets unanticipated
weakness and limited near-term
catalysts. The brokerage reduced
its three-month target for the Topix
index to 1,200 from 1,350, cut its six-
month forecast to 1,300 from 1,375,
and kept its 12-month target at
1,450. The indexs recent losses are
due to a combination of overseas
and domestic factors, with worries
about foreign selling of shares also
weighing on the market, Matsui said.
INSIDE THE CONSENSUS JENNIFER BERNSTEIN, BLOOMBERG BRIEF
Singapores industrial production probably rose 12.5 percent in February from a year
earlier, according to median forecast of 18 economists surveyed before todays release.
Song Seng Wun, an economist at CIMB Group Holdings, ranked the second-most ac-
curate predictor of Singaporean production by Bloomberg, sees the growth of city-states
factory output at 8 percent. Thats the lowest of the estimates, which ranged from 8
percent to 19 percent. Singapores non-oil domestic exports rose 9.1 percent last month
from the year before, more than the 7.2 percent gain predicted by economists, even as
manufacturers shipped fewer electronics.
-40
-30
-20
-10
0
10
20
30
40
Mar-11 Aug-11 Jan-12 Jun-12 Nov-12 Apr-13 Sep-13 Feb-14
Singapore Non-Oil Domestic Exports YoY
Singapore Industrial Production YoY
Source: Bloomberg
Singapore Exports Rose in February
0
2
4
6
8 9 10 11 12 13 14 15 16 17 18 19
Singapores Output Probably Grew 12.5% Last Month
TOP RANKED ECONOMISTS FOR SINGAPORE INDUSTRIAL PRODUCTION
RANK ANALYST FIRM FORECAST AS OF DIFFERENCE
1 Hak Bin Chua Bank of America Merrill Lynch
2 Song Seng Wun CIMB Research 8.0 3/18/14 -4.5
MOST RECENT FORECASTS
ANALYST FIRM FORECAST AS OF DIFFERENCE
Edward Wee Kok Lee Standard Chartered 16.9 3/24/14 4.4
Frances Cheung Credit Agricole 12.1 3/24/14 -0.4
Leong Wai Ho Barclays 13.9 3/24/14 1.4
Leif Eskesen HSBC Singapore 10.8 3/24/14 -1.7
Euben Paracuelles Nomura 9.7 3/24/14 -2.8
Median Number of Economists 18 12.5
High Prakash Sakpal ING Groep NV 19.0 3/20/14 6.5
Low Song Seng Wun CIMB Research Pte Ltd. 8.0 3/18/14 -4.5
Source: Bloomberg

03.26.14 www.bloombergbriefs.com Bloomberg Brief | Economics Asia 5
1 2 3 4 5 6 7 8
Americas
U.S. consumer confidence unexpect-
edly climbed in March to the highest level
in six years. The Conference Boards
sentiment index rose to 82.3, the highest
since January 2008 and exceeding all
forecasts in a Bloomberg survey of econo-
mists, from 78.3 in February, the New
York-based private research group said.
Purchases of new homes in the U.S.
fell in February to the lowest level in five
months. Sales declined 3.3 percent to
a 440,000 annualized pace, following a
455,000 rate in the prior month that was
the strongest in a year, figures from the
Commerce Department showed.
U.S. home prices rose 0.5 percent
month on month and 7.4 percent year on
year in January, according to a report from
the Federal Housing Finance Agency.
Separately, a report from S&P/Case-
Shiller showed home values in 20 U.S.
cities advanced in the year to January at
the slowest pace since August.
U.S. President Barack Obama urged
Russia to de-escalate the crisis over
Ukraine or face the consequences of
more sanctions if it encroaches further
into the east of the country after its an-
nexation of Crimea. President Vladimir
Putin has to understand that theres a
choice to be made here, Obama told a
news conference in The Hague.
Mexicos January economic activity
rose 0.83 percent year on year, the na-
tional statistics agency reported, less than
the 1.4 percent rise forecast by econo-
mists ahead of the release.
Colombias central bank will probably
consider an increase in interest rates later
this year as the economy continues to
grow close to its potential and inflation ac-
celerates, co-director Adolfo Meisel said.
