关税加速亚洲“去美元化”浪潮：非美货币交易增加，人民币结算量飙升

Core Insights - There is a rising demand for foreign exchange derivatives that bypass the US dollar, driven by trade tensions and a long-term trend towards de-dollarization [1][4][5] - Financial institutions are increasingly receiving requests for hedging transactions involving currencies like the Chinese yuan, Hong Kong dollar, UAE dirham, and euro [1][4] - The trend of de-dollarization is accelerating, with more companies and investors seeking alternatives to the dollar as a global reserve currency [4][5] Group 1: Demand for Non-Dollar Transactions - Financial institutions report a growing number of requests for transactions that avoid the dollar, particularly in regions with increasing commercial ties, such as between China, Indonesia, and the Gulf [4][5] - A Singapore-based commodity trading company noted that European financial institutions are launching more yuan derivatives that exclude the dollar [4] - The establishment of a dedicated team by a foreign bank in Indonesia to facilitate transactions in the Indonesian rupiah against the yuan indicates a shift towards non-dollar hedging [4] Group 2: Structural Changes in Dollar Usage - The dollar's role in global trade is being eroded, with estimates suggesting that transactions using the dollar as an intermediary account for about 13% of its daily volume [5][6] - The rise of the yuan in international transactions is supported by China's efforts to promote its currency through bilateral agreements with countries like Brazil and Indonesia [5][6] - The global payment company Swift reported that the yuan accounted for approximately 4.1% of global payments in March, while the dollar held a dominant 49% [7] Group 3: Cost and Liquidity Considerations - Although hedging based on the yuan is often more expensive than dollar-based hedging, the lower interest rates on yuan-denominated loans may still make it attractive for borrowers [7] - The cost of hedging against the dollar has increased over the past year, indicating heightened demand for options to protect against dollar depreciation [8] - Analysts suggest that significant changes in the international environment are necessary for a true replacement of the dollar, but the risk of such a shift is growing [10]