19 September 2011

Key Developments in Asian Local Currency Markets

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ong Kong, China's industrial production growth rate fell to 2.0% year-on-year (y-o-y) in 2Q11 from 3.5% in 1Q11, due mainly to a decline in the output of textiles and apparels. Textile production fell 13.5% y-o-y while apparel fell 9.6%. In Japan, the Ministry of Economy, Trade, and Industry revised its July production index downward to -3.0% y-o-y from a preliminary figure of -2.8%.

In the Philippines, merchandise exports shrank for a third consecutive month in July- by 1.7% y-o-y to USD4.4 billion-as the global slowdown curbed demand for electronic products. Meanwhile on a month-on-month basis, exports grew 7.3%. Singapore's non-oil domestic exports grew 5.1% y-o-y in August after posting a 2.8% decline in July. In the Republic of Korea, the combined net income of 62 securities companies jumped 74.7% y-o-y to KRW793.2 billion in the first quarter of fiscal year 2011 (April-June). Their return on equity for the quarter increased to 2.1% from 1.3% in the same period last year. According to the Financial Supervisory Service (FSS), the increase was brought about by a 12.4% y-o-y increase in commissions revenue, which reached KRW2.2 trillion for the quarter, as well as a 58.3% y-o-y rise in the income from proprietary trading, which amounted to KRW1.1 trillion. Growth in overseas foreign worker remittances to the Philippines eased to 6.1% y-o-y in July-for a total of USD1.7 billion for the month-from 7.0% growth in June. Meanwhile, in the first 7 months of the year remittances rose 6.3% y-o-y for a total of USD11.4 billion. Remittances from land-based and sea-based workers grew 4.3% and 14.1% y-o-y, respectively. Powerlong Real Estate, a Chinese real estate company based in Hong Kong, China, issued HKD1.0 billion worth of senior notes to China Life Trustee Limited. The notes mature in 3 years and carry a coupon of 13.8%. In the Republic of Korea last week, Korea Eximbank sold a KRW150 billion 1-year zero coupon bond and a KRW50 billion 6-month zero coupon bond. Korea Development Bank issued a 3-year bond worth KRW150 billion at a coupon rate of 3.76%. Also, Korea Finance Corporation priced samurai bonds totalling JPY30 billion including a JPY15.5 billion 2-year bond, a JPY7.5 billion 3-year bond, and a JPY7.0 billion 5-year bond.

Asia Bond Monitor September 2011

10-Year Selected LCY Government Security Yields
Markets
Close of 16 September 2011

basis point change from Latest Closing Previous Day* Previous Week* 1-Jan-11*
2.05 1.86 1.01 4.06 1.54 8.36 7.14 3.71 3.68 5.82 1.61 3.70 12.68 -3.41 -6.60 1.50 1.00 1.40 2.20 -1.40 0.00 6.00 5.29 7.00 6.20 3.30 12.96 9.10 0.80 0.80 -1.00 -3.30 5.40 5.40 68.40 11.70 11.70 8.00 8.00 25.10 25.10 8.00 8.00 10.00 10.00 5.40 5.40
12.96 9.10

US EU Japan PR C H ong Kong, C hina India Indones ia Malays ia Korea, R ep. of Philippines Singapore Thailand Viet N am

-1.00 -3.30

68.40

-124.56 -110.00 -11.50 15.00 -131.60 44.40 -46.80 -33.00 -84.00 -7.28 -110.00 -2.60 93.30

Selected Government Security Yields Benchmark Yield Curves - Local Currency Government Bonds 2-versus-10 Yield Spread Chart Policy Rate versus Inflation Rate Charts Credit Default Swap Spreads & Exchange Rate Indexes Selected Debt Security Issuances Selected Asia Data Releases