Europe
U.K. inflation slipped further below the
Bank of Englands 2 percent target in Feb-
ruary to its lowest rate in more than four
years. Consumer prices rose an annual
1.7 percent, the least since October 2009,
compared with 1.9 percent in January, the
Office for National Statistics said.
German business confidence fell for
the first time in five months. The Ifo insti-
tutes business climate index, based on
a survey of 7,000 executives, fell to 110.7
in March after reaching 111.3 the prior
month, the highest level since July 2011.
Hungarys central bank reduced the
two-week deposit rate by 10 basis points
to a record-low 2.6 percent, matching the
median estimate in a Bloomberg survey.
OVERNIGHT BLOOMBERG NEWS
-0.6%
-0.4%
-0.2%
0.0%
0.2%
0.4%
0.6%
-0.8% -0.6% -0.4% -0.2% 0.0% 0.2% 0.4% 0.6% 0.8%
1-Day Change (Yesterday)
1
-
D
a
y

C
h
a
n
g
e

(
T
o
d
a
y
)

Format: XXXUSD Curncy, size of labels based on 30-day volatility
WT <GO> As of 6:08 a.m. HK
CURRENCIES
AROUND THE CLOCK
(All times are Hong Kong time.)
Europe
3 p.m. A Gfk report on German con-
sumer confidence in April will be
released. Consumer sentiment may
remain unchanged at 8.5, according
to the median forecast of economists.
4:15 p.m. Swedens National Insti-
tute of Economic Research pub-
lishes updated economic forecasts.
5 p.m. Italian retail sales may have
dropped 1.6 percent in January from
a year earlier, economists predict.
9:30 p.m. Bundesbanks board
member Andreas Dombret speaks
at New York Stock Exchange.
10 p.m. European Union President
Herman Van Rompuy speaks to
European Parliament leaders on the
outcome of the latest EU summits.
Americas
2 p.m. St. Louis Federal Reserve
President James Bullard will speak
at the Credit Suisse 17th Asian In-
vestment Conference in Hong Kong.
8:30 p.m. U.S. durable goods
orders probably climbed 0.8 percent
in February after falling 1 percent in
January.
9:45 p.m. A preliminary reading
of Markit U.S. Services PMI may
increase to 54 in March from 53.3 a
month earlier.
10 p.m. U.S. Senate Homeland
Security and Governmental Af-
fairs Committee holds a hearing on
cyber risks to critical infrastructure.
10:30 p.m. U.S. Treasury Secretary
Jacob J. Lew testifies at the House
Financial Services Committee to dis-
cuss the State of the International
Financial System.

03.26.14 www.bloombergbriefs.com Bloomberg Brief | Economics Asia 6
1 2 3 4 5 6 7 8
OUTSIDE ASIA BETH ANN BOVINO, STANDARD & POORS RATING SERVICES
Companies Founded by Immigrants, 2006-2012
Bioscience
11%
Computers/
Communication
6%
Defense/
Aerospace
3%
Environmental
9%
Innovation/
Manufacturing
Related
45%
Semiconductors
4%
Software
22%
Source: Kauffman Foundation,
Then and Now. Americas New
Immigrant Entrepreneurs, Part VII;
Standard & Poor's
Immigration Reform May Help Boost U.S. Economic Growth
As the drive for U.S. immigration reform
becomes more bogged down in election-
year politics, one facet of the issue seems
indisputable: An overhaul of the countrys
immigration policy would be a boon to the
worlds biggest economy.
A sweeping reform would further open
U.S. borders to highly-skilled non-citizens
who could lawfully enter the country
permanently. Such reform could add about
3.2 percentage points to real GDP in the
next 10 years (2015 to 2024) and would
probably add even more to growth in the
following decade.
Over time, immigration reform may sig-
nificantly increase the number of working-
age people in the U.S. An influx of young,
skilled labor would spur economic growth,
potentially add to innovation, and help
offset the deleterious effects of an aging
American population, among other things.
If reform focused on highly skilled immi-
grants, the effects on productivity, the tax
base and even jobs would be even larger.
This would help cut about $150 billion in
real terms from the deficit in 10 years and
possibly even more in the following decade.
