美國銀行高層稱，許多出口商不再想要美元

Recently Yahoo News on-line picked up the following:

Many Exporters No Longer Want Dollars, US Bank Executive Says

Bloomberg - Carter Johnson

Mon, June 16, 2025 at 8:02 a.m. PDT·3 min read

(Bloomberg) -- When Paula Comings, the head of currency sales for US Bancorp, talks to US importers, she increasingly hears the same message: Their foreign counterparties no longer want to be paid in dollars.

Instead, they ask for settlement in euros, Chinese renminbi, the Mexican peso and the Canadian dollar, looking to limit their exposure to further swings in the greenback.

“A lot of clients previously were reluctant because dollars were sacred in the eyes of the supplier,” Comings said. “Now the vibe from overseas vendors seems to be, ‘Just give us our currency.’”

While the dollar saw a brief boost amid the turmoil in the Middle East, the currency is still about 8% lower this year against a basket of other currencies. That followed a steep gain of 7% in the final quarter of 2024, according to a Bloomberg index. This volatility, which complicates pricing decisions and poses earnings risks, increasingly means the dollar is falling out of favor.

Some US Bank clients offer a glimpse into this trend. A lumber company from the Midwest now converts its US cash into euros before paying for hardwood imports from Europe — a change from its previous practice of simply sending dollars. The move was spurred in part by a 2% discount offered by its European supplier for making payments in the single currency.

Another client, a homeware retailer that imports from China, renegotiated its terms with suppliers and plans to settle its next bill in yuan. A third customer, a US food company sourcing equipment from Italy, agreed to pay its dues in the common currency, causing it to receive a more favorable rate on a purchase worth €400,000 ($463,120).

“The change is difficult to quantify in real time, but in markets from East Asia to Latin America, a growing number of exporters are opting to denominate contracts in euro, yuan, or even local currencies,” said Karl Schamotta, chief market strategist at cross-border payments firm Corpay in Toronto.

Trade invoices will be one area where the dollar’s dominance comes under pressure, Citigroup Inc. strategists including Dirk Willer and Adam Pickett wrote in a recent note. “We think it will take further ‘trade blocs’ across LatAm and Asia to emerge — possibly encouraged by the US trade war — to see larger shifts away from the dollar in trade invoicing.”

Across the Americas, the currency accounted for nearly all export invoices on average each year from 1999 to 2019, according to the latest data from the International Monetary Fund and the Federal Reserve Bank of New York. In the Asia Pacific region, that figure stood at about 75%. Europe, where intra-bloc trade prevails, saw a significantly smaller share of exports denominated in dollars.

While it remains to be seen if and when the shift manifests itself in official data, overseas vendors wanting to transact in local currencies “could speak to the dollar’s reputation,” US Bank’s Comings said.

Translation

美國銀行高層稱，許多出口商不再想要美元

（彭博）— 當美國合眾銀行（US Bancorp）外匯銷售主管 Paula Coming 與美國進口商交談時，她越來越多地聽到同樣的訊息：他們的外國交易對手不再希望收美元的支付。

相反，他們要求以歐元、人民幣、墨西哥比索和加元結算，以限制美元進一步波動所帶來的風險敞口。

Comings 說: 「很多客戶以前是會這樣做的，因為在供應商眼中，美元是神聖的」; 「現在海外供應商的氛圍似乎是，'只要給我們我自己的貨幣就行了’」。

儘管美元在中東動盪期間短暫上漲，但今年美元兌一籃子其他貨幣仍下跌約8%。彭博指數顯示，此前美元在2024年最後一季大幅上漲了7%。這種波動性使定價決策變得複雜，並構成獲利風險，這意味著美元正日益失寵。

一些美國銀行的客戶令我們看到了這個趨勢。一家來自中西部的木材公司現在將其美國現金兌換成歐元，然後再支付從歐洲進口的硬木 - 這與之前直接支付美元的做法有所不同。此舉的部分原因是，其歐洲供應商為使用相同貨幣付款提供了2%的折扣。

另一位客戶是一家從中國進口的家居用品零售商，該公司與供應商重新協商了條款，並計劃用人民幣結算下一筆帳單。另有第三家客戶是一家從義大利採購設備的美國食品公司，該公司同意以歐元支付費用，使其在一筆價值40萬歐元（463,120美元）的採購中獲得了更優惠的匯率。

跨境支付公司 Corpay 駐多倫多的首席市場策略師 Karl Schamotta 表示: 「這種變化很難即時量化，但從東亞到拉丁美洲的市場，越來越多的出口商選擇以歐元、人民幣甚至當地貨幣計合同價」。

花旗集團策略師 Dirk Willer 和 Adam Pickett 在最近的報告中寫道，貿易發票將成為美元主導地位面臨壓力的其中一個領域。 “我們認為，需要拉丁美洲和亞洲地區出現更多 ‘貿易集團’ - 這可能是受到美國貿易戰的推動 - 才能看到貿易發票中美元的更大轉移。”

根據國際貨幣基金組織和紐約聯邦儲備銀行的最新數據，從1999年到2019年，美洲地區平均每年幾乎所有出口發票都以美元結算。在亞太地區，這一比例約為75%。在以集團內部貿易為主的歐洲，以美元計價的出口佔比明顯較小。

雖然這種轉變是否以及何時會在官方數據中體現出來還有待觀察，但美國銀行的 Comings 表示，希望使用當地貨幣進行交易的海外供應商「可能說出了美元的名聲了」。

              So, some US businessmen increasingly find that their foreign counterparties no longer want to be paid in dollars. Instead, they ask for settlement in euros, Chinese renminbi, the Mexican peso and the Canadian dollar, looking to limit their exposure to further swings in the greenback. The move is spurred in part by discounts offered by overseas suppliers for payments made in a currency other than greenbacks.