<p>[孟买] 随着政策制定者支出资金以捍卫本国货币，亚洲的外汇储备正在急剧下降，以应对因伊朗战争引发的油价飙升。</p>
<p>菲律宾的外汇储备损失最为严重，自冲突开始以来下降了 8.1%，降至 1040 亿美元，而印度的外汇储备下降了 5.2%，降至 6910 亿美元，印尼的外汇储备下降了 3.8%，降至 1460 亿美元，彭博社的数据表明。这些下降既反映了为支持本国货币而支出的资金流失，也反映了非美元资产价值的减少。</p>
<p>外汇储备的下降进一步证明，亚洲是中东冲突中最大的受害者之一，因为该地区依赖能源进口。同时，普遍认为该地区目前在应对经济动荡方面的能力优于过去的情况，例如 1990 年代的亚洲金融危机或 2013 年的缩减恐慌。</p>
<p>“包括印度在内的亚洲经济体已经建立了储备作为第一道防线——它们的宏观基本面今天也更强劲——但它们通常也是大型石油进口国，” 曾任印度储备银行（RBI）行长的杜夫里·苏巴拉奥表示。“此外，出口一直是亚洲经济的主要增长动力，但将受到冲击。”</p>
<p>随着能源成本飙升加剧了经济前景，亚洲各国央行最近几周越来越频繁地介入外汇市场。印尼的一位高级政策制定者本周表示，印尼将在外汇市场进行 “智能干预”，并动用所有货币政策工具，此前印尼盾屡创新低。</p>
<p>印度于周二（5 月 12 日）提高了黄金和白银的进口关税，以试图遏制黄金购买并捍卫其货币，因为该国正在应对中东战争带来的影响。知情人士本周表示，该国还在考虑其他紧急措施以增强外汇储备，包括提高燃油价格。</p>
<h3>在新的全球秩序中导航亚洲</h3>
<p>获取洞察信息，直接发送到您的邮箱。</p>
<p>菲律宾央行通过外汇市场干预来支持比索，以管理波动性，因为比索接近每美元 60 比索，但其行动不足以阻止货币贬值超过该水平。政策制定者上个月提高了基准利率，并表示准备进一步收紧政策。</p>
<p>尽管央行积极支持本国货币，但损失仍然显著。自 2 月底以来，比索贬值了 6.1%，印度卢比贬值了 5%，印尼盾贬值了 4%。</p>
<p>外汇储备的下降，加上油价等商品成本的上升，导致该地区的 “进口覆盖” 下降——这是一个关键指标，衡量一个国家可以用其货币储备支付多少个月的进口。菲律宾的比率从 9.9 降至 8.2，而韩国的比率从 8.2 降至 6.9，基于 BNY 的计算。</p>
<p>另见</p>
<p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/03ec3c01ae1d8fd0412bc5367d38380064cf87dd4914642623dd085364824b6a/query-ZHByPTEmZj13ZWJwJnc9MjQw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/03ec3c01ae1d8fd0412bc5367d38380064cf87dd4914642623dd085364824b6a/query-ZHByPTEmZj13ZWJwJnc9MjQw"/></p>
<h3>亚洲货币因对人工智能的热情和美伊和平希望而反弹</h3>
<p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/b79cbd5e7268b2a7d3ea650366fde9ab2d6b797bf0e4fe140147c4f423aae533/query-ZHByPTEmZj13ZWJwJnc9MjQw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/b79cbd5e7268b2a7d3ea650366fde9ab2d6b797bf0e4fe140147c4f423aae533/query-ZHByPTEmZj13ZWJwJnc9MjQw"/></p>
<h3>前往澳大利亚旅行？随着澳元接近一年以来对新加坡元的最高点，消费可能受到影响</h3>
<p>“在最近几个月，亚洲大部分地区的进口覆盖率下降，主要反映了进口成本的上升，尤其是能源成本，” BNY 在香港的亚太区宏观策略师黄国荣表示。“在这种背景下，我们预计外汇干预将保持适度，尤其是在原油价格高企的情况下。”</p>
<p>亚洲货币的贬值迫使地区央行超越简单的外汇干预措施。印度储备银行还采取了其他几项措施来支持卢比，包括通过限制银行每日的开放头寸至 1 亿美元来遏制外汇市场的投机。</p>
<p>根据澳大利亚和新西兰银行集团（ANZ）的说法，亚洲各国外汇储备的下降使一些央行变得更加谨慎，并可能导致货币政策收紧。</p>
<p>“虽然可以采取其他措施，但最终该地区的更多央行将需要提高利率，以确保通胀得到控制，并减轻贬值压力，” ANZ 新加坡亚太研究负责人黄国表示。彭博社</p>
<p>解码亚洲通讯：您在新的全球秩序中导航亚洲的指南。点击此处注册以获取解码亚洲通讯。直接发送到您的邮箱。免费。</p>

