宣布戒严后，韩元兑美元汇率飙升，但外汇储备实际上增加了。

发现通过微调而非主动市场干预来捍卫汇率来控制波动，并且还产生了外币资管利润。

President Yoon Seok-yeol’s declaration of martial law led to a steep rise in the won-dollar exchange rate, but South Korea’s foreign exchange reserves surprisingly increased.

总统尹锡烈宣布戒严导致韩元兑美元汇率大幅上涨，但韩国的外汇储备却意外增加。

The adjustment was attributed to the authorities’ minimal intervention in the foreign exchange market to curb the volatility, rather than deploying the reserves aggressively to defend the exchange rate, as well as gains from managing overseas assets.

此次调整的原因是当局为抑制波动而对外汇市场进行了最小程度的干预，而不是大举动用外汇储备来捍卫汇率，以及管理海外资产的收益。

According to the foreign exchange reserves status for December 2024, released by the Bank of Korea (BOK) on Monday, the country’s foreign exchange reserves stood at a total of $415.6 billion as of the end of last month.

韩国央行(BOK)周一公布的2024年12月外汇储备状况显示，截至上月底，韩国外汇储备总额为4156亿美元。

The figure marks an increase of $210 million from the $415.39 billion recorded at the end of November last year. By category, while the value of marketable securities decreased by $5.72 billion to $366.67 billion, the value of deposits rose by a larger margin, from $191.3 billion to $252.2 billion, leading to an overall increase in foreign exchange reserves.

这一数字比去年 11 月底的 4,153.9 亿美元增加了 2.1 亿美元。分类别看，有价证券金额3666.7亿美元，减少57.2亿美元，但存款金额增幅较大，从1913亿美元增加到2522亿美元，外汇储备总体增加。

Initially, the market was largely concerned that the country’s foreign exchange reserves would be significantly depleted last month. This was due to the soaring exchange rate following the declaration of martial law on Dec. 3, which necessitated the intervention of foreign exchange authorities in the market.

最初，市场主要担心上个月该国外汇储备将大幅减少。这是由于12月3日宣布戒严后汇率飙升，外汇局必须干预市场。

Indeed, the exchange rate rose sharply throughout the month. The rate, which closed at 1,402.9 won to the dollar in interbank transactions on Dec. 3, jumped into the 1,440 won range that night following the declaration of martial law and continued to rise, reaching 1,472.5 won by the end of last month.

事实上，整个月汇率都大幅上涨。 12月3日，银行间交易收盘价为1,402.9韩元兑1美元，在宣布戒严令后当晚，该汇率跃升至1,440韩元区间，并继续上涨，到上月底达到1,472.5韩元。

During this process, as the foreign exchange authorities engaged in selling dollars, there were even outlooks suggesting that the country’s foreign exchange reserves would fall below the threshold of $400 billion.

在此过程中，随着外汇局大肆抛售美元，甚至有人预测外汇储备将跌破4000亿美元大关。

However, contrary to the concerns, the country’s foreign exchange reserves increased, largely as a result of the authorities’ minimal intervention in the market, despite the pressing need.

然而，与担忧相反，该国的外汇储备有所增加，这主要是由于当局尽管迫切需要，但对市场的干预程度极低。

The BOK and the Ministry of Economy and Finance are said to have opted for minimal intervention, aiming to adjust the volatility rather than actively intervening to lower the exchange rate.

据称，韩国央行和经济财政部选择了最小程度的干预，旨在调整波动性，而不是积极干预以降低汇率。

Despite the rapid rise in the exchange rate last month, the foreign exchange authorities were observed to have made only verbal interventions, stating that “market stabilization measures will be taken if the volatility worsens,” and the market judged that the volume of actual interventions, presumed to be dollar sales by the authorities, was also limited.

尽管上个月汇率快速上涨，但据观察，外汇局仅进行了口头干预，表示“如果波动加剧，将采取稳定市场的措施”，而市场判断实际干预的数量，当局推测是美元销售，也受到限制。

“Smoothing operations were carried out after the declaration of martial law,” BOK Gov. Rhee Chang-yong said at a press conference on price trends in mid-December, adding that “the exchange rate has since been moving in line with the dollar.”

韩国央行行长李昌镛在 12 月中旬的物价趋势新闻发布会上表示，“宣布戒严令后，进行了平稳操作”，并补充道，“此后汇率一直与美元走势一致。” ”

“There were concerns that foreign exchange reserves would fall below the threshold of $410 billion and decrease to the mid- to low-$400 billion range in the mid- to long term, but this did not happen. It did fall below $4,100 billion.”

“有人担心中长期外汇储备将跌破4100亿美元大关，并降至4000亿美元中低区间，但这并没有发生。它确实跌破了 4.1 万亿美元。”

Apart from the authorities’ minimal intervention, the increase in foreign exchange reserves was also attributed to an uptick in financial institutions’ foreign currency deposits at the end of the quarter and gains from managing overseas assets, which amounted to a significant sum, the BOK explained.

韩国央行解释称，除了当局的最低限度干预外，外汇储备的增加还归因于金融机构季末外币存款的增加以及管理海外资产的收益，数额较大。 。