While many see immigration reform as
a boost for the economic recovery, others
are sure that immigrants steal U.S. jobs,
depress wages and slow economic growth.
Some of these concerns are misplaced.
The worry that immigrants are taking
American jobs assumes that they only
affect the supply of labor. But new workers,
whether they are new immigrants or new
graduates, also affect demand. Recently
employed workers consume goods and
services leading to more revenue, jobs and
growth. U.S. immigrants typically comple-
ment the native labor force; they dont
substitute for American workers.
Immigrants also are particularly innova-
tive. According to figures from The Partner-
ship for a New American Economys June
2012 study, 75 percent of the nearly 1,500
patents awarded at the nations top 100 re-
search universities went to projects at least
partly headed by immigrants. Nearly all
of those patents were in the STEM fields
science, technology, engineering and
mathematics. Eighteen percent of Fortune
500 companies had at least one founder
who is foreign-born. These companies
generated $1.7 trillion in annual revenue
and employed 3.6 million workers world-
wide (Immigration Law Policy Center).
Because immigrants create businesses
and file patents at an especially high rate,
this helps create jobs. According to an
American Enterprise Institute 2011 study,
from 2000-2007 each additional group of
100 foreign-born workers with an advanced
degree was associated with 44 additional
American jobs, and those foreign-born
workers with STEM backgrounds were as-
sociated with 262 additional jobs.
There may be some short-term down-
sides to immigration reform. It will probably
result in temporary imbalances in the skills
and occupations that affect labor supply
and demand. In particular, the increase
in the demand for labor generally lags
demand for goods and services. If capital
available to workers didnt swell at the
same pace, there would be a decrease in
the marginal product of labor and, thus,
lower wages on average. As a result, the
unemployment rate may drift slightly higher
and average wages lower for a few years
than would be the case if there were no
changes to immigration policy.
In our analysis, average wages will be
slightly lower through 2024 than with no
immigration reform, in part because new
immigrants earn lower wages than cur-
rent residents on average. As businesses
expand to absorb the larger force and
efficiently meet increased demand from
a larger population, wed expect to see a
larger economy, with increased productivity
and higher wages later. According to the
Congressional Budget Office, wage gains
over 2024-2033 would be 0.5 percent
higher than with no reform and would be
higher across all skill groups.
As an added benefit, the U.S. population
would be younger on average. Immigration
reform would add an estimated 13.7 million
people to the country by 2033 just 6 per-
cent of them age 65 or older, according to
the Bipartisan Policy Centers October 2013
immigration study. The Census Bureau proj-
ects that 20 percent of U.S. residents will be
65 or older in 2030. This is important in light
of the strain that medical costs place on the
public finances with an aging population.
Employment-based reform would provide
a short-term solution to the current skills
gap businesses face, giving long-term
solutions like school-business partnerships
which produce graduates with skills that
meet business needs, getting graduates
hired at a faster pace a chance to work.
Beth Ann Bovino is the chief U.S. economist at
Standard & Poors Ratings Services.

