亚开行-日内流动性和跨境抵押品：央行视角（英）

JUNE 2025 ASIAN BOND MARKETS INITIATIVE BRIEF No. 11 INTRADAY LIQUIDITY AND CROSS-BORDER COLLATERAL: CENTRAL BANK PERSPECTIVES About this Brief The ASEAN+3 Bond Market Forum (ABMF) started publishing the ABMF Brief series in January 2023, and the Cross-Border Settlement Infrastructure Forum (CSIF) began the CSIF Brief series in December 2023.1 A total of 10 ABMF and CSIF briefs had been issued by January 2025. Both the ABMF and CSIF, as well as the Digital Bond Market Forum inaugurated in February 2025, are convened under the Asian Bond Markets Initiative (ABMI), which was established by the ASEAN+3 Finance Ministers in 2010. The Asian Development Bank (ADB) acts as secretariat to all three forums and the ABMI. To better reflect that all activities support the ABMI mandate to develop the ASEAN+3 local currency (LCY) bond markets, ADB has reissued the original publications as “ABMI Briefs.” This brief becomes ABMI Brief No. 11. The ABMI Brief series provides insights into professional bond markets, their development, and necessary or desirable components to issuers, investors, market intermediaries, regulatory authorities and policymakers, academia, and other interested parties. Individual briefs are dedicated to specific subjects discussed in the ABMF and CSIF given their relevance for domestic bond markets. Introduction CSIF, which was established in 2013 to enhance financial stability across ASEAN+3, has extensively discussed issues related to the development and integration of the region’s domestic bond markets. 1 ASEAN+3 refers to the 10 members of the Association of Southeast Asian Nations (ASEAN) plus the People’s Republic of China, Japan, and the Republic of Korea. KEY TAKEAWAYS è Expanding liquidity instruments enhances financial stability by providing effective measures against stress factors, including disasters and external shocks. This aligns with the financial integration initiatives being pursued by ASEAN+3 member economies. è ASEAN+3’s safety net centers on the Chiang Mai Initiative Multilateralization, a multilateral currency swap designed to provide emergency liquidity for foreign exchange crises. However, mechanisms for routine liquidity provision appear to be relatively deficient. è Central bank intraday liquidity not only supports effective liquidity management for financial institutions, but extending it cross-border can also foster growth in local currency bond markets. Processes involved in collateral transactions—such as valuation, exchange rate adjustments, and other advanced risk management techniques—can all serve as catalysts for upgrading the region’s capital markets. è Implementing tools such as the Cross-Border Liquidity Bridge and the Cross-Border Collateral Arrangement in the ASEAN+3 region requires proactive cooperation among governments, central banks, and financial institutions. Regional networks such as the Cross-Border Settlement Forum can s