美银:若美联储加息或触发港元弱方兑换保证 Hibor存在飙升的尾部风险

智通财经
Jul 27

智通财经APP获悉,美银全球研究表示,美联储会进一步加息的可能性或令港元走弱至7.85,触发香港金融管理局干预,并推高香港银行同业拆息(Hibor)。该行认为,如果美联储进一步加息,Hibor存在飙升的尾部风险,若香港金管局干预后银行体系总结余进一步下降,隔夜Hibor可能升至6%。

美银美国经济学家预计,美联储今年还将加息三次。若这一预测成真,美元与港元之间的利差扩大,可能推动港元跌向弱方兑换保证水平,并指出香港银行体系总结余目前约为540亿港元,已经处于较低水平。若香港金管局入市干预并进一步压缩总结余,Hibor可能会急剧飙升。

不过,美银指出,Hibor的飙升持续时间可能短暂,原因是首次公开募股结算对银行间流动性的影响减弱,而且贷款存款比率持续处于低位。

尽管如此,整体风险仍偏向香港金管局无需入市干预,在美元兑港元甚至尚未触及7.85之前,Hibor即将飙升的风险可能已令交易员不愿建立新的套息交易头寸,流入香港股市的资金,以及美联储利率路径的不确定性,也将降低港元触发干预的可能性或干预次数。

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