The current state of the art in the central bank digital currency (CBDC) literature views indexes constructed from digital currency news to be fully informed about CBDC uncertainty and its impact on the financial system. We argue that the hedging behavior of participants in the currency futures market could be more informative than CBDC uncertainty news in the presence of limited risk absorption capacity in futures markets. We show that the hedging factor has a statistically significant effect on financial market risk aversion and measures of uncertainty. The hedging behavior of currency futures market participants is informative of agents' reactions to the news and central bank policies around CBDC. Our results also show that CBDC uncertainty is a significant risk transmitter in the financial system. Hence, this characteristic makes the hedging factor even more important because it can directly impact risk aversion via its moderating effects, which later influence CBDC uncertainty.

中央银行数字货币 (CBDC) 文献中的最新技术观点是从数字货币新闻构建的索引，以充分了解 CBDC 的不确定性及其对金融体系的影响。我们认为，在期货市场风险吸收能力有限的情况下，货币期货市场参与者的对冲行为可能比 CBDC 不确定性消息提供更多信息。我们表明，对冲因素对金融市场风险规避和不确定性措施具有统计显着影响。货币期货市场参与者的对冲行为是代理人对围绕 CBDC 的新闻和中央银行政策的反应的信息。我们的结果还表明，CBDC 的不确定性是金融体系中的一个重要风险传递者。因此，