03.26.14 www.bloombergbriefs.com Bloomberg Brief | Economics Asia 7
1 2 3 4 5 6 7 8
M
A
R
K
E
T

I
N
D
I
C
A
T
O
R
S
1D YoY 52W w Avg 52W FORW. LAST 1D CHG YoY 52W w Avg 52W 5Y
%Chg %Chg Min l Last Max PE 12M YIELD BPS BPS Min l Last Max CDS
ASIA/PACIFIC ASIA/PACIFIC
MXAU Index Australia 1094.05 0.2% 7.2% 956 1116 14.3 GACGB10 Index Australia 4.12% -0.1 53.9 3.0 4.4 45.6
MXCN Index China 58.30 2.2% -3.5% 51 66 8.6 GCNY10YR Index China 4.49% 0.0 90.0 3.4 4.7 97.0
MXHK Index Hong Kong 11631.19 0.0% 0.5% 10,600 12380 14.6 HKGG10Y Index Hong Kong 2.31% -6.2 107.2 0.8 2.6 na
MXID Index Indonesia 5472.06 -0.4% -4.1% 4,487 6149 13.7 GIDN10YR Index Indonesia 8.23% 9.4 275.2 5.4 9.2 183.5
MXIN Index India 834.05 0.0% 14.3% 699 834 14.2 GIND10YR Index India 8.79% 0.5 84.5 7.1 9.2 na
MXJP Index Japan 716.14 0.1% 10.5% 613 808 13.5 GJGB10 Index Japan 0.61% -0.5 4.8 0.4 0.9 50.2
MXKR Index Korea 558.64 -0.4% -2.0% 509 605 8.9 GVSK10YR Index Korea 3.54% -2.5 66.3 2.7 3.8 61.0
MXMY Index Malaysia 652.97 0.2% 11.1% 591 669 15.1 MGIY10Y Index Malaysia 4.12% -0.1 63.0 3.1 4.3 104.3
MXPH Index Philippines 1079.43 -1.0% -0.9% 941 1224 18.4 PDSF10YR Index Philippines 4.63% -0.2 104.2 3.0 4.6 109.5
MXSG Index Singapore 1641.19 -0.2% -5.7% 1,579 1823 na MASB10Y Index Singapore 2.50% -5.0 94.0 1.4 2.8 na
MXLK Index Sri Lanka 643.31 -0.1% -2.7% 598 778 na GGSL10YR Index Sri Lanka 10.08% -18.8 -192.9 9.4 12.1 na
TAMSCI Index Taiwan 305.86 0.8% 8.5% 273 309 na GVTW10YR Index Taiwan 1.62% 2.5 31.0 1.2 1.7 na
MXTH Index Thailand 475.32 0.6% -9.7% 432 573 11.3 GVTL10YR Index Thailand 3.78% -1.4 26.0 3.3 4.4 130.5
MXVI Index Vietnam 646.57 -1.0% 5.3% 509 662 na
AMERICAS AMERICAS
MXUS Index U.S 1785.03 0.4% 20.5% 1,472 1799 15.7 USGG10YR Index U.S 2.75% 2.0 82.8 1.6 3.0 19.8
MXBR Index Brazil 2117.38 1.1% -19.3% 1,916 2742 9.0 GEBR10Y Index Brazil 13.00% -15.8 319.7 9.4 13.4 174.2
MXMX Index Mexico 6473.64 0.2% -11.4% 5,951 7772 16.6 GMXN10YR Index Mexico 6.25% -3.0 126.5 4.4 6.7 86.2
MIDDLE EAST & AFRICA MIDDLE EAST & AFRICA
MXZA Index South Africa 1174.06 1.0% 18.5% 916 1177 14.0 GSAB9YR Index *South Africa (9Y) 8.37% -7.2 177.6 5.8 8.8 200.1
EUROPE (Euro Area) EUROPE (Euro Area)
MXAT Index Austria 111.92 0.5% 0.6% 101 127 10.9 GAGB10YR Index Austria 1.85% 0.3 18.3 1.5 2.5 42.8
MXBE Index Belgium 74.68 1.0% 8.4% 62 76 16.4 GBGB10YR Index Belgium 2.23% 0.5 0.6 1.9 2.9 44.3
MXFI Index Finland 96.68 1.5% 24.9% 72 102 16.5 GFIN10YR Index Finland 1.89% 0.2 35.3 1.3 2.3 23
MXFR index France 121.83 1.5% 16.3% 100 124 13.7 GFRN10 Index France 2.12% -0.2 10.2 1.7 2.6 52.3
MXDE Index Germany 127.51 1.6% 15.3% 105 134 13.1 GDBR10 Index Germany 1.58% -0.1 25.0 1.2 2.0 23.4
MXGR Index Greece 21.29 -0.1% 34.2% 12 22 29.0 GGGB10YR Index Greece 6.74% 1.8 -501.1 6.7 12.8 na
MXIE Index Ireland 38.34 1.2% 29.2% 27 43 24.7 GIGB10YR Index Ireland 3.07% 0.1 na 3.0 4.3 81.7
