以下数字都是简化的 简单说就是原本开价10亿元美元的订单 原本兑台币是32元好了 现在预判可能台币升值会到25（假设） 报价一样10亿美元 预期的台币价差去买美元跌的期货 把少赚的钱从期货拿回来 有趣的是期货也是赌美元赚美元 拿到一堆美元再换回台币 所以要精算 ※ 引述《y598763 (diamond)》之铭言： : 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 b il : on in capital to its overseas unit to shore up its currency hedging operatio ns : its biggest such move to counter a volatile local exchange rate. : TSMC Global Ltd., a wholly-owned unit of the world’s largest contract chipm ak : , has approved a plan to increase its capital by issuing $10 billion worth n ew : hares to its parent to help it reduce foreign exchange hedging costs, the co mp : y said in a statement. It’s the third such deal since 2024, and by far the la : est. They occurred during periods when the Taiwan dollar tended to appreciat e. : he moves grant TSMC Global — the vehicle responsible for managing overseas in : stments and hedging — more capital flexibility in managing exchange rate ri sk : The capital injection is for general investments, mainly bank deposits and b on : , according to a separate statement from Taiwan’s Department of Investment Re : ew. The purpose was for TSMC to shift its own foreign exchange holdings to t he : nit to help with hedging costs, the statement said. : Recent strength in the Taiwan dollar has caused worries in Taipei about the ec : omy’s heavy reliance on exports. In May, the currency notched its biggest s in : e-day gain since the 1980s, spurring calls from the central bank to curb spe cu : tion. The cost of hedging swings has surged this year, with one-year implied v : atility for the local currency hitting the highest since 2011 on Wednesday. : “Generally speaking, the heightened forex volatility would mean that banks ma : be adjusting their margin requirements,” said Philip McNicholas, Asia sover ei : strategist at Robeco based in Singapore. “Issuing new shares, and bringing i : an immediate cash injection, may help companies manage the margin requiremen ts : n both existing and new hedges.” : “The US dollar cash can also be useful for companies’ overseas operations, w : ch could also require consistent hedging,” McNicholas added. : TSMC, the main chipmaker to Apple Inc. and Nvidia Corp., is by far the islan d? : biggest company and exporter because the majority of its production is dome st : . A stronger Taiwan dollar hurts exporters because the US dollars they earn fr : sales abroad would translate into less of the local currency, or they would n : d to raise their prices overseas and risk denting demand. : In June, Chief Executive Officer C. C. Wei told shareholders the company’s op : ating margin has fallen several percentage points because of a stronger loca l : rrency. : “Typically, one of the means of such a move is for natural hedging, where a c : porate can match US dollar revenue with US dollar liabilities,” said Christ op : r Wong, senior foreign-exchange strategist at Oversea-Chinese Banking Corp L td : “It can also fund their US asset and expansion plans with less FX conversio n : 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 : ，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 : 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 1 : 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? : 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 G : 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 : 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 : 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 19 80 : 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 : ，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? : 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? : 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? : 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 ， : 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 : 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? : 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 : 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 : 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 : 知道有没有帮助？ --

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