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银行向印度央行反映:卢比远期外汇交易冻结,市场出现扭曲Lenders Flag Freeze in Rupee Fowards, Market Distortions to RBI

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知情人士透露,印度各家银行已向该国央行表示,其对外汇衍生品的限制正在导致货币远期市场的流动性枯竭,并要求明确新限制措施的实施范围。

Indian lenders told the country’s central bank its restrictions on foreign-exchange derivatives are drying up liquidity in the currency forwards market and asked for clarity on the extent of the new curbs, according to people familiar with the developments.

知情人士称,在过去三天与印度储备银行官员的电话通话中,银行表示交易活动已经骤降。因讨论内容未公开,知情人士要求匿名。他们表示,流动性的稀薄使得银行难以管理过剩的美元,因为它们通常在货币远期市场中将这些美元与卢比进行互换。

In phone conversations with Reserve Bank of India officials over the past three days, banks said activity has plunged, the people said, asking not to be identified as the discussions are private. The thinning of the liquidity makes it difficult for banks to manage excess dollars as they normally swap these with rupees in the currency forwards market, they said.

美元兑卢比境内远期收益率已经飙升,该收益率代表了进口商锁定期货美元购买成本。本周三个月期收益率跃升了170个基点,而六个月期收益率则攀升了近120个基点。

The dollar-rupee onshore forward yields, which represent the cost of locking in future purchases of the greenback by importers, have surged. The three-month yield has jumped 170 basis points this week, while the six-month yield has climbed close to 120 basis points.

知情人士表示,持续的市场波动将使银行难以吸收即将进行的股票发售所带来的外资流入,同时银行也要求明确新的限制措施是否同样适用于银行间交易。

The ongoing market volatility will make it difficult for banks to absorb foreign inflows from upcoming share sales, with lenders also seeking clarity if the new restrictions also apply to interbank transactions, the people said.

知情人士称,货币当局定于本周四晚些时候与部分银行就此事进行讨论。

The monetary authority is set to discuss the matter with some banks later Thursday, the people said.

周一晚间,印度储备银行表示,银行必须为用于对冲自身资产和负债的卢比挂钩货币衍生品合约维持外汇风险准备金。在此之前两天,该央行已对银行与其用户之间的此类合约宣布了相同的举措。印度储备银行发言人未立即回复就此事寻求置评的电子邮件。

On Monday night, the RBI said that banks must maintain a foreign-exchange risk reserve for rupee-linked currency derivative contracts used to hedge their own assets and liabilities. Two days before that, the central bank had announced the same measure for such contracts between banks and their users. An RBI spokesperson did not immediately respond to an email seeking comment on the matter.