4月亞洲外儲上升，最有力解釋是美元走弱，推高既有非美元儲備資產的美元估值。 韓國是最清楚例子：4月底外儲升至4,278.8億美元，較3月底增加42.2億美元，報道指匯率變動及投資收益是主因 [31][34]。 貿易順差及外匯干預可能在部分經濟體有幫助，但現有資料不足以把全區升幅逐項拆分。
Create a landscape editorial hero image for this Studio Global article: Why Asian FX Reserves Rose in April 2026. Article summary: Asia’s April 2026 reserve gains were mainly a valuation story: a weaker U.S. dollar raised the dollar value of non dollar reserve assets, with investment income and some surplus/intervention dynamics adding support.. Topic tags: foreign exchange, asia, central banks, us dollar, currencies. Reference image context from search candidates: Reference image 1: visual subject "* [Front Page](https://www.taipeitimes.com/News/front). * [Taiwan News](https://www.taipeitimes.com/News/taiwan). * [Business](https://www.taipeitimes.com/News/biz). * [Spo" source context "Foreign exchange reserves rise back above US$600bn" Reference image 2: visual subject "* [Front Page](https://www.taipeitimes.com/News/front). * [Taiwan News](https://www.taipeitimes.com/News/taiwan). * [B
如果只睇標題，4月亞洲外匯儲備增加，好容易令人以為央行突然大手買入美元。但更合理、亦更有來源支持嘅解讀係：呢次主要係「估值效應」。美元弱咗，央行手上既有嘅歐元、日圓、英鎊等非美元資產，折返美元計就變得值錢；呢個唔等於各國央行忽然囤積一大堆新美元 [24][
17][
34]。
國際貨幣基金組織（IMF）COFER數據追蹤全球官方外匯儲備嘅貨幣構成，包括美元、歐元、人民幣、日圓、英鎊、澳元、加元、瑞郎同其他貨幣 [24]。換言之，外儲唔係一疊美元現金，而係一個多幣種資產池；但市場同新聞通常用美元作單位報數。
2026年4月下旬，市場評論指美元轉弱，原因包括投資者對美國聯儲局減息嘅預期升溫，以及全球風險胃納改善 [2]。當美元回落，非美元儲備資產折算成美元時，帳面總額自然會上升。韓國央行相關報道就講得相當直接：美元兌主要貨幣下跌，令非美元資產嘅美元計價估值增加 [
17][
34]。
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4月亞洲外儲上升，最有力解釋是美元走弱，推高既有非美元儲備資產的美元估值。
4月亞洲外儲上升，最有力解釋是美元走弱，推高既有非美元儲備資產的美元估值。 韓國是最清楚例子：4月底外儲升至4,278.8億美元，較3月底增加42.2億美元，報道指匯率變動及投資收益是主因 [31][34]。
貿易順差及外匯干預可能在部分經濟體有幫助，但現有資料不足以把全區升幅逐項拆分。
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開啟相關頁面The US dollar weakens as Fed rate cut expectations rise and global risk sentiment improves Asian FX shows mixed performance, with export-driven currencies gaining selective strength BOJ April 2026 meeting in focus as markets watch for signals on future yen...
Asian FX: Surpluses rise without currency strength – Commerzbank ... Volkmar Baur at Commerzbank flags surging trade and current account surpluses in China, Taiwan and South Korea alongside weak currencies versus Euro (EUR) and, for the Won (KRW), even vers...
The Bank of Korea announced on the 7th that the country’s foreign exchange reserves reached $427.88 billion as of last month, an increase of $4.4 billion. Foreign exchange reserves grew in February, declined in March, and rose again last month. Although res...
Bloomberg reported that Asia’s foreign-exchange reserves, worth more than US$8 trillion in total, are becoming a crucial weapon that is giving central banks across the region greater firepower to defend their currencies amid the Middle East war, a key risk...
數字拆開睇，就更加清楚外儲唔係單純「現金倉」。截至4月底，韓國外儲中有3,840.7億美元是有價證券，佔89.8%；存款187.6億美元；特別提款權（SDR）158.1億美元；黃金47.9億美元；IMF儲備頭寸44.5億美元 [31]。呢個結構說明，外儲本質上係一個有投資收益同市場估值波動嘅組合。
除咗估值，部分亞洲經濟體嘅貿易同經常帳順差亦可能提供支持。Commerzbank 4月指出，中國、台灣同韓國貿易及經常帳順差急升，但其貨幣相對歐元仍偏弱；韓圜甚至對美元亦偏弱。該行把呢種組合同系統性外匯干預聯繫起來，認為有助維持較低實質匯率 [3]。
干預機制唔複雜：央行可以買入或賣出外幣，直接影響匯率 [25]。如果出口或經常帳順差帶來外幣收入，而當局買入外幣以減慢本幣升值，外儲就可能增加。不過，干預亦可以反方向發生：當本幣受壓時，央行可能賣出外幣儲備去支持本幣，令外儲下降。2026年3月區內報道提到，印尼、印度同台灣已入市支持本幣，中國則透過每日人民幣中間價釋出支持訊號 [
18][
19]。
外儲總額上升，唔係一條乾淨嘅「新買美元」數。它可以同時反映匯率估值、投資收益、央行交易，以及儲備資產組合變化。韓國4月數據已顯示，外儲入面包含有價證券、存款、SDR、黃金同IMF儲備頭寸 [31]。
資料上亦有限制。中國國家外匯管理局會公布官方外匯儲備數據，而IMF COFER只提供全球層面嘅官方外儲貨幣構成 [40][
24]。現有來源未提供一份完整嘅逐國拆解，去精準量化2026年4月亞洲各主要經濟體嘅外儲升幅有幾多來自估值、幾多來自投資收益、幾多來自干預。
最穩陣嘅解釋係：2026年4月美元轉弱，推高咗既有非美元外儲資產嘅美元估值。韓國外儲增加42.2億美元至4,278.8億美元，是最清楚案例；報道指主要受匯率變動及投資收益帶動 [31][
34]。貿易順差同外匯干預可能在部分經濟體有份，但現有證據未足以為全亞洲升幅逐項分配比例 [
3]。
SINGAPORE: The worst may soon be over for Asia’s emerging market currencies, which have come under pressure from the Iran war, as central banks have begun stepping up their support, having stashed away extra reserves for just such a situation. Policymakers...
The Currency Composition of Official Foreign Exchange Reserves (COFER) dataset includes the world total of official foreign exchange reserves by currency. The currencies identified are: U.S. dollar, Euro, Chinese renminbi, Japanese yen, Pounds sterling, Aus...
Central banks can buy or sell foreign currency to influence exchange rates directly. For example, if a currency is depreciating, a central bank can sell its reserves in foreign currency to buy its own currency, creating demand and helping to stabilize its v...
As of the end of April, foreign exchange reserves stood at $427.88 billion, up $4.22 billion from the end of the previous month, the Bank of Korea said on the 7th. Of the foreign exchange reserves, securities came to $384.07 billion (89.8%). Deposits were $...
Korea foreign reserves rise on weaker dollar and investment gainsgaMay 07, 2026, 08:34 am ... South Korea’s foreign exchange reserves rebounded in April, increasing by $4.22 billion from the previous month, supported by a weaker U.S. dollar and higher retur...
