Asia-Pacific Policy Measures to Curb Inflows: Timeline

The following is a timeline showing measures taken by Asia-Pacific policy makers from March 2012 to cool property prices, curb capital inflows, and adjust foreign-exchange rules, as compiled by Bloomberg News.

      Date      Measures
------------------------------------ 2013 -------------------------------------
PH    March 5   Bangko Sentral ng Pilipinas Governor Amando Tetangco says
                encouraging outflows is a way to help manage capital flows.
                Philippines to Further Loosen FX Rules to Manage Flows

NZ    March 4   New Zealand central bank releases consultation paper with
                suggested policy tools to cool property prices, seeking
                feedback from the banking industry. Measures include
                countercyclical capital buffer, core funding ratio,
                sectoral capital requirements, and restrictions on high
                loan-to-value residential mortgage lending.
                RBNZ Review Includes Capital Buffer, Core Funding Ratio, LVR

CH    March 1   China told its central bank to raise down-payment requirements
                and interest rates for second-home mortgages in cities with
                “excessively fast” price gains as authorities step up efforts
                to cool the property market.
                China Tightens Mortgage Rules as Property Prices Increase

IN    March 1   Reserve Bank of India removes the restrictions on overnight and
                intra-day open positions on forex contracts involving rupee.
                India RBI Removes Restrictions on Open Rupee Positions

MY    Feb. 28   Malaysia plans to tighten rules on the daily setting of key
                dollar-ringgit reference rate from in an effort to boost
                transparency and shield the domestic market against
                Malaysia Said to Plan Tighter Dollar-Ringgit Fixing Rules

SP    Feb. 25   Singapore announces plans to raise property levies for luxury
                homeowners and increase duties on investment properties that
                are vacant or being rented out.
                Singapore to Raise Property Tax Rates for Luxury Homeowners

HK    Feb. 22   Hong Kong doubles the stamp duty on all property deals over
                HK$2 million, including residential, commercial, industrial
                properties and car parks, to as much as 8.5%. The Hong Kong
                Monetary Authority also requires banks to lower the maximum
                mortgage loan-to-value ratio on commercial properties by 10
                percentage points.
                Hong Kong Doubles Stamp Duty on All Properties on Bubble Risks

SK    Feb. 21   South Korea may adjust currency-forward rules and levy on
                banks’ debt in foreign currency if needed, president Park
                Geun Hye’s transition team announced.
                S. Korea Park’s Govt to Adjust FX Trading Rules If Needed

ID    Feb. 6    Indonesia’s central bank calls for local lenders to create an
                onshore reference rate to settle rupiah forward transactions
                Bank Indonesia Calls for Onshore Rupiah Fixing Amid Probe

TH    Jan. 30   Thailand will set up a team of economists, including central
                bank Governor Prasarn Trairatvorakul, to study how to respond
                to short-term capital inflows, Finance Minister Kittiratt
                Na-Ranong says.
                Thailand Won’t Impose Capital Controls, Finance Minister Says

SK    Jan. 30   Deputy Finance Minister Choi Jong Ku said South Korea should
                review imposing taxes on foreign exchange transactions and
                bonds to curb speculative capital inflows. The government will
                closely monitor foreign currency transactions at major
                companies and speculative trading in NDF market, Choi said.
                S. Korea Should Review Tax on FX Trading, Bonds, Choi Says

MY    Jan. 29   Malaysia’s central bank calls for local lenders to use an
                onshore ringgit fixing to settle foreign-exchange contracts.
                Malaysia Said to Require Local Fixings for Ringgit Contracts

PH    Jan. 24   Philippines cuts rate on $44 billion of special deposit
                accounts to 3% to help ensure that liquidity remains adequate
                to meet the requirements of the economy.
                Philippines Cuts Special Deposit Account Rate to Curb Inflows

HK    Jan. 16   Hong Kong will build a land reserve and speed up public-housing
                construction, Chief Executive Leung Chun-ying said, as the city
                seeks to tame record high property prices that have led to
                concerns of a housing bubble.
                Hong Kong Chief Unveils Plans to Ease City Housing Shortage

SP    Jan. 11   Singapore introduces more measures to curb speculation on
                residential and industrial properties after home prices climbed
                to a record.
                Singapore Imposes More Measures to Curb Property Speculation

------------------------------------ 2012 -------------------------------------
PH    Dec. 26   Philippines’ Tetangco announced caps on NDF transactions of
                local banks at 20% of capital and at 100% of capital for
                foreign entities. Note: Circular on the curbs hasn’t yet been
                Philippines Joins Korea in Restraining Currency Gains

