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亚洲货币对冲成本 “跳水” 债券投资者该不该上车
Zhi Tong Cai Jing· 2025-05-29 06:42
Group 1 - The decline in currency hedging costs across Asia has sparked debate among bond investors about whether to secure their portfolios with cheap protection or to seize opportunities [1] - The implied yield of the USD/KRW three-month forward has dropped to around 1.7%, the lowest level in over two years, indicating a significant decrease in hedging costs for Korean bonds [1] - Similar indicators for Thailand, Indonesia, China, and India are also below their one-year averages, reflecting a broader trend in emerging Asian markets [1] Group 2 - Investors holding USD or EUR are increasingly inclined to invest in local currency fixed-income products with hedging capabilities in Asia [3] - The reduction in hedging costs and rising yields are favorable factors for Asian local currency government bonds, particularly in China and Thailand [3] - Central banks in Indonesia, India, Thailand, and South Korea have collectively cut benchmark interest rates by 175 basis points this year, while the US Federal Funds rate has remained unchanged [3]