<p>[孟買] 隨着政策制定者支出資金以捍衞本國貨幣，亞洲的外匯儲備正在急劇下降，以應對因伊朗戰爭引發的油價飆升。</p>
<p>菲律賓的外匯儲備損失最為嚴重，自衝突開始以來下降了 8.1%，降至 1040 億美元，而印度的外匯儲備下降了 5.2%，降至 6910 億美元，印尼的外匯儲備下降了 3.8%，降至 1460 億美元，彭博社的數據表明。這些下降既反映了為支持本國貨幣而支出的資金流失，也反映了非美元資產價值的減少。</p>
<p>外匯儲備的下降進一步證明，亞洲是中東衝突中最大的受害者之一，因為該地區依賴能源進口。同時，普遍認為該地區目前在應對經濟動盪方面的能力優於過去的情況，例如 1990 年代的亞洲金融危機或 2013 年的縮減恐慌。</p>
<p>“包括印度在內的亞洲經濟體已經建立了儲備作為第一道防線——它們的宏觀基本面今天也更強勁——但它們通常也是大型石油進口國，” 曾任印度儲備銀行（RBI）行長的杜夫裏·蘇巴拉奧表示。“此外，出口一直是亞洲經濟的主要增長動力，但將受到衝擊。”</p>
<p>隨着能源成本飆升加劇了經濟前景，亞洲各國央行最近幾周越來越頻繁地介入外匯市場。印尼的一位高級政策制定者本週表示，印尼將在外匯市場進行 “智能干預”，並動用所有貨幣政策工具，此前印尼盾屢創新低。</p>
<p>印度於週二（5 月 12 日）提高了黃金和白銀的進口關税，以試圖遏制黃金購買並捍衞其貨幣，因為該國正在應對中東戰爭帶來的影響。知情人士本週表示，該國還在考慮其他緊急措施以增強外匯儲備，包括提高燃油價格。</p>
<h3>在新的全球秩序中導航亞洲</h3>
<p>獲取洞察信息，直接發送到您的郵箱。</p>
<p>菲律賓央行通過外匯市場干預來支持比索，以管理波動性，因為比索接近每美元 60 比索，但其行動不足以阻止貨幣貶值超過該水平。政策制定者上個月提高了基準利率，並表示準備進一步收緊政策。</p>
<p>儘管央行積極支持本國貨幣，但損失仍然顯著。自 2 月底以來，比索貶值了 6.1%，印度盧比貶值了 5%，印尼盾貶值了 4%。</p>
<p>外匯儲備的下降，加上油價等商品成本的上升，導致該地區的 “進口覆蓋” 下降——這是一個關鍵指標，衡量一個國家可以用其貨幣儲備支付多少個月的進口。菲律賓的比率從 9.9 降至 8.2，而韓國的比率從 8.2 降至 6.9，基於 BNY 的計算。</p>
<p>另見</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>亞洲貨幣因對人工智能的熱情和美伊和平希望而反彈</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>前往澳大利亞旅行？隨着澳元接近一年以來對新加坡元的最高點，消費可能受到影響</h3>
<p>“在最近幾個月，亞洲大部分地區的進口覆蓋率下降，主要反映了進口成本的上升，尤其是能源成本，” BNY 在香港的亞太區宏觀策略師黃國榮表示。“在這種背景下，我們預計外匯干預將保持適度，尤其是在原油價格高企的情況下。”</p>
<p>亞洲貨幣的貶值迫使地區央行超越簡單的外匯干預措施。印度儲備銀行還採取了其他幾項措施來支持盧比，包括通過限制銀行每日的開放頭寸至 1 億美元來遏制外匯市場的投機。</p>
<p>根據澳大利亞和新西蘭銀行集團（ANZ）的説法，亞洲各國外匯儲備的下降使一些央行變得更加謹慎，並可能導致貨幣政策收緊。</p>
<p>“雖然可以採取其他措施，但最終該地區的更多央行將需要提高利率，以確保通脹得到控制，並減輕貶值壓力，” ANZ 新加坡亞太研究負責人黃國表示。彭博社</p>
<p>解碼亞洲通訊：您在新的全球秩序中導航亞洲的指南。點擊此處註冊以獲取解碼亞洲通訊。直接發送到您的郵箱。免費。</p>

