Zhou Xiaochuan, Governor of the People's Bank of China. Photo: Retuers/Jason Lee

The Monetary Authority of Singapore and the People’s Bank of China have topped a Bloomberg Intelligence list of Asia’s most difficult to predict central banks.

The findings rated banks on number of surprise policy decisions and found that transparency does not necessarily translate to predictability. The MAS and PBOC were found to have 40% and 34% unexpected policy decisions, respectively, trailed by India with 28%.

At the other end of the scale the Philippines, Thailand and Taiwan were least surprising. Rated the most transparent of Asia’s central banks, the Bank of Japan has proven transparency doesn’t equate to predictability with recent unexpected moves or inaction.

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