From Switzerland to Singapore, central banks around the world kept markets on their toes with unexpected policy moves January, and economists say the surprises aren't going to stop there.
Last month alone, central banks in India, Egypt, Peru, Denmark, Canada and Russia announced surprise interest rate cuts. This came alongside Switzerland's unanticipated decision to scrap its three-year-old cap on the franc and Singapore's off-cycle move to tweak its exchange rate policy in order to ease the rise of the local currency.
On Wednesday, the People's Bank of China surprised markets on Wednesday by cutting the reserve requirement ratio (RRR) by 50 basis points to 19.5 percent - its first country-wide RRR cut since May 2012.
"We expect more central banks to surprise with either the timing or size of any monetary policy easing," said Rob Subbaraman, chief economist and head of global markets research, Asia ex-Japan at Nomura.
Within Asia, central banks in China, Thailand, Korea, India, Indonesia and Singapore are the ones to watch, he said.
The backdrop of disinflationary pressures, a slowing China, and faltering exports may force central banks to act off-cycle, Subbaraman said.