– This is the script of CNBC's news report for China's CCTV on August 31, Monday.
Welcome to CNBC Business Daily, I'm Qian Chen.
Central bankers from around the world are telling their American counterparts that they are ready for a U.S. interest rate hike and would prefer that the Federal Reserve make the move without further ado.
In private and in public at last week's global central banking conference in Jackson Hole, the message from visiting policymakers was that the Fed has telegraphed an initial monetary tightening and, following a year-long rise in the dollar, financial markets globally are as ready as they can be.
For now it doesn't appear as though that decision has been made ahead of the Fed's mid-September policy meeting. Earlier on Friday in a CNBC exclusive, Federal Reserve Vice Chairman Stanley Fischer said it was too early to tell whether volatility in the market made it more or less compelling to raise rates in September.
[Stanley Fischer | Vice Chair, U.S. Federal Reserve] "THERE IS ALWAYS UNCERTAINTY AND WE JUST HAVE TO RECOGNIZE IT. WE'LL HAVE TO MAKE A DECISION IN THE FACE OF CONSIDERABLE UNCERTAINTY. BUT IN THE KNOWLEDGE ALSO THAT WE ARE BEGINNING A PROCESS THAT WE ANTICIPATE WHEN WE DO IT WILL BE RELATIVELY SLOW. AND THAT THE FIRST MOVE PRESUMABLY WILL BE FROM ZERO TO 25 BASIS POINTS TO 25 TO 50"
But for Agustin Carstens, the top central banker in Mexico, a rate hike by his neighbor sends an encouraging sign of economic health, even if it does force growth-challenged Mexico to also raise rates within days.
While Yao Yudong, head of the People's Bank of China Research Institute of Finance and Banking, last week blamed the Fed for the market turmoil and said a U.S. hike should be delayed, most central bankers from emerging markets contacted by Reuters at Jackson Hole and over the past month shared Carstens' view.
An end to more than six years of rock bottom U.S. rates will touch off a wave of potentially painful adjustments as countries deal with the likelihood of an even stronger dollar as well as capital outflows from some emerging markets and changes in the relative prices of traded goods. An end to uncertainty for policymakers, however, could outweigh those difficulties.
Effects of the Fed's easy money have been felt in countries as diverse as Chile and Switzerland. Annual inflation in Chile has consistently come in above the bank's target range of 2 percent to 4 percent.
India's central bank doesn't have the same problems the Fed has. It's not worried about deflation, India is growing twice as fast as the U.S., and interest rates sit around 7 percent.
But that doesn't mean its central bank Gov. Raghuram Rajan is indifferent to when the Fed chooses to raise rates.
BURN IN: JACKSON HOLE, WY
"Well, I think my position over time has been, "don't do it when the world is in turmoil" because it's a long-anticipated event, it has to happen sometime, everybody knows it has to happen, but pick your time and I think if the volatility we've seen comes down, as it seems to be, 05 07 35 you know it could happen sooner rather than later. I don't think people will have a problem with that; it has to happen at some point."
Some analysts believe that the more important question is what's next after the first rate hike.
Will it be a gradual climb or will the Fed surprise markets by hiking rates more than expected?
The markets are highly complacent about how high the Fed fund rate will go and if the Fed defies expectations and surprise markets, this could spook investors and cause even more volatility than what we have seen in recent weeks.
Analysts say that volatility might the only thing investors can be sure about in the coming months, and as long as we are convinced that pullbacks are a correction and not the start of crisis, then such drawdowns (as we saw in recent weeks) will offer buying opportunities not to be missed.
[Mark Mobius Templeton Emerging Markets Group Executive Chairman] "I would say now is the time to start looking at those areas that are unpopular, places like Brazil. In the commodity sector, believe it or not, because some of the commodities are runing down dramatically, much furthur than they should be going down, cuz demand is still there, at a slow rate of course. And then you look at currencies, you find that most commodity currencies are undervalued on the price-party basis, so now is the time for us to sit back, I'm not saying to rush in, but have some cash and be ready to go in."
CNBC's Qian Chen, reporting from Singapore.
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