1.原文标题：TSMC to Inject $10 Billion Capital to Unit to Counter FX Swings 2.原文连结：https://yhoo.it/4nz1lwS 3.内容： (Bloomberg) -- Taiwan Semiconductor Manufacturing Co. is set to inject $10 billi on in capital to its overseas unit to shore up its currency hedging operations, its biggest such move to counter a volatile local exchange rate. TSMC Global Ltd., a wholly-owned unit of the world’s largest contract chipmaker , has approved a plan to increase its capital by issuing $10 billion worth new s hares to its parent to help it reduce foreign exchange hedging costs, the compan y said in a statement. It’s the third such deal since 2024, and by far the larg est. They occurred during periods when the Taiwan dollar tended to appreciate. T he moves grant TSMC Global — the vehicle responsible for managing overseas inve stments and hedging — more capital flexibility in managing exchange rate risks. The capital injection is for general investments, mainly bank deposits and bonds , according to a separate statement from Taiwan’s Department of Investment Revi ew. The purpose was for TSMC to shift its own foreign exchange holdings to the u nit to help with hedging costs, the statement said. Recent strength in the Taiwan dollar has caused worries in Taipei about the econ omy’s heavy reliance on exports. In May, the currency notched its biggest singl e-day gain since the 1980s, spurring calls from the central bank to curb specula tion. The cost of hedging swings has surged this year, with one-year implied vol atility for the local currency hitting the highest since 2011 on Wednesday. “Generally speaking, the heightened forex volatility would mean that banks may be adjusting their margin requirements,” said Philip McNicholas, Asia sovereign strategist at Robeco based in Singapore. “Issuing new shares, and bringing in an immediate cash injection, may help companies manage the margin requirements o n both existing and new hedges.” “The US dollar cash can also be useful for companies’ overseas operations, whi ch could also require consistent hedging,” McNicholas added. TSMC, the main chipmaker to Apple Inc. and Nvidia Corp., is by far the island’s biggest company and exporter because the majority of its production is domestic . A stronger Taiwan dollar hurts exporters because the US dollars they earn from sales abroad would translate into less of the local currency, or they would nee d to raise their prices overseas and risk denting demand. In June, Chief Executive Officer C. C. Wei told shareholders the company’s oper ating margin has fallen several percentage points because of a stronger local cu rrency. “Typically, one of the means of such a move is for natural hedging, where a cor porate can match US dollar revenue with US dollar liabilities,” said Christophe r Wong, senior foreign-exchange strategist at Oversea-Chinese Banking Corp Ltd. “It can also fund their US asset and expansion plans with less FX conversion ri sk.” 以下GPT翻译 台积电注资百亿美元以对抗汇率波动 （彭博社报导）—— 台湾积体电路制造公司（TSMC）计划向其海外子公司注资 100 亿美元 ，以强化其货币避险操作，这是该公司迄今为止因应本地汇率波动所采取的最大规模资本行 动。 全球最大的晶圆代工厂台积电表示，其全资子公司 TSMC Global Ltd. 已核准发行价值 100 亿美元的新股给母公司，以提升资本、降低外汇避险成本。这是自 2024 年以来的第三次 类似交易，规模也是最大的一次。这些交易多发生在新台币升值期间。透过此举，TSMC Glo bal——负责管理海外投资与避险的实体——将拥有更大的资本弹性以因应汇率风险。 根据台湾投资审议委员会的另一份声明，此次注资将用於一般性投资，主要包括银行存款与 债券。声明指出，台积电此次操作的目的，是将其自有的外汇持有转至该单位，以协助降低 避险成本。 近期新台币升值引发台北方面对於出口依赖过重的忧虑。今年 5 月，新台币出现自 1980 年代以来最大单日涨幅，促使中央银行呼吁抑制市场投机行为。今年以来汇率避险成本飙升 ，新台币一年期隐含波动率於周三达到自 2011 年以来最高水准。 「一般而言，汇市波动加剧会使银行调整保证金要求，」Robeco 新加坡分部的亚洲主权策 略师 Philip McNicholas 表示。「发行新股并立即注入现金，或有助於企业管理现有及新 增避险的保证金需求。」 McNicholas 补充说：「美元现金也对企业的海外营运有帮助，因为这些营运通常也需要稳 定的避险策略。」 台积电是苹果公司与辉达（Nvidia）最主要的晶片制造商，也是台湾最大企业与出口商，因 为其大部分产能设於本岛。当新台币升值，出口商的美元营收在换算成新台币後变少，或需 提高海外售价而影响需求。 台积电执行长魏哲家於 6 月向股东表示，因新台币升值，公司营业利润率已下滑数个百分 点。 华侨银行（OCBC）资深外汇策略师黄储诚（Christopher Wong）表示：「企业进行此类操作 的一种常见目的，是实现『自然避险』，也就是将美元收入与美元负债相匹配。这也能帮助 他们以较小的外汇转换风险来资助其美国资产与扩张计划。」 4.心得评论：随着台币汇率直直升，台积电也趁势兑换美元进行避险，这样对於稳定汇率不 知道有没有帮助？ --

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