\u00c7in, banka mevduatlar\u0131n\u0131n \u00e7ok say\u0131da kurum \u00fczerinden y\u00f6nlendirilmesi yerine, payla\u015f\u0131ml\u0131 bir da\u011f\u0131t\u0131k defter \u00fczerinde ihra\u00e7 edilen toptan merkez bankas\u0131 dijital para birimini (CBDC) kullanan blokzincir tabanl\u0131 s\u0131n\u0131r \u00f6tesi \u00f6deme platformu mBridge\u2019i devreye almaya haz\u0131rlan\u0131yor. Sistemin \u00c7in, Hong Kong, Tayland ve BAE merkez bankalar\u0131 taraf\u0131ndan desteklenmesi ve operasyonlar\u0131n Hong Kong merkezli bir kurulu\u015f taraf\u0131ndan denetlenmesi planlan\u0131yor. mBridge h\u00e2lihaz\u0131rda yakla\u015f\u0131k 470 milyar \u00a5 tutar\u0131nda i\u015flemi ger\u00e7ekle\u015ftirdi; ticari bankalar\u0131n da merkez bankas\u0131 g\u00f6zetimi alt\u0131nda platforma eri\u015fimine izin verilebilece\u011fi belirtiliyor. Eri\u015fim \u00fccretlerinin, SWIFT ve di\u011fer uluslararas\u0131 \u00f6deme a\u011flar\u0131n\u0131n uygulad\u0131\u011f\u0131 \u00fccretlerin yar\u0131s\u0131 d\u00fczeyinde olmas\u0131 bekleniyor.<\/p>\n
SWIFT, k\u00fcresel \u00f6l\u00e7ekte bask\u0131n bir finansal mesajla\u015fma hizmeti olmay\u0131 s\u00fcrd\u00fcr\u00fcyor; ancak yapt\u0131r\u0131mlarda da kullan\u0131ld\u0131. Buna, Rusya\u2019n\u0131n Ukrayna\u2019y\u0131 i\u015fgalinin ard\u0131ndan ABD, Avrupa Birli\u011fi, Birle\u015fik Krall\u0131k ve Kanada\u2019n\u0131n se\u00e7ili Rus bankalar\u0131n\u0131n ba\u011flant\u0131s\u0131n\u0131 kesmeye y\u00f6nelik ortak hamlesi de dahil. \u00c7in ayr\u0131ca, arac\u0131lar\u0131 azaltmak \u00fczere tasarlanm\u0131\u015f RMB odakl\u0131 bir alternatif olan S\u0131n\u0131r \u00d6tesi Bankalararas\u0131 \u00d6deme Sistemi\u2019ni (CIPS) i\u015fletiyor; ABD-\u0130ran geriliminin ba\u015flamas\u0131ndan bu yana kullan\u0131m artt\u0131 ve 100\u2019den fazla \u00fclke yuan i\u015flemleri i\u00e7in CIPS\u2019e eri\u015fti. mBridge, CIPS\u2019i tamamlay\u0131c\u0131 bir \u00e7\u00f6z\u00fcm olarak konumlan\u0131yor; dolar kullanmadan veya geleneksel muhabir bankac\u0131l\u0131k zincirlerine ihtiya\u00e7 duymadan, kat\u0131l\u0131mc\u0131 dijital para birimleriyle do\u011frudan mutabakat (settlement) sa\u011flamay\u0131 m\u00fcmk\u00fcn k\u0131l\u0131yor.<\/p>\n
\u00c7in\u2019in mBridge platformu ve S\u0131n\u0131r \u00d6tesi Bankalararas\u0131 \u00d6deme Sistemi\u2019nin (CIPS) ABD dolar\u0131n\u0131n hakimiyetini kademeli olarak a\u015f\u0131nd\u0131rmas\u0131yla k\u00fcresel finansta yap\u0131sal bir d\u00f6n\u00fc\u015f\u00fcme tan\u0131kl\u0131k ediyoruz. Suudi Arabistan gibi a\u011f\u0131r toplar\u0131n mBridge dijital para projesine kat\u0131lmas\u0131 ve CIPS i\u015flem hacimlerinin h\u0131zla y\u00fckselmesiyle, d\u00fcnyan\u0131n finansal \u201ctesisat\u0131\u201d (altyap\u0131 ak\u0131\u015flar\u0131) k\u00f6kten de\u011fi\u015fiyor. T\u00fcrev i\u015flem yat\u0131r\u0131mc\u0131lar\u0131 olarak, \u00f6n\u00fcm\u00fczdeki haftalarda artabilecek kur oynakl\u0131\u011f\u0131na kar\u015f\u0131 maj\u00f6r itibari para paritelerinde kald\u0131ra\u00e7 d\u00fczeyimizi ayarlayarak haz\u0131rl\u0131k yapmal\u0131y\u0131z.<\/p>\n