In Malaysia, property developer Perdana Parkcity issued MYR400 million worth of medium term notes (MTN), while Telkom Malaysia sold MYR300 million worth of 10-year Islamic MTN. Singapore's Housing and Development Board issued last week SGD625 million worth of 5-year bonds and SGD650 million 10-year bonds Meanwhile, Thailand auctioned a 50-year THB5.0 billion bond with a 4.85% coupon. China National Petroleum Corp. (CNPC) and China Railway 16th Bureau Group announced that they plan to issue commercial paper with a maturity of 1-year on the interbank market. China National Petroleum Corp. will issue CNY15.0 billion and China Railway 16th Bureau Group will issue CNY560 million. Government bond yields rose for all tenors in Indonesia and Malaysia and rose for most tenors for Korea; Philippines; Singapore and Thailand as risk aversion rises over concerns that Greece may default. Yields fell for most tenors in the PRC; Hong Kong, China and Vietnam. Yields changes were mostly mixed for Japan. Yield spreads between 2- and 10-year tenors narrowed for the PRC and Hong Kong, China but widened for the rest of the Emerging East Asian markets.

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Summary Text of News Articles Industrial Production Growth Falls in Hong Kong, China in 2Q11; Japan's July Industrial Production Figures Revised Downward

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According to Hong Kong, China's Census and Statistics Department, the growth rate for industrial production fell to 2.0% year-on-year (y-o-y) in 2Q11 from 3.5% in 1Q11, due mainly to a decline in the output of textiles and apparels. Textile production fell 13.5% y-o-y while apparel fell 9.6% y-o-y. In Japan, the Ministry of Economy, Trade, and Industry revised its July production index downward to -3.0% y-o-y from a preliminary reading of -2.8%.

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Philippine Exports Fall in July; Singapore's Exports Rise in August

In the Philippines, merchandise exports shrank for a third consecutive month in July-by 1.7% y-o-y to USD4.4 billion-as the global slowdown curbed demand for electronic products. On a month-on-month (m-o-m) basis, exports grew 7.3%. The decline was primarily attributed to negative annual growth in the export of semiconductors at -33.5% y-o-y. The government's export growth rate target for 2011 is 10%. Singapore's non-oil domestic exports grew 5.1% y-o-y in August after posting a 2.8% decline in July. Electronics exports fell 19.0% y-o-y in August after registering a 17.0% decline in the previous month. The decline in electronics exports was offset by the increase in non-electronic exports, which rose 20.0% y-o-y in August due to higher exports of ships and boats, optical apparatus, and disk media products. For statistics on the Philippines' export growth rate and trade balance, refer to this link: http://asianbondsonline.adb.org/philippines/data/macroeconomic_credit.php For statistics on Singapore's export growth rate and trade balance, refer to this link: http://asianbondsonline.adb.org/singapore/data/macroeconomic_credit.php

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Philippines Reports 7.1% Unemployment Rate in July; Singapore Posts 2.1% Unemployment Rate in 2Q11

The July 2011 Labor Force Survey of the Philippine National Statistics Office showed an estimated 37.1 million persons were employed and 2.8 million were out of work in 2Q11, translating into an unemployment rate of 7.1%. The slight rise from 7.0% in 2Q10 was due to higher unemployment in the agriculture sector. There were more males (62.6%) than females (37.4%) among the unemployed. More than half (53.1%) of the unemployed were 15-24 years old. One-third (33.6%) of the unemployed were high school graduates, 21.8% had some college education, and 20.8% were college graduates. In Singapore, the seasonally adjusted unemployment rate increased to 2.1% in 2Q11 from 1.9% in 1Q11, but was down slightly from 2.2% in 2Q10. According to the Ministry of Manpower, the economy produced 24,800 additional jobs in 2Q11, the bulk of which were in the services industry. Nominal average monthly earnings rose 6.0% year-on-year (y-oy), but real average monthly earnings rose only 1.3%. Meanwhile, labor productivity slipped 2.5% y-o-y in 2Q11, after increasing 5.4% in 1Q11, as gross domestic product (GDP) growth slowed.