AGX印度-U

标普新兴亚太 ETF - SPDR

新兴市场亚洲 MSCI ETF - iShares

AGX印度

<p>亚洲的外汇储备正在下降，菲律宾、印度和印度尼西亚等国因伊朗战争导致油价上涨而支出以捍卫其货币。菲律宾的外汇储备下降了 8.1%，降至 1040 亿美元，印度下降了 5.2%，降至 6910 亿美元，印度尼西亚下降了 3.8%，降至 1460 亿美元。中央银行正在干预货币市场，政策制定者正在考虑提高利率和进口关税等措施，以稳定经济和货币</p>

<p>[MUMBAI] Foreign-exchange reserves are slumping across Asia as policymakers shell out funds to defend their currencies against the spike in oil prices caused by the Iran war.</p>
<div class="lb-trans"><p>[孟买] 随着政策制定者支出资金以捍卫本国货币，亚洲的外汇储备正在急剧下降，以应对因伊朗战争引发的油价飙升。</p>
</div><p>The Philippines has led losses with its stockpile sinking 8.1 per cent since the conflict started to US$104 billion, while India’s dropped 5.2 per cent to US$691 billion and Indonesia’s slipped 3.8 per cent to US$146 billion, data compiled by Bloomberg show. The declines represent both the drain from spending to support local currencies and a reduction in the value of non-US-dollar holdings.</p>
<div class="lb-trans"><p>菲律宾的外汇储备损失最为严重，自冲突开始以来下降了 8.1%，降至 1040 亿美元，而印度的外汇储备下降了 5.2%，降至 6910 亿美元，印尼的外汇储备下降了 3.8%，降至 1460 亿美元，彭博社的数据表明。这些下降既反映了为支持本国货币而支出的资金流失，也反映了非美元资产价值的减少。</p>
</div><p>The slide in reserves adds to evidence that Asia has been one of the biggest losers from the Middle East conflict due to its reliance on energy imports. At the same time, there’s a widely held view that the region is currently better placed to handle economic turmoil than it was in past episodes, such as the Asian financial crisis in the 1990s or the 2013 taper tantrum.</p>
<div class="lb-trans"><p>外汇储备的下降进一步证明，亚洲是中东冲突中最大的受害者之一，因为该地区依赖能源进口。同时，普遍认为该地区目前在应对经济动荡方面的能力优于过去的情况，例如 1990 年代的亚洲金融危机或 2013 年的缩减恐慌。</p>
</div><p>“Asian economies, including India, have built up reserves as a first line of defence – their macro fundamentals are also stronger today – but they are also typically large oil importers,” said Duvvuri Subbarao, who was governor of the Reserve Bank of India (RBI) from 2008 to 2013. “Also, exports, which have been the main growth driver of Asian economies, are going to be hit.”</p>
<div class="lb-trans"><p>“包括印度在内的亚洲经济体已经建立了储备作为第一道防线——它们的宏观基本面今天也更强劲——但它们通常也是大型石油进口国，” 曾任印度储备银行（RBI）行长的杜夫里·苏巴拉奥表示。“此外，出口一直是亚洲经济的主要增长动力，但将受到冲击。”</p>
</div><p>Asian central banks have stepped into currency markets with increasing frequency in recent weeks as surging energy costs worsen the outlook for their economies. Indonesia will make “smart interventions” in the foreign-exchange markets and deploy all of its monetary-policy instruments after the rupiah slid to a succession of record lows, a senior policymaker said this week.</p>
<div class="lb-trans"><p>随着能源成本飙升加剧了经济前景，亚洲各国央行最近几周越来越频繁地介入外汇市场。印尼的一位高级政策制定者本周表示，印尼将在外汇市场进行 “智能干预”，并动用所有货币政策工具，此前印尼盾屡创新低。</p>
</div><p>India on Tuesday (May 12) raised import tariffs on gold and silver in an attempt to curb bullion purchases and defend its currency, as it grapples with the fallout from the Middle East war. The country is also considering other emergency steps to shore up foreign-exchange reserves, including hiking fuel prices, sources familiar with the matter said this week.</p>
<div class="lb-trans"><p>印度于周二（5 月 12 日）提高了黄金和白银的进口关税，以试图遏制黄金购买并捍卫其货币，因为该国正在应对中东战争带来的影响。知情人士本周表示，该国还在考虑其他紧急措施以增强外汇储备，包括提高燃油价格。</p>
</div><h3>Navigate Asia in  a new global order</h3>
<div class="lb-trans"><h3>在新的全球秩序中导航亚洲</h3>
</div><p>Get the insights delivered to your inbox.</p>
<div class="lb-trans"><p>获取洞察信息，直接发送到您的邮箱。</p>
</div><p>The Philippine central bank has supported the peso through foreign-exchange market intervention to manage volatility as the peso neared 60 per US dollar, but its actions were not enough to prevent the currency from weakening past that level. Policymakers raised their benchmark interest rate last month and said they were ready to deliver more tightening.</p>
