国际清算银行行长警告：对冲基金杠杆押注或引爆主权债“收益率风暴”

Group 1 - The president of the Bank for International Settlements, Pablo Hernández de Cos, warns about the increasing role of non-bank institutions, including hedge funds, in the sovereign bond market amid historically high government debt levels and complex geopolitical contexts [1] - De Cos states that while these less-regulated entities can enhance liquidity and lower government financing costs during calm market periods, their greater involvement also raises the risk of nonlinear spikes in sovereign yields [1] - He highlights that hedge funds typically employ high leverage strategies when trading government bonds, which could amplify the impact of potential crises, posing new financial stability risks [1] Group 2 - The Financial Stability Board has noted the prevalence of leveraged bets by hedge funds and basis trading, which has drawn regulatory scrutiny, although there has been a recent easing in proposals to enhance transparency in this area [1] - De Cos emphasizes the need for policymakers to adopt a carefully selected combination of fiscal, monetary, and prudential policy tools to address these challenges [1] - According to the Bank for International Settlements, by the end of 2023, financial assets held by non-bank financial intermediaries are expected to amount to approximately 225% of global output, compared to about 175% for more strictly regulated banks, with the non-bank sector surpassing banks around 2011 [1] Group 3 - The International Monetary Fund's Global Financial Stability Report indicates that if systemic cracks appear, banks' exposure to non-bank financial institutions could pose a significant threat to their capital base [2]