Both Manufacturing and Services Purchasing Managers’ Indices recorded an increase in November 2023

Manufacturing PMI increased to 57.0 on a month-on-month basis in November 2023, driven by the seasonal factors. The index exceeded the neutral threshold after March 2023, with a positive contribution from all the sub-indices.

Services sector PMI recorded an index value of 59.4 in November 2023 indicating an accelerated expansion in the services activities. This was led by the increases observed in New Businesses, Business Activities, Employment and Expectations for Activity.

The Financial Stability Board (FSB) Regional Consultative Group for Asia (RCG Asia) met on 29 November 2023 in Hong Kong SAR and discussed recent financial market developments and their impact on the region, vulnerabilities arising from non-bank financial intermediation, the deepening of the sovereign-bank nexus in some emerging market and developing economies, and ways to promote effective regulation and supervision of crypto-asset related risks. Members shared their experiences of identifying, monitoring, and addressing these risks and welcomed FSB’s continued focus on enhancing the resilience of financial systems.

The meeting was co-chaired by Mr. Eddie Yue, Chief Executive, Hong Kong Monetary Authority (HKMA) and the current member co-chair, and Dr. Nandalal Weerasinghe, the Governor of the Central Bank of Sri Lanka (CBSL) and the current Non- Member Co-chair of the RCG Asia. The Membership of RCG Asia comprises financial authorities from Australia, Brunei Darussalam, Cambodia, China, Hong Kong SAR, India, Indonesia, Japan, Korea, Malaysia, New Zealand, Pakistan, Philippines, Singapore, Sri Lanka, Thailand, and Vietnam.