分析师表示，马来西亚出口商可能正在增加将外币收入转换为林吉特，这有望在今年剩余时间里提振当地汇率。
Malaysian exporters are likely increasing conversions of their foreign-currency earnings into the ringgit, which stands to boost the local exchange rate through the rest of the year, analysts say.
根据马来西亚央行最新数据，马来西亚外币存款在8月降至3080亿林吉特（755亿美元），降幅达8.6%，为2010年以来最大月度降幅。这一下降表明，受益于半导体出口的出口商可能正在将这些收入转换为林吉特。
Malaysia’s foreign-currency deposits fell 8.6% to 308 billion ringgit ($75.5 billion) in August, the sharpest monthly decline since 2010, according to most recent central bank data. The drop indicates that exporters, benefiting from semiconductor shipments, may be converting those earnings into ringgit.
虽然9月贸易数据将于下周公布，但法国巴黎银行（BNP Paribas SA）预计企业持续转换将支撑林吉特。该行表示，这种势头结合稳健的经济基本面和外国直接投资流入，应有助于将林吉特汇率从目前约4.08林吉特兑1美元提升至2027年6月的3.90林吉特兑1美元。
While September trade figures are scheduled for release next week, BNP Paribas SA expects ongoing corporate conversions to support the ringgit. That momentum, combined with robust economic fundamentals and foreign direct investment inflows, should help lift the currency to 3.90 per dollar by June 2027 from around 4.08 currently, according to the bank.
“我们预计，随着岸上出口商寻求降低不断上升的外汇敞口，以及外国直接投资流入（如数据中心建设），企业转换流动将增加，”该行新兴市场亚洲外汇和利率策略师Parisha Saimbi表示。
“We expect corporate conversion flows to rise from onshore exporters seeking to reduce the rising FX exposure and from foreign direct investment inflows such as for the construction of data centers,” said Parisha Saimbi, EM Asia FX and rates strategist at the bank.
外国投资大量涌入马来西亚，马来西亚已成为亚洲半导体制造和数据中心的主要枢纽。马来西亚出口在8月较去年同期增长45%，与6月的增幅持平，为自2022年8月以来的最快增长。
Foreign investments have poured into Malaysia, which has become a major Asian hub for semiconductor manufacturing and data centers. Malaysia’s exports rose 45% in August from a year earlier, matching the growth seen in June, which was the fastest since August 2022.
这为林吉特提供了支撑，林吉特在8月对美元汇率上涨了1.5%。尽管在随后一个月中因美元整体反弹而吐掉部分涨幅，但林吉特仍是今年东南亚表现最佳的货币，仅次于新加坡元。
That has offered support for the ringgit, which rallied 1.5% against the dollar in August. Despite giving back some gains the following month amid a broader dollar rebound, it remains Southeast Asia’s best-performing currency this year behind the Singapore dollar.
官方努力正在强化这些市场流动。马来西亚国家银行上个月重申，它继续鼓励国有关联企业和私营企业将外币收入汇回并兑换。该策略与韩国的类似举措相呼应，韩国官员曾敦促出口商在韩元开始复苏前将海外资金汇回。
Official efforts are reinforcing those market flows. Bank Negara Malaysia reiterated last month that it continues to encourage state-linked and private firms to repatriate and convert foreign-currency income. The strategy mirrors a similar move in South Korea, where officials urged exporters to repatriate overseas funds before the won began to recover.
由于缺乏马来西亚出口商将外币收入兑换成林吉特的官方数据，澳大利亚及新西兰银行集团亚洲研究主管Khoon Goh表示，商业银行持有的企业外币存款规模可以反映这一趋势。
With no official data on Malaysian exporter conversion of foreign currency proceeds into the ringgit, the size of business foreign-currency deposits held by commercial banks give an indication of such trends, according to Khoon Goh, head of Asia research at Australia & New Zealand Banking Group.
“自7月以来，企业外币存款出现下降，这可能表明兑换行为有所增加，”Goh表示。“如果兑换出现更明显的增长，那应能支撑林吉特，尽管投资组合流动也是另一个重要驱动因素。”
“Since July there has been a fall in business foreign-currency deposits, which may point to increased conversion,” said Goh. “If there is a more noticeable rise in conversions, that should support the ringgit, though portfolio flows is also another important driver.”