19 august 2013 asianbondsonline.adb.org key developments ...hong kong, china's gdp grew 3.3%...

19 August 2013 asianbondsonline.adb.org

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Key Developments in Asian Local Currency Markets

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ong Kong, China's GDP grew 3.3% year-on-year (y-o-y) in 2Q13 compared to 2.9% in 1Q13. This higher growth rate was driven mostly by an increase in domestic demand which grew 4.2% y-o-y, and added 2.8 percentage points to GDP growth. Investments also recovered with gross domestic fixed capital formation rising 6.9% y-o-y, adding 1.8 percentage points to GDP growth. Strong domestic conditions as well as

improvements in the global economy has prompted a revision to the government's GDP forecast from 1.5%-3.5% to 2.5%-3.5%. In Singapore, ret ail sales declined 4.0% y-o-y in June compared with a revised 3.1% gain in May. Excluding motor vehicles, retail sales were up 2.6% in June.

Bank Indonesia's (BI) Board of Governors decided to keep its benchmark rate steady at 6.5% in a meeting held on 15 August. The Republic of Korea's producer price index decreased 0.9% y-o-y in July.

The Bank for International Settlements (BIS) Basel II capital ratio for domestic banks in the Republic of Korea fell slightly to 13.88% at end-June from 14.0% at end-March, according to Financial Supervisory Service (FSS) data released last week.

Over-the-counter (OTC) bond trading volume in the Republic of Korea fell 12.9% month-on-month (m-o-m) to KRW478.1 trillion in July, according to the Korea Financial Investment Association (KOFIA).

The Philippines' merchandise exports rose 4.1% y-o-y in June to US$4.5 billion. Singapore's non-oil domestic exports (NODX) contracted 0.7% y-o-y in July, following a revised 8.9% decline in the previous month.

Personal remittances from overseas Filipinos rose 6.2% y-o-y in the first half of 2013 to reach US$11.8 billion. For the month of June, remittances rose 5.7% y-o-y to reach US$2.1 billion, the highest monthly level so far this year.

On 15 August, Moody's Investors Service (Moody's) announced it is maintaining its stable outlook for Malaysia and it is also maintaining its ratings for LCY and FCY government bond at A3.

Last week, China Development Bank (CDB) priced a CNY30 billion multi-tranche bond comprising 1-, 3-, 5-, 7-, and 10-year tenors priced to yield 4.1685%, 4.3220%, 4.4311%, 4.5947%, and 4.6944%, respectively.

SembCorp Industries-a leading energy, water, and marine group in Singapore-raised SGD200 million through the sale of a perpetual bond carrying a 5% coupon. Korea Finance Corporation priced US$500 million worth of 5-year bonds at a coupon rate of 2.875% last week.

Government bond yields fell last week for most tenors in Malaysia, and rose for all tenors in Indonesia and the Republic of Korea, and for most tenors in the PRC; Hong Kong, China; the Philippines; Singapore; and Thailand. Yield movements were mixed in Viet Nam. Yield spreads between 2- and 10- year maturities widened in Hong Kong, China; Indonesia; the Republic of Korea; Singapore; and Thailand, while spreads narrowed in other emerging East Asian markets.

WHAT'S NEW: Please check out our new Financial Stability and Credit Indicators found in the Data Section of each market.

HAsia Bond Monitor June 2013 read more

10-Year Selected LCY Government Security Yields Close of 16 August 2013 basis point change from

Markets Latest Closing Previous Day* Previous Week* 1-Jan-13*

Selected Government Security Yields Benchmark Yield Curves - Local Currency Government Bonds

Policy Rate versus Inflation Rate Charts Credit Default Swap Spreads & Exchange Rate IndexesSelected Debt Security Issuances Selected Asia Data Releases

