智通财经APP注意到，韩国当局正采取日益激进的行动，试图阻止韩元汇率跌至 2009 年初全球金融危 机深重时期以来的新低。 为了支撑韩元，官员们向该国的养老基金施压，要求其抛售美元，并敦促庞大的"财阀"集团将更多美元 收益兑换回本币。目前，这些措施尚未能遏制汇率跌势。 货币疲软对韩国而言具有两面性，因为它能提升出口竞争力，而出口是这个规模达 1.9 万亿美元经济体 的主要驱动力。但它也会导致能源及其他关键进口商品价格上涨，扰乱商业投资并抑制消费需求。 是什么在削弱韩元？ 政府表示，原因之一是当地居民海外投资的急剧增加。根据韩国证券登记结算所的数据，截至 12 月 19 日，韩国零售投资者今年购买了创纪录的 430 亿美元（约63.7万亿韩元）美国资产，其中美股购买量大 约是 2024 全年水平的三倍。 考虑到指责民众导致货币下跌可能引发负面舆论，政府官员也提到了韩国相对于美国较慢的经济增长和 较低的利率。央行行长李昌镛指出了持久存在的"韩国折价"现象——即由于公司治理问题，该国顶尖财 阀和整体股市的价值被长期低估。 韩元疲软的优缺点是什么？ 对于出口导向型的韩国经济，本币贬值确有好处。得益于在美强劲的收益和有 ...

据韩国经济日报报道，韩国总统府负责经济增长的高级秘书警告，若认为政府会对外汇市场过度失衡坐 视不理，可能是一种误判。 据韩国经济日报报道，韩国总统府负责经济增长的高级秘书警告，若认为政府会对外汇市场过度失衡坐 视不理，可能是一种误判。 Ha Joon-kyung在接受该报采访时表示，自11月以来外汇市场单边波动愈发明显，并指出从韩国经济基 本面来看，这种波动显得过度。 Ha说道，有人在助推韩元贬值情绪；这虽然不违法，但当这种行动过于单边时，就会对宏观经济构成 风险。 责任编辑：王永生 Ha Joon-kyung在接受该报采访时表示，自11月以来外汇市场单边波动愈发明显，并指出从韩国经济基 本面来看，这种波动显得过度。 Ha说道，有人在助推韩元贬值情绪；这虽然不违法，但当这种行动过于单边时，就会对宏观经济构成 风险。 责任编辑：王永生 ...

白石铉认为："面对国内不到2%的潜在增长率，个人和机构都不看好国内投资能带来高回报，因此选择 将资金投向海外。"韩国预托结算院数据显示，仅11月，韩国个人投资者净买入海外股票达55.24亿美 元。截至本月12日，本月净买入额已达约11亿美元。 基于当前供需失衡短期内无法解决的评估，专家预测，高汇率状况明年可能持续，并超过今年的平均水 平。在汇率持续逼近1480韩元心理关口之际，韩国政府已启动紧急应对机制。据韩国NEWS1通讯社报 道，韩国企划财政部14日紧急召集经济部门高层会议，对近期国内外金融与外汇市场的波动进行全面排 查，还围绕未来市场不确定性加剧的应对策略展开了集中讨论。 与韩元形成对比的是，其他主要国家货币同期普遍走强。数据显示，本月以来韩元对美元汇率上涨 0.32%（即韩元贬值），而日元、欧元、英镑、瑞士法郎等主要货币对美元均呈升值走势。 对于韩元持续走弱的原因，专家认为，韩元贬值中约70%可归因于供需因素，例如国内投资者扩大海外 投资。韩国经济主体因各种需求进行海外投资的量，远远超过流入韩国的外国投资量。新韩银行S&T中 心经济学家白石铉解释说："不以获得经营权为目的的间接投资规模几乎是流入资金的 ...

