<p>随着国家养老金服务机构（NPS）计划发行美元债券，韩元企稳，市场对外汇压力减轻的希望增强。</p>
<p>摘要：</p>
<ul>
<li>韩国韩元在有报道称 NPS 可能发行美元债券后削减了损失</li>
</ul>
<ul>
<li>养老金基金旨在多元化融资来源，以应对外汇波动</li>
</ul>
<ul>
<li>发行美元债券可能减轻对韩元的压力</li>
</ul>
<ul>
<li>外汇对冲策略的审查正在进行中</li>
</ul>
<ul>
<li>当局加强货币稳定的协调</li>
</ul>
<p>在有报道称国家养老金服务机构（NPS）正接近发行外币债券后，韩国货币削减了早前的损失，这一举措被视为可能减轻在持续汇率波动下对韩元的压力。这是政府官员首次公开阐述该基金前所未有地进入离岸债务市场的可能时间表。</p>
<p>官员们表示，养老金基金希望在今年年底之前开始发行美元计价债券，前提是立法迅速变更。这一举措是多元化资金来源和更好地管理外汇风险的更广泛努力的一部分，该基金是全球第三大养老金基金，管理着近 1.44 千万亿韩元的资产。</p>
<p>自 2025 年中以来，韩元对美元贬值约 7%，给政策制定者和机构投资者带来了挑战。货币疲软使韩国的海外投资计划变得复杂，并增加了资本外流的敏感性。作为回应，养老金基金一直在外汇远期市场积极出售美元以支持货币，这一策略引起了市场的越来越多关注。</p>
<hr/>
<p>国家养老金服务机构发行美元债券将使该基金能够直接筹集外币，减少在海外投资时将韩元转换为美元的需求。这可以减少现货市场对美元的即时需求，帮助稳定韩元。此外，利用现有海外资产借款提供了资金灵活性，而不会引发新的外汇流出，这一动态通常被市场视为支持货币的。</p>
<p>官员们还表示，该基金正在审查其长期货币对冲框架。虽然外汇对冲迄今为止是灵活进行而非机械化，但当局承认需要重新评估，以确保该策略在市场条件变化时仍然有效。对冲操作涉及出售美元远期合约，以增加美元供应并减缓韩元贬值的速度。</p>
<p>潜在的债券发行与其他大型全球养老金基金（包括加拿大的养老金基金）采用的方法相似，并可能会限制为该基金海外投资敞口的一定比例。同时，资产配置目标已被调整，以略微减少海外股票敞口，同时提高国内股票的权重，反映出对货币条件的敏感性。</p>
<p>一个新的四方咨询机构将于本周召开会议，涉及财政部、福利部、中央银行和养老金基金，以协调对市场波动的响应。目前，离岸发行的前景为韩元提供了一些短期缓解，尽管更广泛的货币压力仍与全球美元动态相关。</p>

韩国 MSCI ETF - iShares

韩国 3 倍做多 ETF - Direxion

MKOR

富时韩国 ETF - Franklin Templeton

<p>韩国的韩元趋于稳定，因为国家养老金服务机构（NPS）计划发行美元债券，这可能缓解外汇压力。NPS 旨在在货币波动中多元化融资，并希望在年底前开始发行，具体取决于立法变更。这一举措可能通过减少对美元的即时需求和提供融资灵活性来稳定韩元。该基金还在审查其货币对冲策略，以适应不断变化的市场条件。一个由关键部门和中央银行组成的咨询机构将协调对市场波动的响应，为韩元提供短期缓解</p>

