<p>隨着國家養老金服務機構（NPS）計劃發行美元債券，韓元企穩，市場對外匯壓力減輕的希望增強。</p>
<p>摘要：</p>
<ul>
<li>韓國韓元在有報道稱 NPS 可能發行美元債券後削減了損失</li>
</ul>
<ul>
<li>養老金基金旨在多元化融資來源，以應對外匯波動</li>
</ul>
<ul>
<li>發行美元債券可能減輕對韓元的壓力</li>
</ul>
<ul>
<li>外匯對沖策略的審查正在進行中</li>
</ul>
<ul>
<li>當局加強貨幣穩定的協調</li>
</ul>
<p>在有報道稱國家養老金服務機構（NPS）正接近發行外幣債券後，韓國貨幣削減了早前的損失，這一舉措被視為可能減輕在持續匯率波動下對韓元的壓力。這是政府官員首次公開闡述該基金前所未有地進入離岸債務市場的可能時間表。</p>
<p>官員們表示，養老金基金希望在今年年底之前開始發行美元計價債券，前提是立法迅速變更。這一舉措是多元化資金來源和更好地管理外匯風險的更廣泛努力的一部分，該基金是全球第三大養老金基金，管理着近 1.44 千萬億韓元的資產。</p>
<p>自 2025 年中以來，韓元對美元貶值約 7%，給政策制定者和機構投資者帶來了挑戰。貨幣疲軟使韓國的海外投資計劃變得複雜，並增加了資本外流的敏感性。作為回應，養老金基金一直在外匯遠期市場積極出售美元以支持貨幣，這一策略引起了市場的越來越多關注。</p>
<hr/>
<p>國家養老金服務機構發行美元債券將使該基金能夠直接籌集外幣，減少在海外投資時將韓元轉換為美元的需求。這可以減少現貨市場對美元的即時需求，幫助穩定韓元。此外，利用現有海外資產借款提供了資金靈活性，而不會引發新的外匯流出，這一動態通常被市場視為支持貨幣的。</p>
<p>官員們還表示，該基金正在審查其長期貨幣對沖框架。雖然外匯對沖迄今為止是靈活進行而非機械化，但當局承認需要重新評估，以確保該策略在市場條件變化時仍然有效。對沖操作涉及出售美元遠期合約，以增加美元供應並減緩韓元貶值的速度。</p>
<p>潛在的債券發行與其他大型全球養老金基金（包括加拿大的養老金基金）採用的方法相似，並可能會限制為該基金海外投資敞口的一定比例。同時，資產配置目標已被調整，以略微減少海外股票敞口，同時提高國內股票的權重，反映出對貨幣條件的敏感性。</p>
<p>一個新的四方諮詢機構將於本週召開會議，涉及財政部、福利部、中央銀行和養老金基金，以協調對市場波動的響應。目前，離岸發行的前景為韓元提供了一些短期緩解，儘管更廣泛的貨幣壓力仍與全球美元動態相關。</p>

韓國 MSCI ETF - iShares

韓國 3 倍做多 ETF - Direxion

MKOR

富時韓國 ETF - Franklin Templeton

<p>韓國的韓元趨於穩定，因為國家養老金服務機構（NPS）計劃發行美元債券，這可能緩解外匯壓力。NPS 旨在在貨幣波動中多元化融資，並希望在年底前開始發行，具體取決於立法變更。這一舉措可能通過減少對美元的即時需求和提供融資靈活性來穩定韓元。該基金還在審查其貨幣對沖策略，以適應不斷變化的市場條件。一個由關鍵部門和中央銀行組成的諮詢機構將協調對市場波動的響應，為韓元提供短期緩解</p>

<p>The won steadied as plans for NPS dollar bond issuance raised hopes of reduced FX pressure.</p>
<div class="lb-trans"><p>隨着國家養老金服務機構（NPS）計劃發行美元債券，韓元企穩，市場對外匯壓力減輕的希望增強。</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>韓國韓元在有報道稱 NPS 可能發行美元債券後削減了損失</li>
</ul>
</div><ul>
<li>Pension fund aims to diversify funding amid FX volatility</li>
</ul>
<div class="lb-trans"><ul>
<li>養老金基金旨在多元化融資來源，以應對外匯波動</li>
</ul>
</div><ul>
<li>Dollar bond issuance could ease pressure on the won</li>
</ul>
<div class="lb-trans"><ul>
<li>發行美元債券可能減輕對韓元的壓力</li>
</ul>
</div><ul>
<li>Review of FX hedging strategy now under way</li>
</ul>
<div class="lb-trans"><ul>
<li>外匯對沖策略的審查正在進行中</li>
</ul>
</div><ul>
<li>Authorities step up coordination on currency stability</li>
</ul>
<div class="lb-trans"><ul>
<li>當局加強貨幣穩定的協調</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>在有報道稱國家養老金服務機構（NPS）正接近發行外幣債券後，韓國貨幣削減了早前的損失，這一舉措被視為可能減輕在持續匯率波動下對韓元的壓力。這是政府官員首次公開闡述該基金前所未有地進入離岸債務市場的可能時間表。</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>官員們表示，養老金基金希望在今年年底之前開始發行美元計價債券，前提是立法迅速變更。這一舉措是多元化資金來源和更好地管理外匯風險的更廣泛努力的一部分，該基金是全球第三大養老金基金，管理着近 1.44 千萬億韓元的資產。</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 年中以來，韓元對美元貶值約 7%，給政策制定者和機構投資者帶來了挑戰。貨幣疲軟使韓國的海外投資計劃變得複雜，並增加了資本外流的敏感性。作為回應，養老金基金一直在外匯遠期市場積極出售美元以支持貨幣，這一策略引起了市場的越來越多關注。</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>國家養老金服務機構發行美元債券將使該基金能夠直接籌集外幣，減少在海外投資時將韓元轉換為美元的需求。這可以減少現貨市場對美元的即時需求，幫助穩定韓元。此外，利用現有海外資產借款提供了資金靈活性，而不會引發新的外匯流出，這一動態通常被市場視為支持貨幣的。</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>官員們還表示，該基金正在審查其長期貨幣對沖框架。雖然外匯對沖迄今為止是靈活進行而非機械化，但當局承認需要重新評估，以確保該策略在市場條件變化時仍然有效。對沖操作涉及出售美元遠期合約，以增加美元供應並減緩韓元貶值的速度。</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>潛在的債券發行與其他大型全球養老金基金（包括加拿大的養老金基金）採用的方法相似，並可能會限制為該基金海外投資敞口的一定比例。同時，資產配置目標已被調整，以略微減少海外股票敞口，同時提高國內股票的權重，反映出對貨幣條件的敏感性。</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>一個新的四方諮詢機構將於本週召開會議，涉及財政部、福利部、中央銀行和養老金基金，以協調對市場波動的響應。目前，離岸發行的前景為韓元提供了一些短期緩解，儘管更廣泛的貨幣壓力仍與全球美元動態相關。</p>
</div>

由於養老金基金考慮發行美元債券，韓國的韓元走強