I would like to explain their efforts in three aspects. To develop local currency-denominated bond markets The first is a project aimed at developing liquid bond markets to provide a bridge between abundant local savings and local investments: the ABF of EMEAP, and the ABMI of ASEAN+3.
The Executives’ Meeting of East Asia-Pacific Central Banks (EMEAP) established the Asian Bond Fund (ABF) investment trust in 2003, and became the initial buyers by investing in sovereign and quasi-sovereign bonds in the eight member jurisdictions. When it was launched, the Fund was limited to investment only in U.S. dollar-denominated bonds.