Core Viewpoint - Analysts suggest that if the KRW/USD exchange rate approaches the psychologically significant level of 1,500 KRW per USD, the South Korean authorities may intensify efforts to defend the won [1][4] Group 1: Currency Exchange and Government Response - The KRW has depreciated over 4% since the fourth quarter due to foreign capital outflows and increased overseas investments by residents, putting pressure on the South Korean authorities to defend the currency [4] - South Korean government officials express concerns over increasing uncertainty in the foreign exchange market, emphasizing the need to actively utilize all available tools to address the situation [4] - An emergency meeting was held on November 24 by multiple government departments, led by the Ministry of Finance, to discuss specific measures for stabilizing the market and alleviating the depreciation pressure on the won [4] Group 2: National Pension Service (NPS) Actions - The National Pension Service (NPS), South Korea's largest institutional investor with approximately $545 billion in overseas assets, has resumed selling dollars to support the won [1][4] - The NPS has a hedging cap set at about 15% of its global assets and employs various methods, including selling dollar forward contracts, to execute its hedging strategy [5] - Recent reports regarding the NPS's foreign exchange hedging appear to have created a signaling effect in the market, leading to expectations that South Korean authorities will defend the 1,500 KRW level [5]

Core Viewpoint - The Bank of Korea's monetary policy committee member Kim Jong-hwa emphasizes the need for the foreign exchange management department to take action to curb the depreciation of the Korean won against the US dollar, as it may reignite inflationary pressures and weaken retail purchasing power [1] Group 1 - Kim highlights that the foreign exchange management agency cannot remain passive regarding high exchange rates and must consider measures from a supply and demand perspective [1] - The rising exchange rate poses challenges for exporters with insufficient currency hedging capabilities and small to medium-sized enterprises that cannot pass on rising intermediate product costs to consumers [1] - An increase in the exchange rate could exacerbate inflation and lead to a decline in purchasing power [1]

Core Viewpoint - The South Korean government is forming a special task force to address the depreciation of the Korean won, which is currently trading at around 1,466.9 won per dollar, close to its lowest level since 2009 [1][3]. Group 1: Task Force Formation and Objectives - The Ministry of Finance is collaborating with exporters, securities firms, and relevant departments to establish a special task force aimed at developing measures to counter the depreciation of the won [1][4]. - The task force will regularly monitor exporters' currency exchange behaviors and overseas investment positions, while considering incentives for companies converting foreign currency income into won [1][4]. Group 2: Market Analysis and Investor Behavior - The depreciation of the won is partly attributed to domestic investors purchasing foreign securities and foreign investors selling Korean securities following a significant rise in the stock market [1][4]. - Experts suggest that recent concerns among exporters about further depreciation of the won have led them to hold onto dollar earnings instead of selling immediately, contributing to the won's weakness [1][4]. Group 3: Tax Incentives and Regulatory Oversight - The South Korean government is exploring tax incentives, such as expanding the tax exemption range for dividends from overseas subsidiaries [2][5]. - The task force plans to enhance supervision of securities firms regarding their obligations to explain overseas investment products to clients and to prevent excessive leveraged investments [2][6]. Group 4: Collaborative Framework for Market Stability - A four-party consultative body, including the Ministry of Finance, the Bank of Korea, the National Pension Service (NPS), and the Ministry of Welfare, will design a "new framework" to align the investment returns of the national pension with market stability and mitigate fluctuations in the foreign exchange market [2][6].

Core Viewpoint - The South Korean won has depreciated significantly against the US dollar, reaching its lowest level since the 2009 global financial crisis, marking a 16-year low [2] Group 1: Government Response - The South Korean government held an emergency meeting on the 24th, led by the Ministry of Finance, to discuss measures to stabilize the foreign exchange market [2] - Participants in the meeting included the Bank of Korea, the Ministry of Health and Welfare, and the National Pension Service, focusing on alleviating the pressure of the won's depreciation [2] - Specific intervention measures or policy details have not yet been disclosed by the authorities [2] Group 2: Market Conditions - The current exchange rate level of the won and whether foreign exchange market operations have been initiated remain unconfirmed [2] - Key information regarding changes in the National Pension Service's holdings is also pending verification [2]

