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09:07","market":"us","language":"zh","title":"A \"currency defense war\" has begun, with central banks worldwide selling US Treasury bonds in exchange for US dollars.","url":"https://stock-news.laohu8.com/highlight/detail?id=2273596346","media":"华尔街见闻","summary":"“货币保卫战”花钱如流水,外汇储备“弹药”吃紧,全球央行开始抛美债换美元,同时加大在美联储逆回购协议的现金存放规模。","content":"<p><html><head></head><body>As the US dollar continues to strengthen, other major non-US currencies have depreciated to varying degrees, prompting central banks in many countries to launch a \"currency defense war\". To amass sufficient foreign exchange reserves for intervention in the foreign exchange market, central banks around the world have begun selling US Treasury bonds in exchange for US dollars.</p><p>Federal Reserve data shows that in the week ending October 5, central banks around the world sold as much as $29 billion in U.S. Treasury bonds, bringing the total amount sold over the past four weeks to $81 billion, the largest monthly sell-off since the outbreak of the pandemic in March 2020. Overall, U.S. Treasury holdings fell to $2.91 trillion.</p><p>With the US dollar now at a 20-year high and the risk of economic recession heating up, it is not surprising that central banks around the world are beginning to have ample foreign exchange reserves. Countries such as Japan and Chile have begun to intervene in the foreign exchange market, directly selling dollars to support their currencies. Nevertheless, Wrightson ICAP economist Lou Crandall points out that the massive sell-off by global central banks in September appears to have been more of a precautionary measure.</p><p>Meanwhile, data shows that as the holdings of US Treasury bonds by other central banks around the world decline, the amount of cash deposited by central banks in the Federal Reserve's reverse repurchase agreements continues to increase. In the four weeks following the massive sell-off of U.S. Treasury bonds, cash flow increased by $61 billion. Alex Etra, senior strategist at Exante Data, said this indicates that other central banks around the world want to increase their cash positions to defend their currencies.</p><p><h2>The \"currency defense war\" is spending money like water, leaving foreign exchange reserves short of ammunition.</h2>In the foreign exchange market, where the smoke of gunfire is invisible, the battle to defend the currency is spending money like water.</p><p>As previously mentioned, data from Standard Chartered Bank in mid-last month showed that a closely watched indicator of the adequacy of foreign exchange reserves in emerging Asian markets (excluding China) (i.e., how many months a country can use its foreign exchange reserves to pay for imports) had fallen to approximately seven months.<b>This is the lowest level since the 2008 global financial crisis.</b>This indicates that emerging Asian countries are running out of \"ammunition\" to defend their currencies.</p><p>Foreign exchange reserves in many Southeast Asian countries have been declining, with Malaysia and Indonesia falling to their lowest levels in 2020 in September, while Thailand's foreign exchange reserves fell to their lowest level in five years.</p><p>The latest data from the Bank of Korea shows that South Korea's foreign exchange reserves suffered their largest decline in nearly 14 years in September due to the use of foreign exchange reserves to support the won exchange rate.</p><p>Japan also paid a heavy price for its intervention. According to data from the Japanese Ministry of Finance, as of the end of September, Japan's foreign exchange reserves were $1.24 trillion, a sharp decrease of $54 billion month-on-month, the largest on record. In addition, Japan began selling assets to support foreign exchange intervention, reducing its foreign securities holdings from $1.04 trillion to $985 billion by the end of August.</p><p></body></html></p>","source":"wallstreetcn_api","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>A \"currency defense war\" has begun, with central banks worldwide selling US Treasury bonds in exchange for US dollars.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nA \"currency defense war\" has begun, with central banks worldwide selling US Treasury bonds in exchange for US dollars.\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">华尔街见闻</strong><span class=\"h-time small\">2022-10-09 09:07</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>As the US dollar continues to strengthen, other major non-US currencies have depreciated to varying degrees, prompting central banks in many countries to launch a \"currency defense war\". To amass sufficient foreign exchange reserves for intervention in the foreign exchange market, central banks around the world have begun selling US Treasury bonds in exchange for US dollars.