The BIS established its Representative Office for Asia and the Pacific (Asian Office) in Hong Kong SAR on 11 July 1998. Serving as the regional centre for BIS activities, its principal roles are to
In performing the above roles, the Asian Office benefits from the guidance of the Asian Consultative Council (ACC). The ACC and the activities of the Asian Office are described below.
Asian Consultative Council
The Asian Consultative Council (ACC) is made up of the Governors of the BIS member central banks in the Asia-Pacific region. These central banks are those of Australia, China, Hong Kong SAR, India, Indonesia, Japan, Korea, Malaysia, New Zealand, the Philippines, Singapore and Thailand. The Council is currently chaired by Amando Tetangco, Governor of the Bangko Sentral ng Pilipinas. The Asian Office serves as the secretariat for the ACC.
The ACC is a vehicle for communication between shareholding central banks in the region and the Board and Management of the BIS on matters of interest and concern to the central banking community in the region. It also provides guidance for the research and banking activities of the Asian Office.
Over the period 2014-15, research in the Asian Office will focus on two overarching themes, one related to financial stability and another related to monetary stability.
The Asian Office hosts a secondment programme for BIS member central banks in the Asia-Pacific region. The purpose of the programme is to foster closer working relationships with shareholding central banks. The programme is part of the general secondment programme that is also offered to member central banks to work at the head office in Basel. Eligible candidates should be experts with an interest in an area of interest also to the BIS. The secondee may also be asked to write a report or contribute to the monitoring of financial markets.
Banking services and risk control
The Asian Office's regional treasury dealing room was established in October 2000 to enhance the level of banking services and support to regional customers in managing their foreign exchange reserves. The dealing room also serves to broaden the Bank's investments in the region. Regional support in settlement operations commenced in 2005. Risk monitoring of regional credits and markets is performed by an independent local Risk Control unit.
Asian Bond Funds
The BIS manages a first Asian Bond Fund, ABF1, and is the administrator for ABF2, the second Asian Bond Fund pooling investments in a pan-Asian and eight local funds with private sector participation, for the eleven members of the Executives' Meeting of East Asia-Pacific Central Banks (EMEAP). The Asian Office provides local support to these initiatives, including analytical work on bond markets in the region.