印度出台严厉措施抑制美元需求以捍卫卢比作者：贾斯普里特·卡尔拉、尼梅什·沃拉孟买，10月10日——周六，印度出台多项新举措以提振卢比汇率。这些措施包括引导石油企业减少在现货市场上的美元采购，并收紧外汇套期保值规则。目前卢比汇率正徘徊在历史低位附近。
India unveils tough curbs on dollar demand to defend rupee By Jaspreet Kalra and Nimesh Vora MUMBAI, Oct 10 - India on Saturday unveiled fresh measures to shore up the rupee, redirecting oil companies' dollar purchases away from the spot market and tightening hedging rules as the currency hovers near record lows. The steps by the Reserve Bank of India come as persistent pressure on the rupee, fuelled by surging oil prices and global bond yields, has driven the currency down more than 7% this year.
由于油价与全球债券收益率持续攀升，卢比面临巨大贬值压力，今年以来其汇率已累计下跌逾7%。在此背景下，印度储备银行出台了上述措施。
The central bank will open a special window to meet the daily dollar requirements of three state-run oil-marketing companies, easing pressure on the spot market.
为缓解现货市场的压力，印度储备银行将开设专门通道以满足三家国有石油营销企业的日常美元需求。据悉，该机制通常在货币市场承压时期启用，届时央行会直接从外汇储备中向这些企业提供美元。印度石油公司、印度斯坦石油公司及巴拉特石油公司自周一起即可使用这一服务。
Under such an arrangement, used during periods of currency stress, the RBI provides oil companies dollars directly from its foreign exchange reserves. Indian Oil, Hindustan Petroleum and Bharat Petroleum will be allowed to access the facility from Monday, the RBI said.
“解决石油企业的美元需求问题能消除外汇市场上最大的需求来源之一，这虽有助于降低汇率波动，但也会导致外汇储备减少，”澳新银行孟买分行的外汇策略师迪拉杰·尼姆指出。
"Addressing oil companies' dollar requirements removes one of the largest sources of demand from the FX market, which should help reduce volatility but it will show up in a depletion of reserves," said Dhiraj Nim, FX strategist at ANZ Bank in Mumbai.
措施公布后，尽管交易量较为清淡，但在无交割远期市场上卢比对美元汇率仍上涨了约0.6%。抑制套期保值带来的压力近几个月来，为防范卢比进一步贬值而引发的套期保值需求激增，使得卢比承受沉重压力——进口商对美元的需求量远超出口商的供给能力。
After the steps were announced, the rupee strengthened by about 0.6% against the dollar in the non-deliverable forward market, albeit in thin trading. CURBING HEDGING PRESSURE Elevated demand for protection against further rupee losses has weighed on the currency in recent months, with importers' appetite for dollars far exceeding exporter supply.
对此，印度储备银行采取了收紧企业投机性外汇交易规则、提高汇率避险成本等应对措施。
The central bank has responded by tightening rules on speculative corporate activity and raising the cost of protection against further rupee weakness.
一位了解印度央行决策思路的知情人士称，印度央行正“试图抑制可能引发市场动荡的衍生品需求，提升基础风险敞口核查的严谨性，并防止市场参与者通过多次交易或反复重新记账来规避监管”。由于未经授权不得向媒体发声，该人士要求匿名。
The RBI is "trying to moderate potentially destabilising derivative demand, improve the integrity of underlying exposure verification and discourage circumvention through multiple transactions or repeated rebooking," a person familiar with the central bank's thinking said, commenting on condition of anonymity as they are not authorized to speak to the media. The central bank has mandated that forex dealers maintain a 20% "foreign exchange risk reserve" on derivative contracts used to buy foreign currency against the rupee, for the purposes of hedging current account transactions.
印度央行已规定：外汇交易商针对用于对冲经常账户交易风险的卢比兑外币衍生品合约，必须计提20%的“外汇风险准备金”。这一规定适用于名义价值超过200万美元的交易。
The requirement applies to transactions with a notional value exceeding $2 million.
两位要求匿名的银行业人士指出，该准备金要求将提高投资者为防范卢比进一步贬值而购买避险工具的成本，从而抑制过度避险行为。
The reserve requirement will lift the cost of buying protection against further rupee weakness, helping to discourage excessive hedging, two bankers said, speaking on the condition of anonymity.
此前中国监管部门也曾采用类似手段来遏制市场单边做空人民币的行为。
Chinese authorities have previously used similar tools to discourage one-way bets against the yuan.
此外，印度央行还将投资者在无法提供基础风险敞口证明的情况下所能进行的衍生品交易规模上限从1亿美元大幅下调至500万美元。这一新限额适用于包括交易所交易期货在内的所有衍生品品类。
India's central bank has also slashed the limits on the size of derivative transactions users can undertake without proof of underlying exposure to $5 million from $100 million. The lower cap applies across all derivative products, including exchange-traded futures.
上述举措出台的背景是：印度近期通过一系列特殊政策吸引了超过1400亿美元的资金流入，这些政策旨在鼓励海外资金以外汇存款形式流入，同时允许国有企业和银行进行离岸借贷。
The measures follow more than $140 billion in capital inflows raised through one-off policy steps to encourage overseas FX deposits alongside offshore borrowing by state-run firms and banks.
然而，尽管有大量资金流入，且央行近期持续实施市场干预并加息，卢比依然面临贬值压力。
Yet despite those inflows, sustained central bank intervention and a rate hike earlier this week, the rupee remains under pressure.
澳新银行的尼姆指出，这些措施应能缓解卢比的贬值压力，但无法彻底消除这一趋势。“决定卢比走势的根本因素——如油价水平与资本流动方向——并未改变；真正的考验在于未来一周印度外汇储备状况及卢比的表现。”尼姆补充道。
The steps should temper, but not eliminate, pressure on the rupee, ANZ's Nim said. "The underlying drivers, including oil prices and capital flows, remain, and the real test will be how reserves and the rupee behave in the coming week," Nim added.