1、ASIA BOND MONITORJUNE 2025ASIAN DEVELOPMENT BANKASIAN DEVELOPMENT BANK6 ADB Avenue,Mandaluyong City1550 Metro Manila,Philippineswww.adb.orgAsia Bond Monitor June 2025This publication reviews recent developments in emerging East Asian local currency bond markets along with the outlook,risks,and polic

2、y options.It covers the 10 members of the Association of Southeast Asian Nations and the Peoples Republic of China;Hong Kong,China;and the Republic of Korea.About the Asian Development BankADB is a leading multilateral development bank supporting inclusive,resilient,and sustainable growth across Asi

3、a and the Pacific.Working with its members and partners to solve complex challenges together,ADB harnesses innovative financial tools and strategic partnerships to transform lives,build quality infrastructure,and safeguard our planet.Founded in 1966,ADB is owned by 69 members50 from the region.JFPRJ

4、apan Fund for Prosperous and Resilient Asia and the Pacific Fromthe People of JapanThe Asia Bond Monitor(ABM)is part of the Asian Bond Markets Initiative,an ASEAN+3 initiative supported by the Asian Development Bank(ADB).This report is part of the implementation of a technical assistance project fun

5、ded by the Japan Fund for Prosperous and Resilient Asia and the Pacific of the Government of Japan.This edition of the ABM was prepared by a team from ADBs Economic Research and Development Impact Department headed by Albert Park,chief economist and director general,and supervised by Abdul Abiad,dir

6、ector of the Macroeconomics Research Division.The production of the ABM was led by Shu Tian and Donghyun Park,and supported by Henry Ma and the AsianBondsOnline team comprising Angelica Andrea Cruz,Debbie Gundaya,Jeremy Grace Ilustrisimo,Russ Jason Lo,Resi Olivares,Roselyn Regalado,and Justin Adrian