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Rising Profits for Securities Companies in the Republic of Korea

In the Republic of Korea, the combined net income of 62 securities companies jumped 74.7% year-on-year (y-o-y) to KRW793.2 billion in the first quarter of fiscal year 2011 (April-June). Their return on equity increased to 2.1% from 1.3% in the same period last year. According to the Financial Supervisory Service (FSS), the increase was brought about by a 12.4% y-o-y rise in commissions revenue, which reached KRW2.2 trillion for the quarter, as well as a 58.3% rise in income from proprietary trading, which amounted to KRW1.1 trillion. Income from bond trading also rose 30.9% y-o-y to KRW958.5 billion.

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Summary Text of News Articles

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Growth in Philippine OFW Remittances Slows to 6.1% in July

Growth in overseas foreign worker (OFW) remittances to the Philippines eased to 6.1% year-on-year (y-o-y) in July-for a total of USD1.7 billion for the month-from 7.0% in June. Meanwhile, in the first 7 seven months of the year remittances grew 6.3% y-o-y to reach USD11.4 billion. Remittances from land-based and sea-based workers grew 4.3% and 14.1% y-o-y, respectively. Economic and political uncertainty in the United States (US), Europe, the Middle East, and Africa have negatively affected the potential deployment and earnings of OFWs.

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Issuances in the Republic of Korea, Malaysia, Singapore, and Thailand

Powerlong Real Estate, a Chinese real estate company based in Hong Kong, China, issued HKD1.0 billion worth of senior notes to China Life Trustee Limited. The notes mature in 3 years and carry a coupon of 13.8%. In the Republic of Korea, Korea Eximbank sold a KRW150 billion 1-year zero coupon bond and a KRW50 billion 6month zero coupon bond. Korea Development Bank issued a 3-year bond worth KRW150 billion at a coupon rate of 3.76%. Korea Finance Corporation priced samurai bonds totaling JPY30.0 billion including a JPY15.5 billion 2-year bond, a JPY7.5 billion 3-year bond, and a JPY7.0 billion 5-year bond, with coupon rates at 0.99%, 1.11%, and 1.36%, respectively. In Malaysia, property developer Perdana Parkcity issued MYR400 million worth of medium term notes (MTN) last week. The issuance is composed of MYR200 million worth of 5-year senior notes with a coupon of 5.65% per year, and 5- and 7-year subordinated notes worth MYR50 million and MYR150 million respectively. Meanwhile, Telkom Malaysia sold MYR300 million worth of 10-year Islamic MTN which pays an annual return of 4.2%, proceeds of which will be used to roll out a high-speed data cable broadband network. Singapore's Housing and Development Board issued last week SGD625 million worth of 5-year bonds and SGD650 million 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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CNPC and China Railway 16th Bureau Group to Issue Commercial Paper

China National Petroleum Corp. (CNPC) and China Railway 16th Bureau Group announced plans to issue commercial paper with a maturity of 1-year on the interbank market. CNPC will issue CNY15.0 billion and China Railway 16th Bureau Group will issue CNY560 million.

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Selected Government Security Yields

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3-Month Selected LCY Government Security Yields

Latest Closing 0.00 0.48 0.10 3.57 0.10 8.37 2.97 3.25 0.40 0.18 3.43 basis point change from Previous Previous 1-Jan-11* Day* Week* -0.51 0.00 -0.51 -11.97 -2.10 -1.50 -2.10 8.00 0.00 0.00 0.00 -2.40 0.00 -23.00 -23.00 39.00 0.00 0.00 0.00 -18.00 1.00 -1.00 1.00 127.00 2.40 0.00 2.40 19.00 1.00 0.00 0.00 74.00 0.00 1.28 1.28 -79.50 0.00 0.00 0.00 -21.00 1.00 0.47 1.00 146.33

Markets US EU Japan PRC Hong Kong, China India Malaysia Korea, Rep. of Philippines Singapore Thailand

