花旗：韩3500亿美元对美投资或加剧韩元贬值压力

Core Viewpoint - South Korea's commitment to invest $350 billion in the U.S. may exert pressure on the Korean won [1] Financing Needs - Due to lessons learned from the 1997-1998 financial crisis, South Korea is unlikely to utilize its $416 billion foreign exchange reserves [1] - Public institutions may need to raise $20 billion to $30 billion in foreign currency annually [1] Bond Market Impact - The remaining financing requirement of $86 billion to $96 billion may need to be sourced from the bond market [1] - Large-scale bond issuance could increase financing costs and put additional pressure on the Korean won [1] Currency Risk - Even if private enterprises share part of the financing burden, the shift of dollar export revenues to won may lead to depreciation risks [1] U.S. Engagement - Citi expects South Korea to seek solutions from the U.S. for potential foreign exchange shocks and to request an extension of the investment commitment timeline [1]