<div class="lb-trans"><p>菲律宾央行通过外汇市场干预来支持比索，以管理波动性，因为比索接近每美元 60 比索，但其行动不足以阻止货币贬值超过该水平。政策制定者上个月提高了基准利率，并表示准备进一步收紧政策。</p>
</div><p>While central banks have been active to support their currencies, losses are significant. The peso has weakened 6.1 per cent since the end of February, while the Indian rupee has dropped 5 per cent and Indonesia’s rupiah has slipped 4 per cent.</p>
<div class="lb-trans"><p>尽管央行积极支持本国货币，但损失仍然显著。自 2 月底以来，比索贬值了 6.1%，印度卢比贬值了 5%，印尼盾贬值了 4%。</p>
</div><p>The decline in reserves, coupled with higher costs for items such as oil, has driven down “import cover” in the region – a key metric that measures the number of months of imports a country can pay for with its currency reserves. The Philippines has seen its ratio drop to 8.2 from 9.9, while South Korea’s has declined to 6.9 from 8.2, based on calculations from BNY.</p>
<div class="lb-trans"><p>外汇储备的下降，加上油价等商品成本的上升，导致该地区的 “进口覆盖” 下降——这是一个关键指标，衡量一个国家可以用其货币储备支付多少个月的进口。菲律宾的比率从 9.9 降至 8.2，而韩国的比率从 8.2 降至 6.9，基于 BNY 的计算。</p>
</div><p>SEE ALSO</p>
<div class="lb-trans"><p>另见</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/03ec3c01ae1d8fd0412bc5367d38380064cf87dd4914642623dd085364824b6a/query-ZHByPTEmZj13ZWJwJnc9MjQw" alt="" original-src="https://cassette.sphdigital.com.sg/image/businesstimes/03ec3c01ae1d8fd0412bc5367d38380064cf87dd4914642623dd085364824b6a?w=240&amp;dpr=1&amp;f=webp"/></p>
<h3>Asian currencies rally on AI enthusiasm, US-Iran peace hopes</h3>
<div class="lb-trans"><h3>亚洲货币因对人工智能的热情和美伊和平希望而反弹</h3>
</div><p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/b79cbd5e7268b2a7d3ea650366fde9ab2d6b797bf0e4fe140147c4f423aae533/query-ZHByPTEmZj13ZWJwJnc9MjQw" alt="" original-src="https://cassette.sphdigital.com.sg/image/businesstimes/b79cbd5e7268b2a7d3ea650366fde9ab2d6b797bf0e4fe140147c4f423aae533?w=240&amp;dpr=1&amp;f=webp"/></p>
<h3>Travelling Down Under? Spending could be hit as Aussie dollar nears one-year high against Singdollar</h3>
<div class="lb-trans"><h3>前往澳大利亚旅行？随着澳元接近一年以来对新加坡元的最高点，消费可能受到影响</h3>
</div><p>“Import cover has declined across much of Asia in recent months, largely reflecting higher import costs, particularly from energy,” said Wee Khoon Chong, Asia-Pacific macro strategist at BNY in Hong Kong. “Against this backdrop, we expect FX intervention to remain measured, especially with crude prices elevated.”</p>
<div class="lb-trans"><p>“在最近几个月，亚洲大部分地区的进口覆盖率下降，主要反映了进口成本的上升，尤其是能源成本，” BNY 在香港的亚太区宏观策略师黄国荣表示。“在这种背景下，我们预计外汇干预将保持适度，尤其是在原油价格高企的情况下。”</p>
</div><p>The slide in Asian currencies is compelling regional central banks to look beyond straightforward avenues such as foreign-exchange intervention. The RBI has also taken several other measures to support the rupee, including curbing speculation in the forex market by limiting banks’ daily open positions to US$100 million.</p>
<div class="lb-trans"><p>亚洲货币的贬值迫使地区央行超越简单的外汇干预措施。印度储备银行还采取了其他几项措施来支持卢比，包括通过限制银行每日的开放头寸至 1 亿美元来遏制外汇市场的投机。</p>
</div><p>The decline in Asian reserves across Asia is making some central banks more cautious and may result in tighter monetary policy, according to Australia &amp; New Zealand Banking Group (ANZ).</p>
<div class="lb-trans"><p>根据澳大利亚和新西兰银行集团（ANZ）的说法，亚洲各国外汇储备的下降使一些央行变得更加谨慎，并可能导致货币政策收紧。</p>
</div><p>“While other measures could be deployed, ultimately more central banks in the region will need to raise interest rates to ensure inflation is kept in check and to ease depreciation pressure,” said Khoon Goh, head of Asia research at ANZ in Singapore. BLOOMBERG</p>
<div class="lb-trans"><p>“虽然可以采取其他措施，但最终该地区的更多央行将需要提高利率，以确保通胀得到控制，并减轻贬值压力，” ANZ 新加坡亚太研究负责人黄国表示。彭博社</p>
</div><p>Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.</p>
<div class="lb-trans"><p>解码亚洲通讯：您在新的全球秩序中导航亚洲的指南。点击此处注册以获取解码亚洲通讯。直接发送到您的邮箱。免费。</p>
</div>

战争动荡削弱亚洲储备，菲律宾和印度受到的影响最大