ABD dolar\u0131n\u0131n k\u00fcresel d\u00f6viz rezervlerindeki pay\u0131n\u0131n son y\u0131llarda istikrarl\u0131 bi\u00e7imde yakla\u015f\u0131k %58\u2019e gerilemesi dikkate al\u0131nd\u0131\u011f\u0131nda, dolar \u00fczerinde ilave a\u015fa\u011f\u0131 y\u00f6nl\u00fc bask\u0131 bekliyoruz. \u00d6zellikle \u00c7in renminbisi ve BAE dirhemi kar\u015f\u0131s\u0131nda, uzun vadeli put opsiyonlar\u0131yla short-USD pozisyonlar\u0131 olu\u015fturmay\u0131 de\u011ferlendirmeliyiz. mBridge\u2019in s\u0131n\u0131r \u00f6tesi i\u015flem maliyetlerini %50\u2019ye varan oranlarda d\u00fc\u015f\u00fcrmesi, \u015firketlerin hazine ak\u0131\u015flar\u0131n\u0131n SWIFT a\u011f\u0131ndan h\u0131zla uzakla\u015fmas\u0131n\u0131 te\u015fvik ederken, bu maruziyetin \u015fimdiden hedge edilmesi kritik \u00f6nem ta\u015f\u0131yor.<\/p>\n
Dolar\u0131n de\u011fer kayb\u0131 riski ve alternatif \u00f6deme hatlar\u0131n\u0131n y\u00fckseli\u015fi, emtia t\u00fcrev stratejilerimizi de yeniden g\u00f6zden ge\u00e7irmemizi gerektiriyor. Tarihsel olarak dolar zay\u0131flad\u0131\u011f\u0131nda, uluslararas\u0131 al\u0131c\u0131lar i\u00e7in fiyatlar g\u00f6rece ucuzlad\u0131\u011f\u0131ndan alt\u0131n ve \u201csert\u201d emtialar belirgin \u015fekilde y\u00fckseli\u015f e\u011filimi g\u00f6sterir. Sistemik parasal ge\u00e7i\u015f d\u00f6nemlerinde nihai korunma arac\u0131 i\u015flevi g\u00f6ren alt\u0131n vadeli i\u015flemleri ve opsiyonlar\u0131nda long pozisyonlar\u0131n art\u0131r\u0131lmas\u0131n\u0131 \u00f6neriyoruz.<\/p>\n
Ayr\u0131ca bu dijital a\u011fa erken uyum sa\u011flayan geli\u015fen piyasalarda faiz swaplar\u0131 ve egemen bor\u00e7 (sovereign debt) t\u00fcrevlerini de hedeflemeliyiz. Bu \u00fclkelerin, geleneksel muhabir bankac\u0131l\u0131k a\u011flar\u0131n\u0131 baypas ederek ticareti do\u011frudan mutabakatla sonu\u00e7land\u0131rmalar\u0131 sayesinde likidite art\u0131\u015f\u0131 ve sermaye giri\u015fleri g\u00f6rmesi muhtemel. Bu spesifik opsiyon ve vadeli i\u015flem piyasalar\u0131nda pozisyon b\u00fcy\u00fckl\u00fckleri, erken hareket edenlere y\u00f6nelik primleri yakalamak i\u00e7in \u00f6n\u00fcm\u00fczdeki ay boyunca dikkatle kademeli \u015fekilde art\u0131r\u0131lmal\u0131.<\/p>\n\n\n\n
Hemen i\u015flem yapmaya ba\u015flay\u0131n \u2014 ger\u00e7ek VT Markets hesab\u0131n\u0131z\u0131 olu\u015fturmak i\u00e7in buraya<\/a> t\u0131klay\u0131n.<\/b>\n\n<\/p>","protected":false},"excerpt":{"rendered":" SWIFT\u2019e meydan okuyan hamle: \u00c7in, Hong Kong-Tayland-BAE destekli mBridge ile toptan CBDC\u2019li s\u0131n\u0131r \u00f6tesi \u00f6demelerde 470 milyar \u00a5\u2019a ula\u015ft\u0131; \u00fccretler yar\u0131ya inerken dolar hakimiyeti ve kur oynakl\u0131\u011f\u0131 art\u0131yor.<\/p>\n","protected":false},"author":87,"featured_media":49971,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[71],"tags":[],"class_list":["post-52308","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-live-updates"],"acf":{"acf_article_selection_author":null},"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t