9月美联储加息且美国长端收益率大幅上升，多数除日本外亚洲（AeJ）央行动用外汇储备（FXR）进行干预，南亚/东南亚央行是主要抛售方：菲律宾央行（BSP）、泰国央行（BOT）和印度央行（RBI）净抛售分别占其8月FXR的4.3%、1.9%和0.3%。我们估计BOT 9月净抛售43亿美元以对抗泰铢贬值压力，泰铢为当月表现最差的AeJ货币；估计RBI净抛售16亿美元（即期+远期），此前8月曾大幅净抛售192亿美元，其净空头远期头寸8月扩大633亿美元至创纪录的-2001亿美元。估计中国央行（PBoC）9月净抛售154亿美元（仅即期，占8月FXR的0.4%），但国有银行累积了52亿美元外汇存款，部分抵消储备下降。印尼央行（BI）9月外汇储备环比增加5亿美元至1252亿美元，经调整后估计净买入63亿美元。整体看，多国央行通过消耗外储干预以对冲本币贬值压力。
Many Asia ex-Japan (AeJ) central banks drew down on their FX reserves (FXR) in September as the Fed hiked and US long-end yields rose sharply. Similar to August, several South/Southeast Asia central banks were the main sellers of FXR, with BSP, BOT and RBI net selling 4.3%, 1.9% and 0.3% of their August headline FXR. We estimate BOT net sold USD4.3bn of FXR in September to lean against THB depreciation pressures, with THB being the top underperforming AeJ currency. We estimate the RBI net sold USD1.6bn of FXR (spot + forwards) in September, after very large net selling of USD19.2bn in August; the RBI's net short forward book increased by USD63.3bn to a record -USD200.1bn in August 2026. We estimate the PBoC net sold USD15.4bn of FXR (0.4% of August FXR; spot only) in September 2026, but state banks accumulated USD5.2bn of FX deposits. In Indonesia, BI's September FX reserves rose by USD0.5bn m-o-m to USD125.2bn, and our adjusted estimate showed an increase of USD6.3bn m-o-m.