2-versus-10 Yield Spread Chart

US 2.83 5.87 24.67 106.77EU 1.88 -0.20 20.10 56.50Japan 0.76 1.10 0.00 -3.40PRC 3.98 2.00 13.00 39.00Hong Kong, China 2.41 4.60 18.40 181.60India 8.90 39.60 75.40 89.80Indonesia 8.20 18.40 61.50 300.80Korea, Rep. of 3.67 1.00 9.00 51.00Malaysia 3.86 2.90 -9.80 36.00Philippines 3.27 -1.08 -15.12 -87.62Singapore 2.48 5.00 14.00 118.00Thailand 3.95 3.60 6.80 44.40Viet Nam 9.50 0.00 0.00 -70.00

24.67

20.10

0.00

13.00

18.40

75.40

61.50

9.00

-9.80

-15.12

14.00

6.80

0.00

http://asianbondsonline.adb.org/documents/abm_jun_2013.pdf?src=wdh

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DEBT HIGHLIGHTSASIANBONDSONLINE

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Summary Text of News Articles

Hong Kong, China's GDP Grows 3.3% in 2Q13; Singapore's Retail Sales Decline in June ....................................................................................................................... Hong Kong, China's GDP grew 3.3% year-on-year (y-o-y) in 2Q13 from 2.9% in 1Q13. The higher growth rate was driven mostly by an increase in domestic demand. Domestic demand as measured by private consumption expenditure grew 4.2% y-o-y but added 2.8 percentage points to GDP growth. Domestic demand was helped by a healthy labor market. Investments also recovered with gross domestic fixed capital formation rising 6.9% y-o-y, adding 1.8 percentage points to GDP growth. The increase in investments was driven mostly by spending on machinery and equipment acquisition and infrastructure. Strong domestic conditions as well as improvements in the global economy has prompted a revision to the government's GDP forecast from 1.5%-3.5% to 2.5%-3.5%.

Singapore's retail sales declined 6.9% month-on-month (m-o-m) in June following a revised 2.2% increase in May. However, excluding motor vehicles, retail sales were up 1.0% m-o-m in June. On a year-on-year (y-o-y) basis, retail sales declined 4.0% in June after a revised 3.1% gain in May. Excluding motor vehicles, retail sales were up 2.6% y-o-y in June.

BI Holds Its Benchmark Rate Steady at 6.5% ....................................................................................................................... In a meeting held on 15 August, Bank Indonesia's (BI) Board of Governors decided to keep its benchmark rate steady at 6.5%, following a 25 basis points (bps) hike in June and a 50 bps hike in July. The central bank said that it will continue to strengthen its policy mix to curb inflation and maintain a more sustainable balance of payments. BI will undertake the following measures: (i) conduct monetary operations to absorb excess liquidity, (ii) conduct rupiah long- term exchange rate stabilization in line with economic fundamentals, (iii) conduct supervisory actions to control relatively high credit growth among several banks and sectors, and (iv) improve policies to develop the domestic foreign exchange market and increase the foreign exchange supply.

For policy rate trends in Indonesia, refer to this link: http://asianbondsonline.adb.org/indonesia/data/marketwatch.php?code=policy_rate_and_inflation_trends

Capital Adequacy Ratio of Domestic Banks in the Republic of Korea Falls in June ....................................................................................................................... The Bank for International Settlements (BIS) Basel II capital ratio for domestic banks in the Republic of Korea fell slightly to 13.88% at end-June from 14.0% at end-March, according to Financial Supervisory Service (FSS) data released last week. The downward trend reflects a larger increase in banks' risk-weighted assets than in their equity in 2Q13. Similarly, the Tier 1 capital ratio of domestic banks declined marginally, leveling off at 10.97% at end-June from 11.0% at end-March.

OTC Bond Trading Volume in the Republic of Korea Falls in July ....................................................................................................................... Over-the-counter (OTC) bond trading volume in the Republic of Korea fell 12.9% m-o-m to KRW478.1 trillion in July, according to the Korea Financial Investment Association (KOFIA). OTC bond trading volume by securities companies, which accounted for about 60% of the total, slipped 11.3% m-o-m to KRW286.4 trillion. Most other types of investors also registered monthly declines in their OTC bond trading volume in July, including foreign investors, who saw their trading volume for OTC bonds falling 30.9% m-o-m to KRW10.7 trillion.

Philippine Merchandise Exports Rise in June; Singapore's NODX Contract in July .......................................................................................................................