Close of 16 September 2011

10-Year Selected LCY Government Bond Yields

Latest Closing 2.05 1.86 1.01 4.06 1.54 8.36 7.14 3.71 3.68 5.82 1.61 3.70 12.68 basis point change from Previous Previous 1-Jan-11* Day* Week* -3.41 12.96 -124.56 12.96 9.10 9.10 -6.60 -110.00 0.80 1.50 0.80 -11.50 1.00 -1.00 -1.00 15.00 1.40 -3.30 -3.30 -131.60 5.40 5.40 2.20 44.40 68.40 -1.40 68.40 -46.80 11.70 0.00 11.70 -33.00 8.00 8.00 6.00 -84.00 25.10 5.29 25.10 -7.28 8.00 8.00 7.00 -110.00 10.00 6.20 10.00 -2.60 5.40 5.40 3.30 93.30

Markets US EU Japan PRC Hong Kong, China India Indones ia Malays ia Korea, Rep. of Philippines Singapore Thailand Viet Nam

Close of 16 September 2011

Source: Based on data from Bloomberg, LP.

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Indonesia

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Benchmark Yield Curves Local Currency Government Bonds

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China, Peoples Rep. of

4.25 4.00 3.75
Yield (%)
Yield (%)

Hong Kong, China

3.5 3.0 2.5 2.0 1.5 1.0 0.5 0.0
Yield (%)

12.0 11.0 10.0 9.0 8.0 7.0 6.0 5.0 4.0 0 2 4 6 8 10 12 14 16 0 3 6 9 12 15 18 21 24 27 30 33

3.50 3.25 3.00 2.75 2.50 2.25 0 1 2 3 4 5 6 7 8 9 10 11 12

Time to maturity (years)

16-Sep-11 09-Sep-11 02-Sep-11

Time to maturity (years)

16-Sep-11 09-Sep-11 02-Sep-11

Time to maturity (years)

16-Sep-11 09-Sep-11 02-Sep-11

Korea, Republic of
6.00 5.50 5.00
Yield (%)
Yield (%)

Malaysia
4.8 4.6 4.4 4.2 4.0 3.8 3.6 3.4 3.2 3.0 2.8 2.6 0 2 4 6 8 10 12 14 16 18 20 22 10.0 9.0 8.0 7.0
Yield (%)

Philippines

4.50 4.00 3.50 3.00 2.50 0 2 4 6 8 10 12 14 16 18 20 22

6.0 5.0 4.0 3.0 2.0 1.0 0.0 0 3 6 9 12 15 18 21 24 27

Time to maturity (years)

16-Sep-11 09-Sep-11 02-Sep-11

Time to maturity (years)

16-Sep-11 09-Sep-11 02-Sep-11

Time to maturity (years)

16-Sep-11 09-Sep-11 02-Sep-11

Singapore
4.5

Thailand
13.0 4.3 4.0 3.8
Yield (%)

Viet Nam

3.5 3.0 2.5

Yield (%)

12.8
Yield (%)

3.5 3.3 3.0 2.8 2.5 2.3 2.0

2.0 1.5 1.0 0.5 0.0 0 3 6 9 12 15 18 21

12.5

12.3

12.0 0 2 4 6 8 10 12 14 16 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17

Time to maturity (years)

16-Sep-11 09-Sep-11 02-Sep-11

Time to maturity (years)

16-Sep-11 09-Sep-11 02-Sep-11

Time to maturity (years)

16-Sep-11 09-Sep-11 02-Sep-11

US
5.0 4.5 4.0 3.5
Yield (%)
4.5 4.0 3.5 3.0

EU
2.5 2.3 2.0 1.8
Yield (%)

Japan

Yield (%)

3.0 2.5 2.0 1.5 1.0 0.5 0.0 0 4 8 12 16 20 24 28 32

2.5 2.0 1.5 1.0 0.5 0.0 0 5 10 15 20 25 30

1.5 1.3 1.0 0.8 0.5 0.3 0.0 0 4 8 12 16 20 24 28 32 36 40

Time to maturity (years)

16-Sep-11 09-Sep-11 02-Sep-11

Time to maturity (years)

16-Sep-11 09-Sep-11 02-Sep-11

Time to maturity (years)

16-Sep-11 09-Sep-11 02-Sep-11

Source: Based on data from Bloomberg.

