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Moon moots “trilateral economic co-operation” between North, South Korea and Russia

June 26, 2018

SEOUL – South Korean President Moon Jae-in has held two rounds of talks with his Russian counterpart, Vladimir Putin, during a State visit to Russia, culminating in release of a joint statement of 32 ‘concrete’ clauses, focussing on “co-prosperity of the Korean Peninsula and Eurasia”. Moon said in a subsequent press conference that he and Putin “have agreed to increase our dialogue and co-operation for the goal of making it happen for the Peninsula and the Eurasian region as a whole, to enjoy peace and prosperity”.

Philippines lifts rates again to 3.5%

June 20, 2018

MANILA - The Central Bank of the Philippines, Bangko Sentral ng Pilipinas (BSP) today  raised its overnight reverse repurchase rate (RRR) by 25bps to 3.50%, despite soft inflation in May. 

“In our view, sustained peso weakness nudged the central bank to hike the policy rate,” ANZ Bank says in a research note. The BSP had marginally lowered its inflation forecast for 2018 to 4.5% from 4.6% earlier.

For 2019, the BSP now expects inflation to average 3.3%, slightly lower than its May projection of 3.4%. It also expects inflation to peak in Q3 2018.

Taiwan’s strong May export orders may not be sustainable

June 21, 2018

TAIPEI - Strong gains in Taiwan’s May export orders were broad-based, with strength seen in export orders for electronic products (+14.0% y/y) complemented by the traditional sectors – base metals (+14.8% y/y), chemicals (+22.6% y/y), and plastic articles (+17.2% y/y). Export orders for information and communication technology (ICT) products also rose in May (+4.2% y/y) after three straight months of decline.