The Philippines' merchandise exports rose 4.1% y-o-y in June to US$4.5 billion. The growth was supported by gains in four major commodity groups: woodcrafts and furniture (77.6%), other mineral products (58.4%), metal components (14.6%), and other electronics (6.5%). The top destinations for Philippine exports in June included Japan, the United States (US), and the PRC, with shares of 21.9%, 14.1%, and 13.7%, respectively. Export proceeds from Japan and the PRC increased 39.7% and 14.8% y-o-y, respectively, while those from the US decreased 6.1% y-o-y. On a m-o-m basis, Philippine exports contracted 8.2%.

http://asianbondsonline.adb.org/indonesia/data/marketwatch.php?code=policy_rate_and_inflation_trends&src=wdh

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Summary Text of News Articles

Philippine Merchandise Exports Rise in June; Singapore's NODX Contract in July (cont…) .......................................................................................................................

Singapore's non-oil domestic exports (NODX) contracted 0.7% y-o-y in July 2013, following a revised 8.9% drop in the previous month. On a m-o-m and seasonally adjusted basis, NODX declined 1.1% to SGD14.5 billion in July, following revised 3.3% growth in June to SGD14.7 billion, due to a decrease in both electronic and non-electronic NODX.

Remittances to the Philippines Rise 6.2% y-o-y in 1H13 ....................................................................................................................... Personal remittances from overseas Filipinos rose 6.2% y-o-y in 1H13 to reach US$11.8 billion, driven by an increase in remittances from land-based overseas workers with contracts of 1 year or longer, who account for about three-quarters of all Filipino remittances. The Bangko Sentral ng Pilipinas (BSP) also cited the efficient network of various bank and non-bank remittance channels worldwide and their expanding financial services as providing additional support to the steady flow of remittances. The US, Saudi Arabia, United Kingdom (UK), United Arab Emirates (UAE), Singapore, Canada, and Japan remained the top sources of cash remittances, collectively comprising about three-quarters of total cash remittances coursed through banks. In June, remittances rose 5.7% y-o-y to reach US$2.1 billion, the highest monthly level so far this year.

Moody's Maintains Malaysia's Outlook at Stable, Rates Government Bonds A3 ....................................................................................................................... On 15 August, Moody's Investors Service (Moody's) maintained a stable outlook for Malaysia and assigned an A3 rating for LCY and FCY government bonds based on its assessment of moderate economic resiliency that is supported by a highly open, medium-sized economy and a well-diversified external sector. Moody's said the high degree of government financial strength is underpinned by the country's strong external position and high savings rates compared with its peers. It added that Malaysia has strong and well-managed corporate and banking sectors, and that its state-owned enterprises were undergoing needed reform. Moody's noted, however, that Malaysia's economic growth has been relatively dependent on public sector expenditure.

CDB Prices Multi-Tranche Bond; SembCorp Issues SGD200 Million Perpetual Bonds .......................................................................................................................

Last week, China Development Bank (CDB) priced a CNY30 billion multi-tranche bond with tenors of 1-, 3-, 5-, 7- and 10-years. The tranches were priced to yield 4.1685%, 4.3220%, 4.4311%, 4.5947%, and 4.6944%, respectively.

SembCorp Industries-a leading energy, water, and marine group in Singapore-raised SGD200 million through a perpetual bond sale last week. It was the first Singapore dollar perpetual bonds in 3 months. The perpetual bond is callable at par after 5 years and at every distribution date thereafter. The distribution resets in the 10th year at a spread of 218.7 basis points (bps) over the 10-year swap offer rate. In addition, the coupon also steps up by 100 bps beginning in the 10th year.

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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 16 August 2013

Close of 16 August 2013

EU = European Union, LCY =local currency, PRC = People’s Republic of China, US = United States. Source: Based on data from Bloomberg, LP.