MXIT Index Italy 59.94 1.0% 30.1% 43 61 13.1 GBTPGR10 Index Italy 3.39% -1.7 -121.9 3.4 4.9 138.5
MXNL Index Netherlands 98.49 1.3% 15.1% 82 102 14.1 GNTH10YR Index Netherlands 1.78% -0.8 0.1 1.5 2.5 34
MXPT Index Portugal 55.89 1.3% 5.2% 47 57 18.4 GSPT10YR Index Portugal 4.20% -0.7 -186.9 4.2 7.5 207.0
MXES Index Spain 109.65 0.7% 24.2% 81 116 14.4 GSPG10YR Index Spain 3.33% -2.0 -162.9 3.3 5.1 107.8
EUROPE (Non-Euro EU) EUROPE (Non-Euro EU)
MXDK Index Denmark 5856.30 0.3% 23.4% 4,322 6299 18.2 GDGB10YR Index Denmark 1.62% 1.2 9.7 1.3 2.2 24.2
MXHU Index Hungary 799.37 0.2% -20.7% 749 1107 8.8 GHGB10YR Index Hungary 5.82% 0.0 -63.0 4.9 6.8 239.0
MXPL Index Poland 1710.71 1.5% 5.3% 1,543 1852 13.7 POGB10YR Index Poland 4.26% 0.4 37.9 3.1 4.9 71.8
MXSE Index Sweden 10256.85 1.2% 12.6% 8,495 10449 16.0 GSGB10YR Index Sweden 2.16% -2.7 27.5 1.6 2.7 16.2
MXGB Index U.K 1945.62 1.3% 3.0% 1,783 2024 13.1 GUKG10 Index U.K 2.71% 2.2 90.5 1.6 3.1 24.5
EUROPE (Non EU) EUROPE (Non EU)
MXNO Index Norway 2626.44 0.7% 8.8% 2,256 2719 na GNOR10YR Index Norway 2.96% -7.7 72.4 2.0 3.3 13.7
MXRU Index Russia 640.74 3.6% -17.8% 591 841 na MICXRU10 Index Russia 9.12% -19.3 179.4 6.7 9.8 254.0
MXCH Index Switzerland 1078.79 1.3% 7.6% 938 1106 15.6 GSWISS10 Index Switzerland 0.95% -3.1 23.1 0.6 1.3 na
MXTR Index Turkey 923973 1.7% -21.2% 866K 1327K 8.5 TGBY10T0 Index Turkey 6.48% 0.0 -329.0 na na 258.7
LAST 1D Chg YoY 52W w Avg 52W 1Y Z- LAST 1D YoY 52W w Avg 52W 1Y Z-
PRICE bps/% bps/% Min l Last Max SCORE PRICE %CHG %CHG Min l Last Max SCORE
CHINA ASIA/PACIFIC
SHIF3MIndex 3M SHIBOR 5.50% 0.0 162.0 3.9 5.8 1.1 AUD Curncy Australian Dollar 0.92 -0.1% -12.6% 0.9 1.1 -0.4
CCSDO2 Curncy 2Y CNY IRS 2.98% 0.0 -5.0 2.9 3.1 0.2 CNY Curncy Chinese Renminbi 6.20 0.1% 0.2% 6.0 6.2 2.0
BOCRYLD Index Avg Dim Sum Yield 4.34% -1.0 4.0 6.0 -0.7 HKD Curncy Hong Kong Dollar 7.76 0.0% 0.0% 7.8 7.8 -0.3
JAPAN INR Curncy Indian Rupee 60.48 -0.5% -10.4% 53.8 68.8 0.0
JY0003MIndex LIBOR 3M 0.14% 0.0 -2.2 0.1 0.2 -1.7 IDR Curncy Indonesian Rupiah 11394.0 0.1% -14.6% 9692 12261 0.5
TI0003MIndex 3M TIBOR 0.21% 0.0 -3.8 0.2 0.3 -1.8 JPY Curncy Japanese Yen 102.27 0.0% -7.7% 93.0 105.3 0.8
JYSW2 Curncy 2Y Yen Swap 0.19% 0.2 -3.3 0.2 0.3 -1.4 MYR Curncy Malaysian Ringgit 3.31 0.2% -6.2% 3.0 3.3 1.1
OTHER NZD Curncy New Zealand Dollar 0.86 0.0% 2.1% 0.8 0.9 1.7
AU0003MIndex Australia 3M LIBOR 2.96% 0.0 -115.5 3.0 3.2 -1.3 PHP Curncy Philippine Peso 45.07 0.0% -9.4% 40.8 45.4 1.3
HIHD03MIndex Hong Kong 3M HIBOR 0.37% -0.4 -1.2 0.4 0.4 -2.7 SGD Curncy Singapore Dollar 1.27 0.0% -2.1% 1.2 1.3 0.7
JIIN3MIndex Indonesia 3M JIBOR 8.13% 0.7 323.1 4.9 8.1 1.2 KRW Curncy South Korean Won 1079.50 0.2% 2.9% 1050 1161 -0.4
NSERO3MIndex India 3M MIBOR 9.93% -3.0 27.0 8.2 11.6 0.6 LKR Curncy Sri Lankan Rupee 130.65 0.0% -3.0% 125.4 133.2 0.3
KLIB3MIndex Malaysia 3M KLIBOR 3.32% 0.0 11.0 3.2 3.3 2.2 TWD Curncy Taiwan Dollar 30.57 -0.1% -2.3% 29.4 30.6 2.3