Core Insights - The South Korean won has depreciated significantly against the US dollar, reaching a seven-month low, which has led to rising domestic oil prices and the highest import price increase in nine months [1][2] Group 1: Currency Depreciation - The exchange rate of the won against the dollar opened at 1472.4 won per dollar, marking a 3.43% decline over the past month [1] - Factors contributing to the depreciation include reduced likelihood of short-term interest rate cuts by the Federal Reserve and significant foreign capital outflows from the South Korean stock market, with nearly 10 trillion won sold by foreign investors in the past month [1] Group 2: Impact on Oil Prices - The average price of gasoline in Seoul has surpassed 1800 won per liter, reaching 1805.22 won, which is approximately 8.7 yuan, marking a significant increase [2] - The rise in oil prices is attributed to both the rebound in international oil product prices and the depreciation of the won, which has increased the import price of crude oil [2] Group 3: Consumer Price Index - The Bank of Korea reported a 1.9% increase in the import price index for October, the largest monthly increase since January, indicating rising inflationary pressures [2] - According to the Korea Development Institute, a 1% drop in the won's value against the dollar results in a 0.04 percentage point increase in consumer prices, suggesting that inflation may rise further in the coming months [2]

Core Viewpoint - The South Korean government has announced coordinated actions with key market players, including the National Pension Service, to stabilize the foreign exchange market amid concerns over the continued depreciation of the Korean won [1] Group 1: Government Actions - The South Korean Finance Minister, Koo Yun-cheol, convened an emergency meeting with the Bank of Korea Governor and financial regulators to collaborate closely with the National Pension Service and major export companies [1] - This initiative indicates a heightened alert from South Korean authorities regarding the risks of the won's depreciation [1] Group 2: Market Impact - The involvement of the National Pension Service, one of the largest pension funds globally, is seen as a significant signal of policy determination to the market [1] - Analysts suggest that the measures aim to alleviate downward pressure on the won and prevent severe fluctuations in the exchange rate, which could further impact South Korea's export-dependent economy [1] Group 3: Operational Details - Specific intervention methods, funding scales, and operational timelines have not been disclosed [1] - The Finance Ministry and the Bank of Korea have not confirmed whether foreign exchange reserves have been utilized for direct market intervention, nor have they specified how the National Pension Service will adjust its foreign asset allocation [1] - The actual effectiveness of these measures remains to be validated by subsequent market reactions [1] Group 4: Recent Currency Performance - On November 6, the exchange rate of the won against the US dollar fell to 1473.2, marking the lowest intraday level since March 13, 2009 [1]

Group 1: Currency Depreciation - The Korean won is approaching its lowest point since the 2009 global financial crisis, having depreciated 6% in the last three months, making it the largest decline among Asian currencies [1] - The won fell to 1475 against the US dollar, nearing the critical level of 1487.45 reached in March 2009 [1] Group 2: Foreign Capital Outflow - A significant factor behind the depreciation is the massive outflow of foreign capital, with overseas investors net selling 7.26 trillion won (approximately 5.2 billion USD) in Korean stocks in the first week of November, marking the largest single-week outflow on record [2] - This outflow exceeded the total outflow of 5.34 trillion won in October and nearly erased all inflows from September [2] - The focus of foreign selling has been on semiconductor manufacturers, which were previously overvalued due to AI hype, amid concerns over an overheated AI stock market [2] Group 3: Domestic Investment Trends - South Korean residents invested 99.85 billion USD in foreign stocks and bonds from January to September, more than three times the 29.65 billion USD foreign investment in Korean securities [2] - This strong demand for overseas securities is contributing to the depreciation pressure on the won [2] Group 4: Economic Vulnerabilities - The Korean economy's structural vulnerabilities, particularly its heavy reliance on semiconductor exports and the US dollar, make it susceptible to risks from US-driven tariffs and policies [2] - A report from Citibank highlighted that South Korea's commitment to invest 350 billion USD in the US could exert significant long-term pressure on the won [2] Group 5: Government Response - In response to the ongoing depreciation, the Bank of Korea has indicated a willingness to intervene in the currency market if volatility escalates, although it downplayed the weakening trend of the won [4] - The Bank of Korea has taken measures to enhance foreign exchange supply, including increasing banks' forward foreign exchange position limits and relaxing restrictions on foreign currency loans for domestic use [5][6] Group 6: Economic Growth Outlook - The continuous depreciation of the won casts a shadow over South Korea's economic recovery, with the International Monetary Fund projecting a growth rate of only 0.9% for the year, the slowest among Asian countries [6] - The Bank of Korea has maintained interest rates unchanged since a cut in May, contrasting with recent rate cuts by Indonesia, Malaysia, and Thailand [6]