PreviousDay*

PreviousWeek* 1-Jan-13*

US 0.04 -1.01 -1.52 -0.51EU 0.05 -0.60 0.80 2.40Japan 0.09 0.00 0.00 -1.00PRC 3.69 0.00 -8.00 84.00Hong Kong, China 0.14 0.00 -2.00 9.00India 11.27 30.74 70.07 314.20Korea, Rep. of 2.58 0.00 4.00 -16.00Malaysia 3.00 0.00 -0.40 -3.30Philippines 1.00 0.00 0.00 70.00Singapore 0.26 0.00 0.00 3.00Thailand 2.47 0.51 0.69 -28.95

basis point change fromLatest ClosingMarkets

-1.52

0.80

0.00

-8.00

-2.00

70.07

4.00

-0.40

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0.69

PreviousDay*

PreviousWeek* 1-Jan-13*

US 2.83 5.87 24.67 106.77EU 1.88 -0.20 20.10 56.50Japan 0.76 1.10 0.00 -3.40PRC 3.98 2.00 13.00 39.00Hong Kong, China 2.41 4.60 18.40 181.60India 8.90 39.60 75.40 89.80Indonesia 8.20 18.40 61.50 300.80Korea, Rep. of 3.67 1.00 9.00 51.00Malaysia 3.86 2.90 -9.80 36.00Philippines 3.27 -1.08 -15.12 -87.62Singapore 2.48 5.00 14.00 118.00Thailand 3.95 3.60 6.80 44.40Viet Nam 9.50 0.00 0.00 -70.00

basis point change fromLatest ClosingMarkets

24.67

20.10

0.00

13.00

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75.40

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6.80

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Tip: Zoom-in on the table using the Acrobat zoom tool Benchmark Yield Curves – LCY Government Bonds

Indonesia

EU = European Union, LCY = local currency US = United States. Source: Based on data from Bloomberg.

Viet NamThailandSingapore

PhilippinesMalaysiaKorea, Republic of

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16-Aug-13 09-Aug-13 02-Aug-13

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Tip: Zoom-in on the table using the Acrobat zoom tool 2- versus 10- Year Yield Spread Chart

EU = European Union, US = United States. Source: Based on data from Bloomberg LP.

0 50 100 150 200 250 300

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Tip: Zoom-in on the table using the Acrobat zoom tool Policy Rate versus Inflation Rate

Philippines Thailand

China, People’s Rep. of Hong Kong, China India

The PRC uses the 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

2.70

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-2

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7.29

Prime Lending Rate

9.00

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Tip: Zoom-in on the table using the Acrobat zoom tool Credit Default Swap Spreads and Exchange Rate Indexes

Credit Default Swap Spreads — Senior 5-Year*

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

* In US$ and based on sovereign bonds Source: Thomson Reuters

Mid

spre

ad in

bas

is po

ints

Source: ADB-Office of Regional Economic Integration staff calculations based on Bloomberg data.

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Tip: Zoom-in on the table using the Acrobat zoom tool Selected Debt Security Issuances (12 – 16 August 2013)

CN 14-Aug 3-year Treasury Bonds 3.77 30.00 30.00HK 13-Aug 91-day Exchange Fund Bills 0.17 25.76 25.76

182-day Exchange Fund Bills 0.20 9.00 9.00364-day Exchange Fund Bills 0.25 5.00 5.00

JP 13-Aug 2-month Treasury Discount Bills 0.09 2,500.00 2,499.905-year Japanese Government Bonds 0.29 0.30 2,700.00 3,102.70

15-Aug 3-month Treasury Discount Bills 0.09 5,700.00 5,739.90KR 12-Aug 91-day Monetary Stabilization Bonds 2.57 1,200.00 1,210.00

1-year Monetary Stabilization Bonds 2.64 1,000.00 1,000.005-year Treasury Bonds 3.21 2.75 1,800.00 1,800.00

MY 15-Aug 21-day Treasury Bills 3.04 1.40 1.4016-Aug 28-day Treasury Bills 3.06 3.44 3.44

TH 13-Aug 28-day BOT Bills 2.40 28.00 28.0091-day BOT Bills 2.45 28.00 28.00182-day BOT Bills 2.50 28.00 28.00

14-Aug 11-year Government Bonds 3.88 3.65 12.00 12.0025-year Government Bonds 4.48 4.26 8.00 8.00

15-Aug 2-year BOT Bonds 2.86 2.85 40.00 40.00VN 12-Aug 154-day Treasury Bills 5.00 39.00 39.00

13-Aug 2-year Treasury Bonds 7.00 2,000.00 700.003-year Treasury Bonds 7.50 1,000.00 850.00

BOT = Bank of Thailand, LCY = local currency.Sources: Local market sources and Bloomberg, LP.

