Day One, Wednesday 4 September 2019

New dynamics of financial markets and reserve management

Evolving trends in trade and growth in Asia


Registration and breakfast


Welcome Address and Chairperson’s Opening Remarks


Global economic outlook: what can we expect in international and domestic markets?

  • Financial markets and EMEs: back to the upturn face of the global financial cycle?
  • Asia’s financial resilience: global and domestic factors
  • US: further growth slowdown due to the fading of fiscal stimulus and financial volatility
  • Growth in 2019 and 2020: supported by the expansion of investments and exports


Financial markets in Asia - turning challenges into opportunities

  • Challenges for the Asian economies: navigating China’s economic transition
  • Crucial role of financial market development
  • Implementing a robust and adaptive regulatory framework and effective international coordination
  • Mitigating potential financial stability risks

US-China trade tensions: what does this mean for Asia?

  • A troubled trade landscape: Asia’s response
  • Expanding connectivity amidst rising trade tensions
  • Risk of excessive tightening of international financial conditions
  • How imposing tariffs on all Chinese imports could see a much more prominent slowdown in regional growth


Populism and modern monetary theory 

  • What is populism and what lies behind the resurgence that has reshaped global politics over the past few years?
  • Investing amid a populist backdrop: economic implications and financial market responses
  • Modern monetary theory: the right question is whether it is important not whether it is modern or whether it makes sense

Morning networking Break

Asset allocation: evolving and adapting to new demands


Rising rates, trade tensions, and the impact on fixed income

  • Operating in an era of policy normalization and rate hikes
  • Political tensions: threatening the stability of global bond markets
  • How should sovereign and government funds manage fixed income portfolios given these evolving risks?
  • China-US trade negotiations- an important juncture in trade and investment relations


Renminbi’s role in FX reserves holdings and latest development as a reserve currency

  • Asset class diversification: a key theme for central bankers
  • Increasing allocations to the renminbi-denominated bond markets
  • Climbing the reserve currency league table with an aim to contend with the dollar for the top spot







Reserve management evolution

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Outlook on risk management in a changing macro environment

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Opportunities to expand investment horizons

  • Shifting foreign currency reserve dynamics
  • Aligning policy objectives, investments objectives and guidelines
  • Achieving greater flexibility to meet policy objectives while seeking to enhance investment returns

Central bank risk management – evolving with the times


The next wave of reserve management: 2020 and beyond

  • Growing trends in reserve management practices
  • How market dynamics have been driving changes in reserve portfolios
  • Active management and the use of external managers
  • Changes in the currency composition of reserve portfolios against a background of rising trade tensions

New challenges and emerging risks facing central banks

  • The “new normal” in the macroeconomy and its implications for monetary policy
  • Enhancing the risk management toolkit
  • New challenges posed by financial innovation and the new technologies

Impact of the continuing of the QE measures and dovish stance of major central banks

  • Emerging market central banks’ profit and loss account
  • The pressure for yields has made yet more attractive the investment in emerging markets
  • Potential reputational risks associated, in the context of increasing populism

A methodology to measure and monitor liquidity risk in reserves portfolios

  • Monitoring liquidity risk: becoming a priority
  • The methodology which allows central banks to measure liquidity
  • Time required to liquidate and the cost of liquidation
  • How the methodology can also be used to measure portfolio liquidity under stress scenarios


Afternoon networking break



The outlook for balance sheet evolution

  • How the balance sheet has evolved both in size and composition post financial crisis
  • Where can we expect to see financial vulnerabilities brewing in the world?
  • Advancing towards quantitative tightening
  • Handling challenges ahead: from shrinking demand for notes and coins to QE of monetary policy  


Currency composition of foreign currency reserves

  • The Dollar: attributes and reasons for persistence as the dominant currency 
  • The Renminbi: building the infrastructure to support its globalisation
  • Gold: its resurgence... as a reserve "currency"
  • Criteria for acceptance of a currency for reserves


Chair's closing address


Networking reception


National Asset-Liability Management Asia Dinner

Gala dinner with guest speaker

The National Gallery
Aura Restaurant Level 5 (National Gallery Garden View) 
1 St. Andrews Road
05-03 and 06-02 National Gallery Singapore
Singapore 178957

Day Two, Thursday 5 September 2019

Balancing risk and return: the evolution of opportunities



Registration and breakfast


Welcome address and chairperson’s Opening Remarks


The US economy in 2019: recent policy developments and the longer-term challenges

  • Monetary policy developments in the United States and the evolving longer-term challenges
  • How vulnerable is the global economy to a synchronised slowdown from both US and China?
  • What type of policies must countries pursue to build resilience?


The ecosystem of central banks: a time for transformation


Morning networking break


Greening the financial system: the new role of central banks

  • Climate change: why should this be relevant to central banks and regulatory authorities
  • The SEACEN Centre central bank survey on climate change
  • Climate risk in Asia and the funding gap
  • Green finance initiatives in ASEAN
  • Regulatory solutions to encourage low carbon financing and implications for the financial sector

Bracing for changes and challenges ahead - the outlook for 2020

  • How have markets coped with major events over the past year, and what does that mean for the year ahead?
  • A year of political uncertainty and the challenges associated
  • How to minimise these bouts of political uncertainly and market volatility in the run up to major elections
  • How do new technologies shape the future of central banking?
  • What economic trends will shape investment strategies in the year ahead?


Chair’s Closing Address


Lunch and Conference Close