Analyst Pin-board: Asian Central Banks’ Shift to More Dovish Policy Stance
Last week, three central banks, including Malaysia, Philippines and New Zealand decided to cut their policy interest rates by 25bps. We see more EM central banks turn dovish as their respective economies slow. Broadly speaking, we identify three groups, including 1) Countries that cut rates due to slower economic growth and inflation including China, New Zealand, Malaysia, and Philippines, 2) Countries that relax monetary conditions after hiking rates last year over inflation and currency pressures such as Indonesia and India, and 3) Countries that leave interest rates unchanged and seem to have had inflation under control such as Vietnam and Thailand.
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