英国央行严查美元风险敞口 特朗普政策动摇全球金融基石

Core Viewpoint - The Bank of England has requested certain financial institutions to assess their ability to withstand potential dollar shocks, reflecting concerns over the reliability of the dollar as a cornerstone of financial stability due to the Trump administration's policies [1][4]. Group 1: Regulatory Actions - The Bank of England has asked banks to evaluate their dollar financing plans and dependence on the dollar, including short-term liquidity needs [1]. - Some banks have been required to conduct internal stress tests simulating extreme scenarios, such as a complete freeze in the dollar swap market [1][4]. - European regulators have also begun similar assessments, questioning the reliability of the Federal Reserve's support during times of crisis [4]. Group 2: Market Concerns - The dollar's dominant position in the global financial system makes banks particularly vulnerable to liquidity shocks, with no bank able to sustain operations for more than a few days under such conditions [1][4]. - The global market for currency derivatives is substantial, with a nominal value projected to reach $130 trillion by the end of 2024, 90% of which involves the dollar [4]. - Daily new foreign exchange swap contracts amount to nearly $4 trillion, highlighting the scale of dollar dependency [4]. Group 3: Historical Context and Future Implications - The concerns regarding dollar liquidity have resurfaced, echoing previous inquiries by the Bank of England in 2019 about crisis-era dollar supply strategies [5]. - The potential impact of the dollar shock on the upcoming industry stress tests by the Bank of England, scheduled for 2025, remains uncertain [5].