外匯儲備

Why are EM forex reserves in a sustained decline?
新興市場外匯儲備的下降趨勢


惠譽全球主權評級主管麥克名:部分數據顯示,新興市場外匯儲備仍在下降,而且依然是普遍下降。預計,中國和俄羅斯下降趨勢很快發生改變的可能性不大。

Emerging market (EM) official foreign exchange (FX) reserves have been falling steadily by an average of $58bn a month since reaching an all-time high of $8.17tn in June 2014. This has mainly been due to reductions in China and Russia, but is accentuated by declines elsewhere. Total reserves have also been falling year on year from December 2014, with the cumulative yearly decline accelerating to $385bn in March 2015 (see chart below).

自2014年6月達到8.17兆美元的歷史最高水準以來,新興市場官方外匯儲備穩步下降,每月平均下降580億美元。這主要是中國和俄羅斯外匯儲備下降所致,但其他國家的下降也加劇了這種趨勢。自2014年12月起,新興市場外匯儲備總額同比也出現了下降,同比降幅在2015年3月擴大至3850億美元。

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