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2-versus-10 Yield Spread Chart

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

China, People's Rep. of

16-Sep-11

Hong Kong, China Indonesia Korea, Rep. of Malaysia Philippines Singapore Thailand Viet Nam U.S. E.U. Japan 0 50 100 150 200 250 300

9-Sep-11 2-Sep-11

350

400

basis points

Source: Based on data from Bloomberg LP.

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India

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Policy Rate versus Inflation Rate Charts

w
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China, Peoples Rep. of

10 1-year 8 Lending Rate 6.56 6 4 2 2 0 0 -2 -4 Jan-06 Inflation Rate -2 -4 Jan-06 6.20 8 6 4

Hong Kong, China

7.9 12 10 HKMA Base Rate Inflation Rate 8 6 4 0.5 2 0 -2 Jan-06 Inflation Rate Repurchase Cut-off Yield

9.78 8.00

Dec-06

Nov-07

Nov-08

Oct-0 9

Sep-10

Sep-11

Dec-06

Nov-07

Nov-08

Oct-0 9

Sep-10

Sep-11

Dec-06

Nov-07

Nov-08

Oct-0 9

Sep-10

Sep-11

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) cutoff yield as its policy rate. Source: Bloomberg LP.

Indonesia
20 18 8

Korea, Republic of
10
c

Malaysia

8 6 4

16 14 12 10 8 6 4 2 0 Jan-06 Dec-06 Nov-07

BI Rate

7-Day Repo Rate 5.30

Overnight Policy Rate

3.40 3.00

4 3.25 6.75 4.79 Inflation Rate 0 Jan-06 2 Inflation Rate 0 -2 -4 Jan-06 Inflation Rate 2

Nov-08

Oct-0 9

Sep-10

Sep-11

Dec-06

Nov-07

Nov-08

Oct-0 9

Sep-10

Sep-11

Dec-06

Nov-07

Nov-08

Oct-0 9

Sep-10

Sep-11

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.

Philippines
12 10 8 6 4.70 4 2 0 Jan-06 4.50 0 -2 Overnight Reverse Repo Rate 10 8 Inflation Rate 6

Thailand
30 Inflation Rate 27 24 4.29 4 2 1-Day Repo Rate 3.50 21 18 15 12 9 6 -4 -6 Jan-06 3 Dec-06 Nov-07 Nov-08 Oct-0 9 Sep-10 Sep-11 0 Jan-06 Dec-06 Nov-07 Prime Lending Rate

Viet Nam

Inflation Rate 23.02

9.00

Dec-06

Nov-07

Nov-08

Oct-0 9

Sep-10

Sep-11

Nov-08

Oct-0 9

Sep-10

Sep-11

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.

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Credit Default Swap Spreads & Exchange Rate Indexes

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Credit Default Swap Spreads - Senior 5-year*

1,400
C hina , P e ople 's R e p. of

H ong K ong, C hina

1,200
Indone s ia

K ore a , R e p. of

1,000

Mid spread in basis points

J a pa n

M a la ys ia

800
P hilippine s

600

Tha ila nd

400

200

* In USD currency and based on sovereign bonds Source: Thomson Reuters

0 Dec-07

No v-08

O ct-09

O ct-10

S ep -11

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

130 130
China , P e ople 's R e p. of

Indone s ia

120

120
Ma la ys ia

P hilippine s

110

110
Tha ila nd

100

100

S inga pore

Kore a , Re p. of

90

90
V ie t N a m

80

80

70

70

60

60

Source: ADB-OREI staff calculations based on Bloomberg data.

