【德银：投资者以创纪录的速度削减美元敞口】金色财经报道，德意志银行对ETF的分析显示，海外投资者在购买美国股票和债券时进行货币对冲，正以“前所未有的速度”大幅削减美元敞口。该行全球外汇研究主管乔治·萨拉维洛斯援引500多只基金的数据指出，这是本十年来首次，流入购买美国资产的美元对冲型ETF的资金规模超过了非对冲型基金的资金流入。在萨拉维洛斯看来，这种对冲行为解释了为何即使在国际投资者在特朗普的关税政策今年早些时候扰乱市场后，再度将资金投入美国资产的情况下，美元依然保持疲软。当时，市场曾猜测，贸易战风险可能会削弱投资者对美国股票、债券以及美元本身的兴趣。萨拉维洛斯写道：“外汇层面的含义很明确：外国投资者或许已经重返美国资产市场（尽管速度有所放缓），但他们并不想承担随之而来的美元敞口。每买入一份对冲了美元风险的资产，就会有等量的货币被卖出，以消除外汇风险。”
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