</p><p>Federal Reserve data shows that in the week ending October 5, central banks around the world sold as much as $29 billion in U.S. Treasury bonds, bringing the total amount sold over the past four weeks to $81 billion, the largest monthly sell-off since the outbreak of the pandemic in March 2020. Overall, U.S. Treasury holdings fell to $2.91 trillion.</p><p>With the US dollar now at a 20-year high and the risk of economic recession heating up, it is not surprising that central banks around the world are beginning to have ample foreign exchange reserves. Countries such as Japan and Chile have begun to intervene in the foreign exchange market, directly selling dollars to support their currencies. Nevertheless, Wrightson ICAP economist Lou Crandall points out that the massive sell-off by global central banks in September appears to have been more of a precautionary measure.</p><p>Meanwhile, data shows that as the holdings of US Treasury bonds by other central banks around the world decline, the amount of cash deposited by central banks in the Federal Reserve's reverse repurchase agreements continues to increase. In the four weeks following the massive sell-off of U.S. Treasury bonds, cash flow increased by $61 billion. Alex Etra, senior strategist at Exante Data, said this indicates that other central banks around the world want to increase their cash positions to defend their currencies.</p><p><h2>The \"currency defense war\" is spending money like water, leaving foreign exchange reserves short of ammunition.</h2>In the foreign exchange market, where the smoke of gunfire is invisible, the battle to defend the currency is spending money like water.</p><p>As previously mentioned, data from Standard Chartered Bank in mid-last month showed that a closely watched indicator of the adequacy of foreign exchange reserves in emerging Asian markets (excluding China) (i.e., how many months a country can use its foreign exchange reserves to pay for imports) had fallen to approximately seven months.<b>This is the lowest level since the 2008 global financial crisis.</b>This indicates that emerging Asian countries are running out of \"ammunition\" to defend their currencies.</p><p>Foreign exchange reserves in many Southeast Asian countries have been declining, with Malaysia and Indonesia falling to their lowest levels in 2020 in September, while Thailand's foreign exchange reserves fell to their lowest level in five years.</p><p>The latest data from the Bank of Korea shows that South Korea's foreign exchange reserves suffered their largest decline in nearly 14 years in September due to the use of foreign exchange reserves to support the won exchange rate.</p><p>Japan also paid a heavy price for its intervention. According to data from the Japanese Ministry of Finance, as of the end of September, Japan's foreign exchange reserves were $1.24 trillion, a sharp decrease of $54 billion month-on-month, the largest on record. In addition, Japan began selling assets to support foreign exchange intervention, reducing its foreign securities holdings from $1.04 trillion to $985 billion by the end of August.</p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source:<a href=\"https://wallstreetcn.com/articles/3671887\">华尔街见闻</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/762906f2c0fc7662cf6dfbfb7bed6ad6","relate_stocks":{"BND":"债券指数ETF-Vanguard美国","GOVT":"iShares安硕核心美国国债ETF","IEF":"债券指数ETF-iShares Barclays 7-10年","TLT":"20+年以上美国国债ETF-iShares","IEI":"iShares Barclays 3-7 Year Trea","SHY":"债券指数ETF-iShares Barclays 1-3年国债"},"source_url":"https://wallstreetcn.com/articles/3671887","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2273596346","content_text":"随着美元持续走强,其他非美主要货币出现不同程度的贬值,多国央行打响“货币保卫战”。为了充足外汇储备“弹药”以备干预汇市之需,全球央行开始抛美债换美元。美联储数据显示,截至10月5日的一周内,全球央行抛售了多达290亿美元的美债,过去四周抛售额达到810亿美元,为2020年3月疫情爆发以来最大月度抛售规模,总体来看美债持有量下降至2.91万亿美元。目前美元已升至20年高点,经济衰退风险升温,各国央行储备开始充足外汇储备弹药也就不足为奇了。日本、智利等国已经开始出手干预汇市,直接抛售美元以支撑本国货币。尽管如此,Wrightson ICAP经济学家Lou Crandall指出,9月份全球央行大量抛售似乎更多意味上是一种预防措施。同时,数据显示,随着全球其他央行美债持有量的下降,各国央行存放在美联储逆回购协议的现金规模持续增加。在美债被大量抛售的四周内,现金规模增加了610亿美元。Exante Data高级策略师Alex Etra表示,这表明全球其他央行希望增加现金头寸,以捍卫本国货币。“货币保卫战”花钱如流水 外汇储备“弹药”吃紧在看不见硝烟的外汇市场,货币保卫战花钱如流水。此前文章提及,渣打银行上月中旬的数据显示,亚洲新兴市场(不包括中国)一项受到密切关注的衡量外汇储备充足程度的指标(即一个国家可以用其持有的外汇储备支付多少个月的进口额),已降至了约7个月,为2008年全球金融危机以来的最低水平,表明亚洲新兴国家捍卫本国货币的“弹药”储备正吃紧。东南亚多国外汇储备一直在下降,马来西亚和印度尼西亚的外汇储备在9月份下降至2020年的最低水平,而泰国的外汇储备则降至五年来的最低水平。韩国央行最新数据显示,由于动用外汇储备支撑韩元汇率,韩国的外汇储备在9月份出现了近14年来的最大降幅。日本也为干预行动付出不菲的代价,根据日本财政部数据,截至9月底,日本的外汇储备为1.24万亿美元,环比锐减540亿美元,为有记录以来最大。此外,日本开始出售资产支持外汇干预,截至8月底所持外国证券规模从1.04万亿美元降至9850亿美元。","news_type":1,"symbols_score_info":{"SHY":0.6,"ZTmain":0.6,"GOVT":0.6,"UBmain":0.6,"IEF":0.6,"TNmain":0.6,"TLT":0.6,"ZFmain":0.6,"IEI":0.6,"ZBmain":0.6,"BND":1}},"isVote":1,"tweetType":1,"viewCount":860,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":661904776,"gmtCreate":1663635050596,"gmtModify":1676537305191,"author":{"id":"3479771273726972","authorId":"3479771273726972","name":"跟着队长一起走","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3479771273726972","idStr":"3479771273726972"},"themes":[],"title":"","htmlText":"<a 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