Academic journal article The Reserve Bank of New Zealand Bulletin

RBNZ Invests in Asian Bond Fund 2: 16 December 2004

Academic journal article The Reserve Bank of New Zealand Bulletin

RBNZ Invests in Asian Bond Fund 2: 16 December 2004

Article excerpt

The Reserve Bank today announced that it intends to invest USD 50 million in the newly created EMEAP Asian Bond Fund 2 (ABF2) as part of its foreign reserves.

The Reserve Bank of New Zealand is a longstanding member of EMEAP (Executive Meeting of East Asian and Pacific central banks), a group comprising the central banks of Australia, China, Hong Kong, Indonesia, Japan, Korea, Malaysia, The Philippines, Singapore, and Thailand.

ABF2 will be a fund devoted to investing in bonds denominated in the home currencies of EMEAP countries and follows on from ABF1 launched in June 2003 which invested in USD denominated bonds of EMEAP nations.

The key features of ABF2, as currently proposed, include:

* An initial size of around 2 billion US dollars and will initially be offered only to EMEAP members;

* Nine sub-funds; one fund in each of the eight EMEAP countries that have relatively less developed bond markets (ie excluding Australia, Japan and New Zealand); and a Pan Asian Index Fund including a selection of benchmark bonds across the EMEAP region. …

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