中国基金报记者 泰勒 韩国"国家队"，救市了。 12月15日，韩国国民年金公团（NPS）宣布，将以更"灵活"的方式推进战略性外汇对冲，以支撑该国疲 弱的本币汇率。 新加坡马来亚银行（Maybank）外汇策略师Shaun Lim表示："这条消息肯定会震慑做空韩元的人。市场 常说'不要和央行作对'。现在韩国传递的信息是：不要和央行、国民年金以及财政部作对。" 作为韩国最大的机构投资者，NPS过去常通过对冲与外汇操作来缓解韩元压力，例如今年1月至5月期间 曾卖出美元、买入韩元。 同时，负责监管NPS的韩国保健福祉部在另一份声明中称，委员会还决定将与韩国央行（BOK）的外汇 互换协议期限再延长一年，至2026年底。 韩国央行在单独声明中表示，该互换额度已从2022年的100亿美元逐步上调至650亿美元。 该基金管理委员会周一在声明中表示，已决定制定灵活的执行措施，使战略性对冲能够根据市场状况进 行适应性操作。 这只管理约1361万亿韩元（约合9240亿美元）资产规模的基金，目前将其海外投资组合的战略性对冲比 例上限设定为10%。 在持续的股市资金外流以及居民加大海外投资的影响下，韩元在今年下半年兑美元累计下跌超过8% ...

Economic Overview - The Federal Reserve's Beige Book indicates that economic activity is generally stable, with most of the 12 districts reporting flat conditions, two showing slight declines, and only one district experiencing slight growth. However, some respondents warned of increased risks of economic slowdown in the coming months [1][2] UK Fiscal Developments - The UK's Office for Budget Responsibility unexpectedly leaked the autumn fiscal report, revealing that fiscal buffer space has doubled to £22 billion. The report confirms the freezing of the personal tax threshold, an increase in dividend tax, and plans to introduce a "mansion tax" and an electric vehicle "mileage tax," sparking widespread discussion [1] Canadian Trade Policy - Canadian Prime Minister Carney announced a significant reduction in steel import quotas from 50% to 20% for non-free trade partner countries starting in 2024, along with a 25% global tariff on specific steel derivatives to protect domestic industries [1] Japanese Monetary Policy - Reports suggest that the Bank of Japan is preparing for a potential interest rate hike as early as December, driven by increasing pressure from yen depreciation and diminishing political resistance, leading to a resurgence of hawkish rhetoric [1] South Korean Currency Market - South Korean Finance Minister Kyungho emphasized a strict approach to speculative activities in the currency market and ruled out the possibility of restarting a foreign exchange swap agreement with the U.S. to maintain market stability [2] U.S. Economic Indicators - U.S. durable goods orders increased by 0.5% month-on-month in September, a slowdown from the previous 3% growth. However, core capital goods orders, excluding defense and aircraft, surged by 0.9%, significantly exceeding the market expectation of 0.3%, indicating strong business investment sentiment [2] - As of the week ending November 23, initial jobless claims in the U.S. decreased by 6,000 to 216,000, the lowest level since mid-April, and below the expected 225,000. Continuing claims rose slightly to 1.96 million, still at historical lows, reflecting resilience in the labor market [2] Australian Inflation Data - Australia's October Consumer Price Index (CPI) rose by 3.8% year-on-year, surpassing the expected 3.6%. The trimmed mean inflation rate increased to 3.3%, remaining above the Reserve Bank of Australia's target range of 2%-3%, intensifying pressure for potential interest rate hikes [2]

韩国最高政策负责人表示，韩国在与美国的关税谈判中在大多数关键问题上取得了"实质性进展"。目前，双方在3500亿美元投资基金的结构上仍 存在分歧，而该基金是美国将韩国商品关税上限设在15%协议的核心所在。 10月20日，据媒体报道，韩国总统府政策室长Kim Yong-beom周日在电视简报会上表示，两国在许多问题上达成了广泛共识，但仍有几个问题需 要进一步谈判。他还表示，在即将举行的亚太经合组织峰会上达成协议的可能性有所增加。 此次事件发生在韩国大企业高管参加特朗普海湖庄园非正式活动之后。据韩联社等韩国媒体报道，包括进展汽车、SK集团和韩华集团在内的韩国 财团人员，与来自日本和台湾的商界领袖出席了出席活动。该次聚会据报道持续了超过七个小时，与会者很可能与特朗普讨论了贸易和投资问 题。 此前，据央视新闻报道，韩美7月达成贸易协议框架，美国将降低对韩国商品的关税，以换取韩国3500亿美元的投资。李在明对此表示，由于对如 何处理投资存在争议，他们尚未将协议付诸实施。李在明指出，如果韩国按照美国要求，提取3500亿美元现金并将其全部投资于美国，韩国将面 临类似1997年金融危机时的局面。 特朗普总统曾多次要求韩国"预先 ...

Group 1 - The core point of the article is that the U.S. has agreed that South Korea is not manipulating its currency for trade advantages, which clears the way for South Korea to be removed from the U.S. Treasury's currency manipulation monitoring list [1] - This agreement alleviates pressure on South Korea in bilateral trade negotiations, although officials emphasize it is not directly related to ongoing currency swap discussions [2] - The U.S. had previously monitored South Korea's foreign exchange policies due to concerns over a large current account surplus and trade surplus with the U.S., leading to its inclusion on the monitoring list [2] Group 2 - South Korean officials indicated that the currency agreement is separate from discussions regarding a $350 billion investment commitment related to tariff negotiations [3] - There is a discrepancy in understanding between South Korea and the U.S. regarding the nature of the $350 billion investment, with South Korea viewing it primarily as loans rather than direct investments [3] - Analysts note that the resolution of the currency manipulation dispute creates better conditions for cooperation on other issues between the U.S. and South Korea [4]