BIS:外汇掉期市场若出现大举平仓 可能引发美元争夺战

环球市场播报
May 20, 2025

  国际清算银行(BIS)表示,在美国市场动荡之际,如果投资者开始在规模113万亿美元的外汇掉期市场上进行平仓,可能会引发对美元的争夺。BIS最近估计,基金和其他非银行金融公司拥有超过80万亿美元的外汇掉期头寸--以美元借入资金,承诺日后按约定汇率偿还。掉期实际上是一种通常以“表外”持有的短期债务,不计入监管资本要求。BIS货币经济部主管申铉松在伦敦政经学院的演讲中指出,如果投资者突然急着解除这些头寸,问题就来了。对冲头寸的投资者通常持有欧元或日圆,但仍有偿还美元的义务。“如果必须将掉期展期,就必须加入争夺(美元)的行列。”申铉松补充说,这可能导致美元迅速升值。

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