花旗外汇资金流向周报（2026年9月18日当周）显示，美元本周录得净流入，主要由银行与实钱（Real Money）投资者推动；新兴市场整体亦为净流入，但完全由杠杆投资者贡献。分区域看，拉美与CEEMEA出现净流出，亚洲为净流入。量化层面，近期资金流偏好菲律宾比索、新加坡元与泰铢，看空土耳其里拉、墨西哥比索与捷克克朗；传统套息交易在3个月和6个月杠杆资金中已显拥挤，动量在3个月和6个月实钱资金中拥挤，价值（PPP）在1个月实钱资金中拥挤。跨资产波动率低于4倍标准差，匈牙利福林、土耳其里拉与南非兰特在波动率冲击下最为脆弱，而人民币、菲律宾比索与泰铢过去六个月流出最多，若避险情绪升温反而可能走强。G10方面，杠杆资金加速抛售欧元、买入瑞郎与挪威克朗，反映市场对欧盟风险上升的定价；
Citi's Take: USD saw net inflows this week driven by banks and real money investors. Meanwhile, EM aggregate saw net inflows as well, driven solely by leveraged investors. Regionally, Latam and CEEMEA saw outflows, Asia saw inflows. Quant: Recent flows favor PHP, SGD, & THB against TRY, MXN, & CZK. Traditional carry is crowded in 3m and 6m leveraged flows. Momentum is crowded in 3m and 6m real money flows. Value (PPP) is crowded at 1m real money flows. Vol-adjusted carry (EMFX 5x5) positioning is crowded in all tenors ex 1m. Cross-asset vol is below 4-sigma; HUF, TRY, & ZAR are the most vulnerable to a vol spike having been net bought by our investor base, while CNY, PHP, & THB saw the most outflows over the last six months. G10: EUR selling accelerating against CHF and NOK by the Leveraged segment, suggesting positioning for increased EU risks. Asia: EM Asia saw strong inflows, driven predominantly by leveraged money, with the bulk into KRW;