SK    Nov. 27   South Korea tightened limits on the amount of currency forward
                positions banks are allowed to hold to curb capital inflows.
                Transactions at branches of overseas lenders were capped at
                150% of equity, compared with 200% previously. The ceiling for
                domestic banks was cut to 30% from 40%. The changes took effect
                from Jan. 1, 2013.
                South Korea Limits Bank Currency Forwards as Won Strengthens

TW    Nov. 19   Taiwan’s Financial Supervisory Commission revises rules to
                strengthen oversight and insurers’ internal controls.
                Taiwan Tightens Rules for Insurers’ Investments in Real Estate

HK    Oct. 26   Hong Kong announced its first property tax targeted at overseas
                buyers, stepping up efforts to cool home prices. Non-local and
                corporate buyers are required to pay a 15% tax upon purchase of
                residential property. The government also raised a resale tax
                on property transactions by about 5 percentage points to as
                much as 20%.
                Hong Kong Imposes Non-Locals Property Tax on Bubble Risks

SP    Oct. 5    Singapore to restrict home-loan maturities to curb housing
                bubble after property prices rose to a record.
                Singapore Caps Residential Loan Tenures After Prices Hit Record

MY    Sept. 28  Malaysia proposes to raise real property gains tax to 15% from
                10% for properties disposed of less than 2 years after
                purchase. RPGT for houses sold 2-5 years after purchase would
                be raised to 10% from 5%.
                Malaysia to Raise Real Property Gains Tax, Najib Says

HK    Sept. 14  Hong Kong Monetary Authority said it’ll limit the maximum terms
                on all new mortgages to 30 years. It also lowered the cap on
                mortgage payments for investment properties to 40% of buyer’s
                monthly income, from 50%.
                Hong Kong Tightens Mortgage Lending Amid QE3 Concerns of Bubble

HK    Sept. 6   Hong Kong restricts buyers of apartments on two sites it plans
                to sell to local residents only as the government attempts to
                cool housing prices.
                Hong Kong to Give Preference to Local Buyers on 2 Sites in 2013

HK    Aug. 30   Hong Kong’s government said it would speed up the approval of
                permits for private project sales and began selling some public
                units originally intended for rent.
                Hong Kong to Boost Home Sales, Favor Locals as Prices Surge

PH    Aug. 23   Philippines approves new guidelines providing “more
                comprehensive” measure of a bank’s real estate exposure.
                Philippines Intensifies Monitoring of Banks’ Property Exposures

ID    Aug. 10   Indonesia central bank says it will lower current-account
                deficit via exchange-rate policy, and by narrowing the bottom
                end of the monetary authority’s deposit facility to 175 basis
                points below its benchmark interest rate from 200 basis points,
                or from 3.75% to 4%.
                Indonesia Taking Steps to Reduce Rising Current-Account Deficit

PH    July 13   Philippine central bank cuts rates on its special deposit
                accounts in a “mini-easing” to cool peso gains, affecting 1.64
                trillion pesos ($39 billion) worth of placements.
                Philippines Cuts Rates on Special Deposits to Contain Peso Gains

PH    July 7    Philippine central bank prohibits foreign funds from investing
                in its special deposit accounts, or SDAs, after the peso surged
                to a four-year high.
                Philippines Tightens Rules to Stem Inflows, Peso Weakens

TW    June 21   Taiwan central bank imposes selective credit controls on luxury
                housing, with mortgages capped at 60% of the value of the
                property in Taipei and New Taipei city for values of over NT$80
                million ($2.7 million), and NT$50 million in other parts of
                Taiwan Holds Rate to Boost Growth While Curbing Home Prices

ID    June 7    Indonesia’s central bank says it will implement rules requiring
                down payments for new home and vehicle loans, seeking to avoid
                a property bubble and minimize credit risks.
                Bank Indonesia to Push Through Down-Payment Plan: Southeast Asia

IN    May 21    Reserve Bank of India said outstanding currency futures and
                options contracts held by a bank shouldn’t exceed $100 million
                or 15% of the total such agreements, whichever is lower, on
                local exchanges. Also, lenders can’t offset derivative trades
                against those in the over-the-counter market.
                India RBI Cuts Banks’ Forex Futures Net Open Position Limit

Source: Bloomberg News

(Corrects year of New Zealand bank review.)
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