<p>The won steadied as plans for NPS dollar bond issuance raised hopes of reduced FX pressure.</p>
<div class="lb-trans"><p>随着国家养老金服务机构（NPS）计划发行美元债券，韩元企稳，市场对外汇压力减轻的希望增强。</p>
</div><p>Summary:</p>
<div class="lb-trans"><p>摘要：</p>
</div><ul>
<li>South Korea’s won pared losses after reports the NPS may issue dollar bonds</li>
</ul>
<div class="lb-trans"><ul>
<li>韩国韩元在有报道称 NPS 可能发行美元债券后削减了损失</li>
</ul>
</div><ul>
<li>Pension fund aims to diversify funding amid FX volatility</li>
</ul>
<div class="lb-trans"><ul>
<li>养老金基金旨在多元化融资来源，以应对外汇波动</li>
</ul>
</div><ul>
<li>Dollar bond issuance could ease pressure on the won</li>
</ul>
<div class="lb-trans"><ul>
<li>发行美元债券可能减轻对韩元的压力</li>
</ul>
</div><ul>
<li>Review of FX hedging strategy now under way</li>
</ul>
<div class="lb-trans"><ul>
<li>外汇对冲策略的审查正在进行中</li>
</ul>
</div><ul>
<li>Authorities step up coordination on currency stability</li>
</ul>
<div class="lb-trans"><ul>
<li>当局加强货币稳定的协调</li>
</ul>
</div><p>South Korea’s currency trimmed earlier losses after reports that the National Pension Service is moving closer to issuing foreign-currency bonds, a step seen as potentially easing pressure on the won amid persistent exchange-rate volatility. The comments marked the first time a government official has publicly outlined a possible timeline for the fund’s unprecedented entry into offshore debt markets.</p>
<div class="lb-trans"><p>在有报道称国家养老金服务机构（NPS）正接近发行外币债券后，韩国货币削减了早前的损失，这一举措被视为可能减轻在持续汇率波动下对韩元的压力。这是政府官员首次公开阐述该基金前所未有地进入离岸债务市场的可能时间表。</p>
</div><p>Officials indicated the pension fund hopes to begin issuing dollar-denominated bonds by the end of this year, subject to swift legislative changes. The move forms part of broader efforts to diversify funding sources and better manage foreign exchange exposure at the world’s third-largest pension fund, which oversees assets of nearly 1.44 quadrillion won.</p>
<div class="lb-trans"><p>官员们表示，养老金基金希望在今年年底之前开始发行美元计价债券，前提是立法迅速变更。这一举措是多元化资金来源和更好地管理外汇风险的更广泛努力的一部分，该基金是全球第三大养老金基金，管理着近 1.44 千万亿韩元的资产。</p>
</div><p>The won has fallen around 7% against the dollar since mid-2025, creating challenges for both policymakers and institutional investors. Currency weakness has complicated South Korea’s overseas investment plans and increased sensitivity around capital outflows. In response, the pension fund has been actively selling dollars in the FX forwards market to support the currency, a strategy that has drawn growing attention from markets.</p>
<div class="lb-trans"><p>自 2025 年中以来，韩元对美元贬值约 7%，给政策制定者和机构投资者带来了挑战。货币疲软使韩国的海外投资计划变得复杂，并增加了资本外流的敏感性。作为回应，养老金基金一直在外汇远期市场积极出售美元以支持货币，这一策略引起了市场的越来越多关注。</p>
</div><p>---</p>
<div class="lb-trans"><hr/>
</div><p>Dollar bond issuance by the National Pension Service would allow the fund to raise foreign currency directly, reducing the need to convert won into dollars when investing abroad. This can lessen immediate demand for dollars in the spot market, helping stabilise the won. In addition, borrowing against existing overseas assets provides funding flexibility without triggering fresh FX outflows, a dynamic that markets typically view as currency-supportive.</p>
<div class="lb-trans"><p>国家养老金服务机构发行美元债券将使该基金能够直接筹集外币，减少在海外投资时将韩元转换为美元的需求。这可以减少现货市场对美元的即时需求，帮助稳定韩元。此外，利用现有海外资产借款提供了资金灵活性，而不会引发新的外汇流出，这一动态通常被市场视为支持货币的。</p>
</div><p>Officials also signalled that the fund is reviewing its longer-term currency hedging framework. While FX hedging has so far been conducted flexibly rather than mechanically, authorities acknowledged that a reassessment is needed to ensure the strategy remains effective as market conditions evolve. Hedging operations have involved selling dollar forwards to increase dollar supply and slow the pace of won depreciation.</p>
<div class="lb-trans"><p>官员们还表示，该基金正在审查其长期货币对冲框架。虽然外汇对冲迄今为止是灵活进行而非机械化，但当局承认需要重新评估，以确保该策略在市场条件变化时仍然有效。对冲操作涉及出售美元远期合约，以增加美元供应并减缓韩元贬值的速度。</p>
</div><p>The potential bond issuance mirrors approaches used by other large global pension funds, including Canada’s, and would likely be capped as a proportion of the fund’s overseas investment exposure. Alongside this, asset allocation targets have been adjusted to slightly reduce overseas equity exposure while lifting domestic equity weightings, reflecting sensitivity to currency conditions.</p>
<div class="lb-trans"><p>潜在的债券发行与其他大型全球养老金基金（包括加拿大的养老金基金）采用的方法相似，并可能会限制为该基金海外投资敞口的一定比例。同时，资产配置目标已被调整，以略微减少海外股票敞口，同时提高国内股票的权重，反映出对货币条件的敏感性。</p>
</div><p>A new four-way consultative body involving the finance ministry, welfare ministry, central bank and pension fund is set to meet this week to coordinate responses to market volatility. For now, the prospect of offshore issuance has offered some near-term relief for the won, even as broader currency pressures remain tied to global dollar dynamics.</p>
<div class="lb-trans"><p>一个新的四方咨询机构将于本周召开会议，涉及财政部、福利部、中央银行和养老金基金，以协调对市场波动的响应。目前，离岸发行的前景为韩元提供了一些短期缓解，尽管更广泛的货币压力仍与全球美元动态相关。</p>
</div>

由于养老金基金考虑发行美元债券，韩国的韩元走强