แง้มกะลา..........ด้วยความเวทนา
http://www.businesstimes.com.sg/banking-finance/its-the-current-account-stupid-korea-thailand-lure-flows
When it comes to Asian bonds right now, getting the highest yield doesn't seem to be the top priority. As investors pile back into emerging debt, the two nations luring the most money have some of the lowest rates.
Foreign funds have pumped US$3.6 billion into South Korean sovereign notes in 2017, the most in developing-nation Asia, while the US$2.2 billion of flows into Thailand are the largest since the same period in 2013. Along with Taiwan, where there's no comparable figures available, the two countries are the only emerging markets in the region with 10-year yields of less than 3 per cent.
What they also have in common are large current-account surpluses, hefty foreign-reserve stockpiles and some of the region's lowest inflation rates. That's putting them in a good position to cope with Federal Reserve interest-rate increases later in the year and a possible resumption of the US dollar's rally.
"Thailand and South Korea are among favourites, maybe because of the bullish outlook for their currencies given their large current-account surpluses," said Jun Kato, a senior fund manager in Tokyo at Shinkin Asset Management Co, which oversees about US$8.9 billion. The surpluses add appreciation pressure to the won and the baht at a time when the Trump administration is criticising nations that it perceives have currencies that are too weak, he said.
It's the current account stupid: Korea, Thailand lure flows
http://www.businesstimes.com.sg/banking-finance/its-the-current-account-stupid-korea-thailand-lure-flows
When it comes to Asian bonds right now, getting the highest yield doesn't seem to be the top priority. As investors pile back into emerging debt, the two nations luring the most money have some of the lowest rates.
Foreign funds have pumped US$3.6 billion into South Korean sovereign notes in 2017, the most in developing-nation Asia, while the US$2.2 billion of flows into Thailand are the largest since the same period in 2013. Along with Taiwan, where there's no comparable figures available, the two countries are the only emerging markets in the region with 10-year yields of less than 3 per cent.
What they also have in common are large current-account surpluses, hefty foreign-reserve stockpiles and some of the region's lowest inflation rates. That's putting them in a good position to cope with Federal Reserve interest-rate increases later in the year and a possible resumption of the US dollar's rally.
"Thailand and South Korea are among favourites, maybe because of the bullish outlook for their currencies given their large current-account surpluses," said Jun Kato, a senior fund manager in Tokyo at Shinkin Asset Management Co, which oversees about US$8.9 billion. The surpluses add appreciation pressure to the won and the baht at a time when the Trump administration is criticising nations that it perceives have currencies that are too weak, he said.