周三，韩元兑美元汇率跌至1448美元左右，在美元走强的情况下连续第五个交易日下跌。尽管政府努力稳定汇率，但由于持续的结构性美元需求继续拖累韩元，投资者情绪仍然谨慎。在新的韩美贸易框架下承诺的约1500亿美元的对外投资不太可能在短期内汇回，这给美元/韩元汇率带来了长期上行压力，并限制了政策稳定措施的影响。加剧下行压力的是，美国科技股持续的人工智能驱动反弹提高了韩元对美国市场走势的敏感性，反映出该地区对少数大型科技股的更广泛依赖。

The South Korean won slipped to around 1,448 per dollar on Wednesday, extending losses for the fifth consecutive session amid dollar strength. Investor sentiment remained cautious as persistent structural dollar demand continued to weigh on the won, despite the administration’s efforts to stabilize the exchange rate. The roughly $150 billion in outbound investments pledged under the new South Korea–US trade framework is unlikely to be repatriated in the near term, sustaining longer-term upward pressure on the USD/KRW pair and constraining the impact of policy stabilization measures. Adding to the downward pressure, the ongoing AI-driven rally in US technology stocks has heightened the won’s sensitivity to US market movements, reflecting broader regional dependence on a narrow group of large-cap tech names.

基准韩国综合股价指数周三下跌4.74%，至3925点左右，延续了前一交易日的跌幅，韩国股市在最近几周创下新高后特别容易出现回落。华尔街隔夜下跌打压了市场情绪，因为投资者对估值过高感到不安，尤其是与人工智能相关的科技股。此次撤退再次引发了人们对亚洲市场严重依赖少数大型科技公司的担忧，今年的大部分涨幅是由全球人工智能热潮推动的，并且越来越容易受到美国情绪变化的影响。各行业的广泛损失拖累该指数下跌，三星电子（-6.20%）、SK海力士（-7.76%）、斗山能源（-10.06%）和韩华航空航天（-7.92%）均大幅下跌。

The benchmark KOSPI slumped 4.74% to around 3,925 on Wednesday, extending losses from the previous session, with South Korean shares particularly vulnerable to a pullback after scaling new record highs in recent weeks. Overnight losses on Wall Street weighed on sentiment, as investors grew uneasy about stretched valuations, particularly among artificial-intelligence linked tech stocks. The retreat has renewed concerns over Asian markets’ heavy reliance on a handful of large-cap technology firms, with much of this year’s gains driven by the global AI boom and increasingly vulnerable to shifts in US sentiment. Broad-based losses across sectors dragged the index lower, with notable declines in Samsung Electronics (-6.20%), SK Hynix (-7.76%), Doosan Enerbility (-10.06%), and Hanwha Aerospace (-7.92%).

韩国的外汇储备从9月份的4220亿美元增加到2025年10月的4288亿美元。这一变化是由证券持有量推动的，证券持有量为3780亿美元（9月份为3784亿美元）。与此同时，特别提款权为157亿美元，黄金储备为48亿美元，国际货币基金组织的储备头寸为44亿美元。另一方面，存款从185亿美元增至259亿美元。

South Korea's foreign exchange reserves increased to $428.8 billion in October 2025, up from $422 billion in September. The change was driven by securities holdings, which were $378.0 billion (vs. $378.4 billion in September). Meanwhile, Special Drawing Rights (SDRs) stood at $15.7 billion, gold reserves held at $4.8 billion, and the IMF reserve position was $4.4 billion. On the other hand, deposits rose to $25.9 billion from $18.5 billion.

尽管国内通胀高于预期，但韩元兑美元贬值至1440韩元左右，连续第四天下跌至近七个月来的最低水平。韩国10月份消费者价格上涨2.4%，为一年多来最快增速，超过市场预测，支持了人们对韩国央行可能会更长时间维持政策利率以平衡通胀控制与增长风险的预期。在2025年的大部分时间里，通货膨胀率一直高于韩国央行2%的目标，除了5月和8月的短暂下降，这增加了政策制定者在货币持续疲软的情况下保持稳定立场的压力。随着市场继续评估最近与美国达成的关税协议及其相关投资计划，对韩国贸易和投资前景的更广泛谨慎仍在幕后徘徊。与此同时，美元坚挺带来的外部压力对韩元造成了压力。

The South Korean won depreciated to around 1,440 per dollar, extending declines for a fourth day to its weakest level in almost seven months despite higher than expected domestic inflation. Consumer prices in South Korea climbed 2.4% in October, the fastest pace in over a year and exceeding market forecasts, supporting expectations that the Bank of Korea may maintain its policy rate for longer to balance inflation control with growth risks. Inflation has stayed above the Bank of Korea's 2% target for most of 2025, apart from brief dips in May and August, adding to pressure on policymakers to keep a steady stance amid persistent currency weakness. Broader caution over South Korea’s trade and investment outlook lingers in the background, as markets continue to assess the recent tariff deal with the US and its related investment plans. Meanwhile, external pressures from a firm dollar weighed on the won.