PREF3MO Index Philippines 3M PHIREF 1.15% -3.3 90.5 (1.1) 1.6 1.5 THB Curncy Thai Baht 32.58 0.0% -10.0% 28.7 33.1 1.0
SIBF3MIndex Singapore SIBOR 3M 0.41% 0.0 3.1 0.4 0.4 1.4 VND Curncy Vietnamese Dong 21095 0.0% -0.7% 20.9K 21.2K 0.2
KWSWOOC Curncy S. Korea 3M OIS 2.49% 0.0 -32.0 2.5 2.8 -0.7 AMERICAS
SLBR3MON Index Sri Lanka 3M SLIBOR 8.35% -4.0 -443.0 8.4 12.8 -1.7 BRL Curncy Brazilian Real 2.31 -0.5% -12.9% 2.0 2.5 0.5
BOFX3MIndex Thailand 3M BIBOR 2.17% -0.3 -68.8 2.2 2.9 -2.4 CAD Curncy Canadian Dollar 1.12 0.0% -9.0% 1.0 1.1 2.0
VNCD3MO Index Vietnam 3M VNIBOR 4.00% 0.0 -187.1 3.2 6.2 -1.4 MXN Curncy Mexican Peso 13.12 0.0% -5.9% 12.0 13.5 0.6
OTHER (NON-ASIAN) MIDDLE EAST & AFRICA
.TED3MIndex 3M Ted Spread 18.9 0.0 -3.4 14.2 26.3 -1.0 ZAR Curncy South African Rand 10.74 0.0% -13.9% 8.9 11.3 1.1
.LIBORIOS F Index 3M LIBOR OIS Spread 14.4 0.0 0.6 12.9 17.4 -1.5 EUROPE (Euro Area)
JPEIPLSP Index EMBI+ Spread 350.6 -0.8 59.8 261.5 405.2 0.6 GBP Curncy British Pound 1.65 0.0% 9.1% 1.5 1.7 1.2
DKK Curncy Danish Krone 5.40 0.0% 7.3% 5.4 5.8 -1.4
LAST 1D YoY 52W w Avg 52W RSI EUR Curncy Euro 1.38 0.0% 7.5% 1.3 1.4 1.4
PRICE %Chg %Chg Min l Last Max 30D HUF Curncy Hungarian Forint 225.43 0.0% 4.9% 211.7 237.5 0.4
AGRICULTURAL NOK Curncy Norwegian Krone 6.03 0.0% -3.3% 5.7 6.3 0.3
SPGCAGTR Index S&P GS Agricult. Index 694.4 0.0% -5.7% 589 742.6 65.1 PLN Curncy Polish Zloty 3.03 0.1% 7.2% 3.0 3.4 -1.2
METALS RUB Curncy Russian Ruble 35.60 -1.4% -13.1% 30.8 36.6 1.9
SPGCINTR Index S&P GS Ind Metal Index 1287.2 1.6% -12.9% 1,258 1468.3 44.9 SEK Curncy Swedish Krona 6.40 0.0% 1.4% 6.3 6.8 -1.2
GC1 Comdty Gold 1311.0 0.0% -17.8% 1,195 1606 50.6 CHF Curncy Swiss Franc 0.88 0.0% 7.4% 0.9 1.0 -1.5
ENERGY TRY Curncy Turkish Lira 2.22 -0.1% -18.1% 1.8 2.3 1.5
SPGCENTR Index S&P GS Energy Index 1119.3 0.1% 3.5% 992 1188 49.6 OTHER CROSSES
INDEXES AUDJPY Curncy AUD/JPY 93.70 0.0% 5.7% 86.7 105.2 0.1
CRY Index CRB Index 300.8 0.4% 2.1% 272.3 307.6 58.1 GBPJPY Curncy GBP/JPY 169.1 0.0% -15.3% 140.8 174.4 1.2
SPGSCITR Index S&P Commodity Index 4922.1 0.1% 1.1% 4,507 5103.5 52.7 EURJPY Curncy EUR/JPY 141.40 0.0% -14.1% 119.5 145.1 1.3
DBLCDBAT Index DBIQ Diversified Ag 232.0 -0.1% 8.3% 199.6 238.2 66.2 CHFJPY Curncy CHF/JPY 115.9 0.0% -14.0% 98.4 118.5 1.4
Source: Bloomberg. Updated at 6:41 a.m. Hong Kong time
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03.26.14 www.bloombergbriefs.com Bloomberg Brief | Economics Asia 8
1 2 3 4 5 6 7 8
The pace of migration of rural Chinese to
cities, a dynamic hailed by Premier Li Keq-
iang as key to the nations development,
is set to slow by a third in coming years,
deepening economic-growth concerns.
A government report released this
month projected a 6.3 percentage-point
rise in the share of people living in cit-
ies from 2013 to 2020 down from a
9.4-point gain the previous seven years.
