Asia central banks signaled major concerns on Wednesday about the outlook for ec...
WELLINGTON/MUMBAI - Asia central banks signaled major concerns on Wednesday about the outlook for economic growth, stunning markets with a series of surprising interest rate cuts and pointing to policymakers’ dwindling ammunition to fight off a downturn.
“Almost every tool in the box has been used to engineer a soft landing in the current economic cycle downturn,” analysts at OCBC in Singapore said in a market note, arguing that limited stimulus options, given that rates are generally very low, were problematic. The Bank of Thailand followed suit, cutting its one-day repurchase rate by 25 basis points to 1.5%. All but one of 15 analysts in a Reuters poll had predicted no rate change.
Pointing to similar concerns over the global economic outlook, Bank of Japan policymakers called for the central bank to talk about increased stimulus, according to a summary of views from the July policy review. “It is easily within the realms of possibility that we might have to use negative interest rates,” Orr told a news conference after Reserve Bank of New Zealand’s policy meeting.
This week, investors feared that the trade war was turning into a currency war as Beijing allowed its currency to slip to the weaker side of 7 per dollar for the first time in more than a decade and Washington labeled the country a currency manipulator.
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