AGX印度-U

標普新興亞太 ETF - SPDR

新興市場亞洲 MSCI ETF - iShares

AGX印度

<p>亞洲的外匯儲備正在下降，菲律賓、印度和印度尼西亞等國因伊朗戰爭導致油價上漲而支出以捍衞其貨幣。菲律賓的外匯儲備下降了 8.1%，降至 1040 億美元，印度下降了 5.2%，降至 6910 億美元，印度尼西亞下降了 3.8%，降至 1460 億美元。中央銀行正在干預貨幣市場，政策制定者正在考慮提高利率和進口關税等措施，以穩定經濟和貨幣</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>[孟買] 隨着政策制定者支出資金以捍衞本國貨幣，亞洲的外匯儲備正在急劇下降，以應對因伊朗戰爭引發的油價飆升。</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>菲律賓的外匯儲備損失最為嚴重，自衝突開始以來下降了 8.1%，降至 1040 億美元，而印度的外匯儲備下降了 5.2%，降至 6910 億美元，印尼的外匯儲備下降了 3.8%，降至 1460 億美元，彭博社的數據表明。這些下降既反映了為支持本國貨幣而支出的資金流失，也反映了非美元資產價值的減少。</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>外匯儲備的下降進一步證明，亞洲是中東衝突中最大的受害者之一，因為該地區依賴能源進口。同時，普遍認為該地區目前在應對經濟動盪方面的能力優於過去的情況，例如 1990 年代的亞洲金融危機或 2013 年的縮減恐慌。</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>“包括印度在內的亞洲經濟體已經建立了儲備作為第一道防線——它們的宏觀基本面今天也更強勁——但它們通常也是大型石油進口國，” 曾任印度儲備銀行（RBI）行長的杜夫裏·蘇巴拉奧表示。“此外，出口一直是亞洲經濟的主要增長動力，但將受到衝擊。”</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>隨着能源成本飆升加劇了經濟前景，亞洲各國央行最近幾周越來越頻繁地介入外匯市場。印尼的一位高級政策制定者本週表示，印尼將在外匯市場進行 “智能干預”，並動用所有貨幣政策工具，此前印尼盾屢創新低。</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>印度於週二（5 月 12 日）提高了黃金和白銀的進口關税，以試圖遏制黃金購買並捍衞其貨幣，因為該國正在應對中東戰爭帶來的影響。知情人士本週表示，該國還在考慮其他緊急措施以增強外匯儲備，包括提高燃油價格。</p>
</div><h3>Navigate Asia in  a new global order</h3>
<div class="lb-trans"><h3>在新的全球秩序中導航亞洲</h3>
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<div class="lb-trans"><p>獲取洞察信息，直接發送到您的郵箱。</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>菲律賓央行通過外匯市場干預來支持比索，以管理波動性，因為比索接近每美元 60 比索，但其行動不足以阻止貨幣貶值超過該水平。政策制定者上個月提高了基準利率，並表示準備進一步收緊政策。</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>儘管央行積極支持本國貨幣，但損失仍然顯著。自 2 月底以來，比索貶值了 6.1%，印度盧比貶值了 5%，印尼盾貶值了 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>外匯儲備的下降，加上油價等商品成本的上升，導致該地區的 “進口覆蓋” 下降——這是一個關鍵指標，衡量一個國家可以用其貨幣儲備支付多少個月的進口。菲律賓的比率從 9.9 降至 8.2，而韓國的比率從 8.2 降至 6.9，基於 BNY 的計算。</p>
</div><p>SEE ALSO</p>
<div class="lb-trans"><p>另見</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>亞洲貨幣因對人工智能的熱情和美伊和平希望而反彈</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>前往澳大利亞旅行？隨着澳元接近一年以來對新加坡元的最高點，消費可能受到影響</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>“在最近幾個月，亞洲大部分地區的進口覆蓋率下降，主要反映了進口成本的上升，尤其是能源成本，” BNY 在香港的亞太區宏觀策略師黃國榮表示。“在這種背景下，我們預計外匯干預將保持適度，尤其是在原油價格高企的情況下。”</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>亞洲貨幣的貶值迫使地區央行超越簡單的外匯干預措施。印度儲備銀行還採取了其他幾項措施來支持盧比，包括通過限制銀行每日的開放頭寸至 1 億美元來遏制外匯市場的投機。</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>根據澳大利亞和新西蘭銀行集團（ANZ）的説法，亞洲各國外匯儲備的下降使一些央行變得更加謹慎，並可能導致貨幣政策收緊。</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>“雖然可以採取其他措施，但最終該地區的更多央行將需要提高利率，以確保通脹得到控制，並減輕貶值壓力，” ANZ 新加坡亞太研究負責人黃國表示。彭博社</p>
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<div class="lb-trans"><p>解碼亞洲通訊：您在新的全球秩序中導航亞洲的指南。點擊此處註冊以獲取解碼亞洲通訊。直接發送到您的郵箱。免費。</p>
</div>

戰爭動盪削弱亞洲儲備，菲律賓和印度受到的影響最大