Roula Khalaf’s Editor’s Digest highlights how US Federal Reserve tightening is intensifying pressure on global dollar liquidity. Historically, Gulf oil revenues and China’s trade surpluses cushioned economies against Fed hikes, but both sources are now weakening. Gulf dollar generation has been hit by disrupted oil exports due to the Iran war and infrastructure damage, forcing states to retain dollars for reconstruction and defense.
Meanwhile, China’s record trade surplus is not flowing overseas as expected; Beijing is pushing renminbi‑denominated lending, and capital outflows are being parked in Hong Kong via instruments like the Southbound Bond and Stock Connect, creating a liquidity gap. This dual squeeze, combined with higher US Treasury and AI hyperscaler funding needs, raises cross‑currency swap stress, boosts emerging‑market borrowing costs, and strains non‑US banks’ balance sheets.
出典: Financial Times Markets · 要約：HeadlinesBriefing