英国银行副行长莎拉·布里登周四告诉CNBC，对冲基金在全球债券市场中的影响力日益增强，这使得更广泛的市场冲击“比过去更有可能发生”。
Hedge funds' increased presence in global bond markets makes the likelihood of a broader market shock "greater than what it was," Bank of England deputy governor Sarah Breeden told CNBC Thursday.
布里登是这家中央银行负责金融稳定的副行长，也是其负责利率决策的货币政策委员会成员。她表示，债券市场投资者结构的改变以及他们杠杆使用率的上升，增加了局部市场动荡演变为更广泛金融压力的风险。
Breeden — the central bank's deputy governor for financial stability, and a member of its rates-setting Monetary Policy Committee — said the changing mix of bond market investors, and their increased use of leverage, raises the risk of localized market turbulence turning into broader financial stress.
“过去几年来越发明显的一点是，全球核心政府债券市场的投资者已经发生了变化，”布里登周四在接受CNBC记者斯里·杰加拉贾的采访时说。
"One of the things that has become increasingly apparent over the last several years is that the investors in our core government bond markets globally have changed," Breeden told CNBC's Sri Jegarajah in an interview Thursday.
“与以往不同，现在的主导者不再是真正的长期投资者，比如保险公司和养老基金，而是越来越多对冲基金。这些对冲基金对价格高度敏感、使用杠杆，并且具有国际性。这当然意味着，一个市场出现冲击并传导至另一个市场的可能性，比过去更高。”布里登当时正在泰国曼谷出席国际货币基金组织与世界银行年会。
"It's not the real money investors, the insurance companies and pension funds, in the way it used to be. It's increasingly hedge funds, and those hedge funds are price-sensitive, leveraged, international. That, of course, means that the likelihood of a shock in one market transmitting to another is greater than what it was." Breeden was speaking on the sidelines of the International Monetary Fund-World Bank annual meetings in Bangkok, Thailand.
国际货币基金组织周二表示，目前对冲基金的总资产规模已达约13万亿美元，已成为全球投资者格局中日益重要的组成部分。
With gross assets now standing at about $13 trillion, hedge funds have become an increasingly important part of the global investor landscape, the IMF said on Tuesday.
在周二发布的最新《全球金融稳定报告》中，国际货币基金组织承认了对冲基金在支持市场流动性和效率方面的作用。
In its latest Global Financial Stability Report, published Tuesday, the IMF acknowledged hedge funds' role in supporting market liquidity and efficiency.
但报告也警告称，对冲基金行业为提升回报而使用杠杆，以及追逐热门交易的趋势，可能在市场动荡时期加剧金融压力。
But it also warned that the hedge fund industry's use of leverage to boost returns, and its tendency to pursue crowded trades, could turbo-charge market stress in times of turmoil.
国际货币基金组织指出，这种压力反过来可能蔓延至更广泛的金融市场，以及银行的首席经纪业务等领域。
That, in turn, could spill over into broader financial markets, and areas such as banks' prime brokerage businesses, according to the IMF.
“冲击的源头是债券市场，而冲击外溢的可能性也比过去更高，”布里登说。
"The source of the shocks are bond markets, and the likelihood of a spillover is higher than it was," Breeden said.
对冲基金在全球政府债券市场的存在 — — 尤其是它们使用所谓的“基差交易” — — 在今年受到更严格的审查，这发生在主权债券出现剧烈抛售之后。
Hedge funds' presence in the global government bond market — particularly their use of so-called "basis trades" — has come under sharper scrutiny this year, following the sharp sell-off in sovereign debt.
根据美国金融研究办公室于8月19日公布的数据，对冲基金在2025年底持有30万亿美元美国国债市场的创纪录7%。
Hedge funds held a record 7% of the $30 trillion Treasury market at the end of 2025, according to U.S. Office of Financial Research data published on Aug. 19.
基差交易是一种套利行为，对冲基金在此过程中持有现金国债的多头头寸，同时做空对应的期货合约，旨在从两者之间的价格差中获利。虽然这两者之间的价格差异相对较小，但对冲基金经常使用大量杠杆来进一步放大收益。
Basis trades are an arbitrage bet in which hedge funds are positioned long in cash Treasurys while shorting their corresponding futures contracts, with the aim of profiting from the price gap. While the price differential between the two is relatively small, hedge funds often employ large amounts of leverage to further inflate returns.
本月早些时候，10年期和30年期美国国债收益率升至2002年以来的最高水平。跨越大西洋，英国政府债券（即 gilt）10年期收益率也触及多十年来的高点。
Earlier this month, 10-year and 30-year Treasury yields hit their highest levels since 2002. Across the Atlantic, yields on 10-year U.K. government bonds, known as gilts, also touched multi-decade highs.
法国政府债券（即 OAT）收益率在最近几周因人们对该国财政前景的担忧加剧而大幅上升，这加剧了人们对欧元区可能爆发新一轮主权债务危机的担忧。
Yields on France's government bonds, known as OATs, have moved sharply higher in recent weeks amid rising concerns about the country's fiscal outlook — fueling fears of a fresh sovereign debt crisis impacting the euro zone.