Asian central banks face little impact from US, Europe banking crisis
But Fed pauses could give the region some breathing room for policy tightening
CENTRAL banks in Asia are unlikely to be greatly influenced by the banking crisis in the United States and Europe – but could feel less pressure to tighten policy if the United States Federal Reserve itself holds off on further rate hikes amid the fallout, said private-sector economists.
On Mar 10, Silicon Valley Bank (SVB) became the largest US bank to fail since the 2008 financial crisis, after a plan to raise capital and shore up its balance sheet led to a run on the bank.
Separately, over the weekend, UBS agreed to buy ailing rival Credit Suisse for three billion Swiss francs (S$4.3 billion), in an emergency deal orchestrated by Swiss regulators to stem financial market panic.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Banking & Finance
Japanese yen slides back towards 34-year low after brief spike
China’s Bank of Communications Q1 profit rises 1.44%
HSBC’s private bank shuts independent asset management business in HK, Singapore
Nomura Q4 net profit jumps almost eight-fold on retail income surge
Rescue pup to meme star: the real-life ‘Dogecoin’ dog
Money laundering accused Zhang Ruijin slapped with 5 more charges days before scheduled guilty plea