A m o u n t Is s u e d (L C Y billio n)M a r k e ts

A u c tio n D a te T y p e o f S e c u r ity

A v e r a g e Y ie ld (% )

C o u p o n (% )

A m o u n t O ffe r e d (L C Y billio n)



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Tip: Zoom-in on the table using the Acrobat zoom tool Selected Asia Data Releases (20 – 26 August 2013)

Economy and Variable Release Date Historical Data Recent Trends

Hong Kong, China 06/12: 3.7%CPI 07/12: 1.6%y-o-y, % 05/13: 3.9%JUL 06/13: 4.1%Philippines 06/12: 11.6Budget Deficit 07/12: 39.2PHP billion 05/13: 13.2JUL 06/13: 8.5Republic of Korea 10/12: 137.3Short-Term External Debt 2Q12: 140.7US$ billion 4Q12: 126.82Q13 1Q13: 122.2Malaysia 1Q12: 5.1%GDP 2Q12: 5.6%y-o-y, % 4Q12: 6.5%2Q13 1Q13: 4.1%Malaysia 06/12: 1.6% CPI 07/12: 1.4%y-o-y, % 05/13: 1.8%JUL 06/13: 1.8%Malaysia 10/12: 16.9 Current Account Balance 2Q12: 7.9MYR billion 4Q12: 22.92Q13 1Q13: 8.7Singapore 06/12: 5.3% CPI 07/12: 4.0%y-o-y, % 05/13: 1.6%JUL 06/13: 1.8%Viet Nam 07/12: 5.4% CPI 08/12: 5.0%y-o-y, % 06/13: 6.7%AUG 07/13: 7.3%Viet Nam 07/12: 579Trade Balance 08/12: 51US$ million 06/13: 286AUG 07/13: 200Viet Nam 07/12: 18.7% Retail Sales YTD 08/12: 17.9%y-o-y, % 06/13: 11.9%AUG 07/13: 12.0%Viet Nam 07/12: 6.1% Industrial Production 08/12: 4.4%y-o-y, % 06/13: 6.5%AUG 07/13: 7.0%Singapore 06/12: 7.7% Industrial Production 07/12: 2.2%y-o-y, % 05/13: 2.3%JUL 06/13: ?5.9%

Source: AsianBondsOnline , Bloomberg LP, and Reuters.

08/26 Singapore’s industrial production contracted 5.9% y-o-y in June after rising 2.3%in May.

08/21 Malaysia's gross domestic product (GDP) expanded 4.1% y-o-y in 1Q13, dow nfrom 5.1% grow th recorded in 1Q12 and 6.5% in 4Q12.

08/21 Consumer price inflation in Malaysia w as stable at 1.8% y-o-y in June.

Hong Kong, China’s consumer price index (CPI) rose 4.1% year-on-year (y-o-y) inJune, follow ing a 3.9% increase in May, due to rising housing rental prices.

The Philippines registered an PHP8.5 billion deficit in June follow ing a PHP13.2billion deficit in May.

08/20

08/20 to 08/24

08/21 The short-term external debt of the Republic of Korea fell to US$122.2 billion in1Q13 from US$126.8 billion in 4Q12.

08/21 Malaysia’s current account surplus fell to MYR8.7 billion in 1Q13 from MYR22.9billion in 4Q12.

08/23 Singapore’s consumer price inf lation accelerated slightly to 1.8% y-o-y in Junefrom 1.6% in May.

08/24 Consumer price inflation in Viet Nam accelerated to 7.3% y-o-y in July from 6.7%in June.

08/24 Viet Nam’s trade surplus narrow ed to US$200 million in July from US$286 million inJune.