Nomura estimates that slower urbaniza-
tion will slice as much as half a percent-
age point from annual gross domestic
product growth over the next half decade.
In the past 30 years we turned farmers
into factory workers, triggering massive
gains in productivity and hence growth,
said Ken Peng, Asia Pacific investment
strategist at Citigroups private-bank busi-
ness. Now those gains are diminishing.
Li, who asked an arm of Chinas cabi-
net to work with the World Bank on an
urban-planning strategy released today, is
under increasing pressure to take steps to
address weakening economic expansion.
A private report yesterday indicated a fifth
straight slowdown in manufacturing in the
worlds second-largest economy.
The premier, who has advocated an
urbanization-growth strategy for two
decades, is up against a shrinking pool
of rural workers, rising local-government
debt and unhealthy air pollution in almost
all big cities. Diminishing returns from
urbanization make it tougher to achieve
economic goals including this years 7.5
percent expansion target.
A report from the World Bank and the
State Councils Development Research
Center, which helped inform the govern-
ments plan, recommends changes includ-
ing on land use to spur more-efficient
and denser cities. That can save China
$1.4 trillion from a projected $5.3 trillion in
infrastructure spending over the next 15
years, World Bank Chief Operating Officer
Sri Mulyani Indrawati said.
You cannot go on with the same ur-
banization model, Sri Mulyani said in a
separate interview.
A Purchasing Managers Index from
HSBC Holdings and Markit Economics
dropped to an eight-month low in March, a
preliminary report showed.
The slowdown is stoking speculation
that China will accelerate spending or
loosen monetary policy to aid growth.
The government will have to take action
soon, and possible moves include an-
nouncing additional urbanization-related
fiscal spending, said Shen Jianguang,
chief Asia economist at Mizuho Securities.
China has shifted more than 300 million
people into cities since 1995 about
twice the population of Russia and Li
must find a way to accommodate almost as
many again from the countryside without
further wrecking the environment. The
nations 731 million metropolitan dwellers,
already 1/10 of the worlds population, use
three times more energy than their coun-
tryside peers, according to the World Bank.
The government plans to steer city
migration onto a more environmentally
friendly and people-focused path, saying
the greatest potential for expanding do-
mestic demand lies in urbanization.
Kevin Hamlin with assistance from Xin Zhou
and Stephen Engle
ASIA ON THE GROUND BLOOMBERG NEWS
China Urbanization Loses Momentum as Growth Concern Deepens
Chinas Five National Transport Corridors to Spur Urbanization
Bloomberg Brief Economics Asia
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