50 Jan - 07

A u g -07

M ar-08

O ct-08

M ay- 09

D ec-09

Ju l-10

F eb -11

50 Sep -11

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Selected Debt Security Issuances (12 - 16 September 2011)

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Mark ets
PRC HK

A u c tio n D ate
14-Sep 15-Sep 12-Sep

T y p e o f S ec u rity
1-year China Government Bond 3-month PBOC Bills 91-day Exchange Fund Bills 182-day Exchange Fund Bills 364-day Exchange Fund Bills

A v erag e C o u p o n A m o u n t O ffered A m o u n t Is s u ed (in % ) Y ield (% ) L C Y B illio n s L C Y B illio n s

3.90 3.17 0.11 0.12 0.13 4.50 6.70 7.17 7.71 0.10 1.75 0.09 3.25 3.40 3.45 2.94 2.89 2.89 2.94 2.93 2.90 3.38 5.49 0.12 3.42 3.45 3.53 3.62 3.69 4.52 3.63 4.85 6.50 2,500.00 1,100.00 4,800.00 1,200.00 800.00 1,600.00 1.50 2.50 2.50 1.00 1.50 1.50 4.00 9.00 3.90 15.00 20.00 18.00 35.00 8.00 5.00 7,000.00 30.00 2.00 27.72 9.00 5.00 32.51 2.00 27.72 9.00 5.00 1,700.00 650.00 3,650.00 2,000.00 2,499.95 1,099.10 4,769.90 1,320.00 880.00 1,600.00 1.50 2.50 2.50 1.00 1.50 1.50 4.00 9.00 3.90 15.00 20.00 18.00 35.00 8.00 5.00

ID

13-Sep

1-year Treasury Bills 10-year Treasury Bonds 16-year Treasury Bonds 30-year Treasury Bonds

JP

13-Sep 14-Sep

1-year Treasury Discount Bills 20-year Japan Government Bonds 3-month Treasury Discount Bills 91-day Monetary Stabilization Bonds 1-year Monetary Stabilization Bonds 5-year Treasury bonds

KR

14-Sep

MY

12-Sep

119-day Islamic BNM Notes 128-day BNM Notes 170-day BNM Notes

14-Sep

154-day BNM Islamic Notes 210-day BNM Notes 210-day BNM Notes 5-year Government Investment Issue

PH SG TH

13-Sep 12-Sep 13-Sep

10-year Fixed Rate Treasury Note 91-day Treasury Bills 28-day BOT Bills 91-day BOT Bills 182-day BOT Bills 365-day BOT Bills

14-Sep

12-year Government Bonds 50-year Government Bonds

Sources: Local market sources and Bloomberg, LP.

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Selected Asia Data Releases (19 - 26 September 2011)

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C o u n tr y /V a r ia b le
Ph ilip p in e s Bu d g e t De ficitSu r p lu s PHP billion A UG Jap an De p t. Sto r e Sale s y -o-y , % A UG Jap an M e r ch an d is e T r ad e Balan ce JPY billion A UG Re p u b lic o f Ko r e a Un e m p lo ym e n t Rate SA % A UG M alays ia CPI y -o-y ,% A UG Ho n g Ko n g , C h in a CPI y -o-y , % A UG Sin g ap o r e CPI y -o-y , % A UG Sin g ap o r e In d u s tr ial Pr o d u ctio n y -o-y , % A UG V ie t Nam CPI y -o-y , % SEP V ie t Nam Re al GDP y -o-y , % 3Q11

R e le a s e D a te
09/19 to 09/25

H is to r ic a l D a ta
07/10: 32.7 08/10: 1.3 06/11: 7.7 07/11: 26.5 07/10: 1.4% 08/10: 3.2% 06/11: 0.3% 07/11: 0.1% 07/10: 799.2 08/10: 84.0 06/11: 67.3 07/11: 70.0 07/10: 3.7% 08/10: 3.4% 06/11: 3.3% 07/11: 3.3% 07/10: 1.8% 08/10: 2.0% 06/11: 3.5% 07/11: 3.4% 07/10: .3% 08/10: 3.0% 06/11: 5.6% 07/11: 7.9% 07/10: 3.1% 08/10: 3.3% 06/11: 5.2% 07/11: 5.4% 07/10: 9.3% 08/10: 6.9% 06/11: 10.7% 07/11: 7.4% 08/10: 8.2% 09/10: 8.9% 07/11: 22.2% 08/11: 23.0% 2Q10: 6.2% 3Q10: 6.5% 1Q11: 5.4% 2Q11: 5.6%

R ec en t T ren d s
The Philippines budget def ic it s w elled to PHP26.5 billion in July f rom PHP7.7 billion in June.