08/24 Viet Nam’s retail sales rose 12.0% y-o-y in the first 7 months of 2013 comparedw ith an increase of 18.7% in the same period last year.

08/24 Industrial production in Viet Nam increased 7.0% y-o-y in July follow ing grow th of6.5% in June.

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News Articles: Sources for Further Reading

The Hong Kong, China’s GDP Grows 3.3% in 2Q13; Singapore’s

Retail Sales Decline in June

Economic situation in the second quarter of 2013 and latest

GDP and price forecasts for 2013

Census and Statistics Department (16 August 2013)

Retail Sales Index Food & Beverage Services Index June 2013

Singapore Statistics (15 August 2013)

BI Holds Its Benchmark Rate Steady at 6.5%

BI Rate Maintained at 6.50%

Bank Indonesia (15 August 2013)

Capital Adequacy Ratio of Domestic Banks in the Republic of

Korea Falls in June

Domestic Banks’ BIS Capital Ratios, June 2013

Financial Supervisory Service (12 August 2013)

OTC Bond Trading Volume in the Republic of Korea Falls in July

KOFIA Releases the OTC Bond Market Trend Analysis for July

2013

Korea Financial Investment Association (14 August 2013)

Philippine Merchandise Exports Rise in June; Singapore’s NODX

Contract in July

Merchandise Export Performance : June 2013

National Statistics Office (13 August 2013)

Singapore’s External Trade – July 2013

International Enterprise (IE) Singapore (16 August 2013)

Remittances to the Philippines Rise 6.2% y-o-y in 1H13

Personal Remittances Reach US$11.8 Billion in First Semester

of 2013

Bangko Sentral ng Pilipinas (15 August 2013)

Moody’s Maintains Malaysia’s Outlook at Stable, Rates

Government Bonds A3

Malaysia's A3 Government Bond Rating Based On Moderate

Economic Resiliency, Says Moody's

Bernama (15 August 2013)

Moody’s keeps Malaysia outlook “stable”, rates govt bonds A3

The Edge (15 August 2013)

CDB Prices Multi-Tranche Bond; SembCorp Issues SGD200

Million Perpetual Bonds

BONDS: CDB prices higher amid cautious sentiment

IFRAsia (13 August 2013)

SembCorp closes first Singapore dollar perpetual since May

Finance Asia (14 August 2013)

http://www.financeasia.com/News/353448,sembcorp-closes-first-singapore-dollar-perpetual-since-may.aspx

http://www.ifrasia.com/bonds-cdb-prices-higher-amid-cautious-sentiment/21101803.article

http://www.theedgemalaysia.com/business-news/249985-highlight-moodys-keeps-malaysia-outlook-qstableq-rates-govt-bonds-a3.html

http://www.bernama.com/bernama/v7/bu/newsbusiness.php?id=970083

http://www.bernama.com/bernama/v7/bu/newsbusiness.php?id=970083

http://www.bsp.gov.ph/publications/media.asp?id=3227

http://www.bsp.gov.ph/publications/media.asp?id=3227

http://www.news.gov.sg/public/sgpc/en/media_releases/agencies/ie%20singapore/press_release/P-20130816-1/AttachmentPar/0/file/MR02413_Monthly%20Trade%20Report%20-%20July%202013_2013%2008%2016.pdf

http://www.census.gov.ph/content/merchandise-export-performance-june-2013

http://eng.kofia.or.kr/brd/m_19/down.do?seq=1588&file_seq=1&data_tp=A

http://eng.kofia.or.kr/brd/m_19/down.do?seq=1588&file_seq=1&data_tp=A

http://www.fss.or.kr/download.bbs?bbsid=1289277491315&fidx=1376284956330

http://www.bi.go.id/web/en/Ruang+Media/Siaran+Pers/SP_152113_dkom.htm

http://www.singstat.gov.sg/news/press_releases/mrsjun2013.pdf

http://www.info.gov.hk/gia/general/201308/16/P201308160374.htm

http://www.info.gov.hk/gia/general/201308/16/P201308160374.htm

19 august 2013 asianbondsonline.adb.org key developments ...hong kong, china's gdp grew 3.3%...

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