区域货币走强支撑亚洲债券表现

关键论点

• 区域货币对美元升值是决定性因素，将债券价格下跌转化为未对冲正回报。
• 韩国央行三年多来首次加息，由通胀担忧驱动，推高韩国收益率，但韩元走强主导了回报。
• 大多数亚洲央行维持政策利率不变，没有宽松，导致区域鹰派基调 and 收益率上升。
• 国家表现分化：韩国以7.7%的未对冲回报领先，而菲律宾和新加坡录得负未对冲回报。

对应原文证据

1. State Street Investment Management Fixed Income Portfolio Strategists On the monetary front, the Bank of Korea raised its benchmark interest rate by 25 basis points to 2.75% – its first hike in over three years – as inflation hit a three-year high, lifting the South Korean 10-year yield by 24 basis points.
2. Bank Indonesia (benchmark interest rate of 5.75%), Bank Negara Malaysia (overnight policy rate of 2.75%) and the People’s Bank of China (one-year loan prime rate of 3.0%) all held steady, with no easing anywhere in the region.
3. Headline inflation eased to 2.8% year on year (y/y) from 3.2% in June 2026 – the softest pace since April 2026 and below the 3.0% expected – though still above the Bank of Korea's 2.0% target, as transport inflation moderated (7.7% vs 11.1%) on easing fuel prices; core inflation held at near 2.5%. · June 2026