韩国20年期国债 (SouthKorea20Y) 加自选

周五，韩元兑美元汇率跌至1408美元左右，连续第二个交易日下跌，因为投资者对与华盛顿陷入僵局的贸易谈判越来越谨慎。总统办公室周四证实，首尔已提交了一份修订后的贸易提案，但仍在等待美国的答复，这加剧了市场的不确定性。政策负责人Kim Yong-beom表示，更新后的备忘录包括一项货币互换额度的请求，以帮助缓冲潜在的资本外流和外汇波动。最初的7月框架承诺美国投资3500亿美元，以换取对韩国商品和汽车的关税削减，但此后谈判在实施和融资方面陷入僵局。

The South Korean won slipped to around 1,408 per dollar on Friday, falling for the second straight session as investors grew cautious over stalled trade talks with Washington. The presidential office confirmed Thursday that Seoul has submitted a revised trade proposal but is still waiting for a US reply, deepening uncertainty in the market. Policy chief Kim Yong-beom stated that the updated memorandum includes a request for a currency swap line to help cushion potential capital outflows and FX volatility. The original July framework pledged $350 billion in US investment in return for tariff cuts on South Korean goods and autos, but negotiations have since stalled over implementation and financing.

周四，韩元在连续两个交易日下跌后稳定在1美元兑1402韩元左右，市场评估的经济数据喜忧参半，同时对外汇干预的担忧挥之不去。央行数据显示，韩国当局在第二季度净卖出8亿美元，这是连续第三个季度为遏制韩元损失而卖出美元。在强调贬值压力的同时，反复的干预也表明了遏制波动的政策推动。在宏观方面，9月份消费者价格上涨2.1%，受食品成本上涨的推动，通货膨胀率高于韩国央行2%的目标，并强化了对谨慎货币政策的预期。与此同时，8月份经常账户盈余收窄至91.5亿美元，为第二个月下降，远低于6月份创纪录的142.7亿美元，因为贸易流量疲软表明外部需求疲软。

The South Korean won held steady at around 1,402 per dollar on Thursday after two consecutive sessions of declines, as markets assessed mixed economic data alongside lingering concerns over FX intervention. Central bank data showed South Korea’s authorities sold a net $800 million in the second quarter, marking a third straight quarter of dollar sales to curb won losses. While highlighting depreciation pressures, the repeated interventions also signal a policy push to curb volatility. On the macro front, consumer prices rose 2.1% in September, lifted by higher food costs, keeping inflation above the Bank of Korea’s 2% target and reinforcing expectations of cautious monetary policy. At the same time, the current account surplus narrowed to $9.15 billion in August, the second monthly decline and well below June’s record $14.27 billion, as weaker trade flows pointed to softening external demand.

周四，基准KOSPI指数上涨2.4%，至3538点左右，创下历史新高，并延续了前一交易日的涨幅，芯片制造商因OpenAI合作的消息而上涨。SK海力士股价飙升10%以上，达到2000年以来的最高点，三星电子股价上涨4%以上，达到2021年初的峰值，此前两家公司都宣布与OpenAI合作，为其Stargate数据中心提供先进的存储芯片。该交易突显了韩国在人工智能供应链中的关键作用，SK海力士已经是英伟达高带宽内存的领先供应商。与此同时，韩国9月份的消费者通胀率升至2.1%，高于市场预期的2%，高于8月份的1.7%，这引发了人们对韩国央行政策前景的质疑。

The benchmark KOSPI jumped 2.4% to around 3,538 on Thursday, marking a record high and extending gains from the prior session as chipmakers rallied on news of an OpenAI collaboration. SK Hynix soared more than 10% to its highest since 2000 and Samsung Electronics jumped over 4% to a peak last seen in early 2021, after both announced a partnership with OpenAI to supply advanced memory chips for its Stargate data centers. The deal underscored South Korea’s key role in the AI supply chain, with SK Hynix already a leading supplier of high-bandwidth memory to Nvidia. Meanwhile, South Korea’s consumer inflation rose to 2.1% in September, above market expectations of 2% and up from 1.7% in August, raising questions over the Bank of Korea’s policy outlook.

韩国在2025年8月公布了91.5亿美元的经常账户盈余，这是连续第二个月下降，因为出口和进口都下降了，尽管股权收入提供了一些支持。顺差延续了16个月，但远低于6月份创纪录的142.7亿美元。商品账户显示盈余94亿美元，出口同比下降1.8%，至564.4亿美元，进口同比下降7.3%，至470.4亿美元。由于旅游和其他商业服务的短缺，服务账户出现了21.2亿美元的赤字。与此同时，主要收入账户因股票收益增加而录得20.7亿美元盈余，而次要收入账户则录得1.9亿美元赤字。

South Korea posted a current account surplus of $9.15 billion in August 2025, marking the second straight month of decline as both exports and imports fell, though equity income provided some support. The surplus extended its streak to 16 months but came in well below June’s record high of $14.27 billion. The goods account showed a $9.40 billion surplus, with exports down 1.8% year-on-year to $56.44 billion and imports down 7.3% to $47.04 billion. The services account ran a $2.12 billion deficit, weighed by shortfalls in travel and other business services. Meanwhile, the primary income account recorded a $2.07 billion surplus on stronger equity earnings, while the secondary income account logged a $0.19 billion deficit.