09/20

Department s tore s ales grow th in Japan c ontrac ted 0.1% y -o-y in July f rom marginal grow th of 0.3% in June.

09/21

Japans merc handis e trade s urplus grew to JPY 70.0 billion in July f rom JPY 67.3 billion in June.

09/21

The s eas onally adjus ted (SA ) unemploy ment rate of the Republic of Korea remained s teady f or the third c ons ec utiv e month at 3.3% in July .

09/21

Malay s ias c ons umer pric e inf lation f ell s lightly to 3.4% y -o-y in July f rom 3.5% in June.

09/22

Hong Kong, Chinas c ons umer pric e inf lation rate ac c elerated to 7.9% y -o-y in July due to inc reas es in f ood and rental rates .

09/23

Inf lation in Singapore, as meas ured by the c ons umer pric e index (CPI), inc reas ed to 5.4% y -o-y in July f rom 5.2% in June.

09/26

Singapores indus trial produc tion grow th eas ed to 7.4% y -o-y in July f rom 10.7% in the prev ious month.

09/26

V iet Nams c ons umer pric e inf lation ac c elerated to 23.0% y -o-y in A ugus t, the highes t rate s inc e Dec ember 2008.

09/26

V iet Nams real gros s domes tic produc t (GDP) ac c elerated to 5.6% y -o-y in 2Q11 f rom 5.4% in 1Q11.

S ourc e: A s ianB onds Online, B loom berg LP , and Reuters .

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News Articles: Sources for Further Reading

Tip: Click on link to open a new browser (Acrobat Reader 8); for lower versions right-click to open a new browser) Industrial Production Growth Falls in Hong Kong, China in 2Q11; Japans July Industrial Production Figures Revised Downward Provisional statistics on index of industrial production and producer price index for the industrial sector for the second quarter of 2011 Census and Statistics Department (15 September 2011) Indices of Industrial Production Ministry of Economy, Trade and Industry - Japan (14 September 2011) CNPC and China Railway 16th Bureau Group to Issue Commercial Paper CNPC to issue RMB 15-bln bills China Knowledge (13 September 2011) China Railway 16th Bureau to issue RMB 560 mln in bills China Knowledge (13 September 2011)

Philippine Exports Fall in July; Singapores Exports Rise in August MERCHANDISE EXPORT PERFORMANCE - July 2011 (Preliminary) Philippine National Statistics Office (13 September 2011) Singapore's External Trade - August 2011 IE Singapore (16 September 2011)

Philippines Reports 7.1% Unemployment Rate in July; Singapore Posts 2.1% Unemployment Rate in 2Q11 Results from the July 2011 Labor Force Survey (LFS) National Statistics Office (15 September 2011) Labour Market Second Quarter 2011 Ministry of Manpower (15 September 2011)

Rising Profits for Securities Companies in the Republic of Korea Earnings of Securities Companies for Q1 FY2011 Financial Supervisory Service (14 September 2011)

Growth in Philippine OFW Remittances Slows to 6.1% in July OFW Remittances Reach US$1.7 Billion in July, SevenMonths Level Rises to US$11.4 Billion Bangko Sentral ng Pilipinas (15 September 2011)

Issuances in the Republic of Korea, Malaysia, Singapore, and Thailand Powerlong Real Estate issues HK$1 bln in senior bonds China Knowledge (13 September 2011) Korea Finance Offers Samurais as Yields Diverge from World: Japan Credit Bloomberg (15 September 2011) Flight to safety helps HDB land low coupons IFR Asia (17 September 2011)

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