In June, the 11-member Executives Meeting of East Asia-Pacific (EMEAP) central banks announced the birth of the $1 billion Asian Bond Fund 1 (ABF1) – something few market observers expected to see so soon.
“It took us a year, which is pretty good by central banking standards,” says Joseph Yam, chief executive of the Hong Kong Monetary Authority (HKMA). The idea was first officially mooted by HKMA deputy chief executive Norman Chan at a meeting of the EMEAP deputy central bankers.
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