This edition reviews financial conditions in East Asia and risk implications to the global economic recovery, including the coronavirus disease (COVID-19) vaccine rollouts and liquidity conditions in regional bond markets. Emerging East AsiaÕs local currency bond market rose to an aggregate size of $20.1 trillion at the end of December 2020. Buoyed by a better economic outlook, financial conditions improved. Environmental, social, and governance bonds in ASEAN+3 markets also grew to over $265 billion. Meanwhile, the AsianBonds Online annual bond market liquidity survey results showed liquidity conditions diverged across regional markets in 2020.