套利交易

Large ‘short dollar’ feels the squeeze
全球套利交易步入下坡路


FT專欄作家錢塞勒:隨著新興市場國家採取措施防範本幣升值及美元和新興市場利差縮窄,做空美元的套利交易正在減少。

John Bull can stand many things,” wrote Walter Bagehot, “but he cannot stand 2 per cent.” The great Victorian journalist claimed that faced with such a low return on capital, his contemporaries would throw their money away on “impossible” investments. Such as lending to foreigners, for instance. A century and a half later, we are still chasing higher yields abroad. The great global carry trade, however, is getting rather long in the tooth.

「英國人忍受得了很多事情,」維多利亞時代的偉大記者沃爾特•白芝浩(Walter Bagehot)曾寫道,「但唯獨無法忍受2%的利率。」他表示,面對如此低的資金回報率,他的同代人都願意把資金扔到「不可思議」的投資項目上,例如,貸款給外國人。150年過去了,我們仍在追逐更高的海外收益。然而,大規模全球套利交易也開始難當重任了。

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