{"id":47221,"date":"2026-05-19T12:57:54","date_gmt":"2026-05-19T12:57:54","guid":{"rendered":"https:\/\/www.vtmarkets.com\/cn\/uncategorized\/%e6%97%a5%e6%9c%ac%e7%ac%ac%e4%b8%80%e5%ad%a3%e5%ba%a6%e7%bb%8f%e6%b5%8e%e5%a2%9e%e9%95%bf%e8%b6%85%e9%a2%84%e6%9c%9f%ef%bc%8c%e5%b8%82%e5%9c%ba%e4%b8%8a%e8%b0%83%e6%97%a5%e6%9c%ac%e5%a4%ae%e8%a1%8c\/"},"modified":"2026-05-19T12:57:54","modified_gmt":"2026-05-19T12:57:54","slug":"%e6%97%a5%e6%9c%ac%e7%ac%ac%e4%b8%80%e5%ad%a3%e5%ba%a6%e7%bb%8f%e6%b5%8e%e5%a2%9e%e9%95%bf%e8%b6%85%e9%a2%84%e6%9c%9f%ef%bc%8c%e5%b8%82%e5%9c%ba%e4%b8%8a%e8%b0%83%e6%97%a5%e6%9c%ac%e5%a4%ae%e8%a1%8c","status":"publish","type":"post","link":"https:\/\/www.vtmarkets.com\/cn\/live-updates\/%e6%97%a5%e6%9c%ac%e7%ac%ac%e4%b8%80%e5%ad%a3%e5%ba%a6%e7%bb%8f%e6%b5%8e%e5%a2%9e%e9%95%bf%e8%b6%85%e9%a2%84%e6%9c%9f%ef%bc%8c%e5%b8%82%e5%9c%ba%e4%b8%8a%e8%b0%83%e6%97%a5%e6%9c%ac%e5%a4%ae%e8%a1%8c\/","title":{"rendered":"\u65e5\u672c\u7b2c\u4e00\u5b63\u5ea6\u7ecf\u6d4e\u589e\u957f\u8d85\u9884\u671f\uff0c\u5e02\u573a\u4e0a\u8c03\u65e5\u672c\u592e\u884c\u52a0\u606f\u62bc\u6ce8\uff0c\u4f46\u7f8e\u5143\u8d70\u5f3a\u62d6\u7d2f\u65e5\u5143\u8d70\u8f6f"},"content":{"rendered":"

2026\u5e74\u7b2c\u4e00\u5b63\uff0c\u65e5\u672c\u7ecf\u6d4e\u6309\u5e74\u7387\u589e\u957f2.1%\uff0c\u9ad8\u4e8e\u5e02\u573a\u9884\u6d4b\u76841.7%\uff0c\u4e3b\u8981\u53d7\u6d88\u8d39\u4e0e\u51fa\u53e3\u8d70\u5f3a\u5e26\u52a8\u3002\u8fd9\u4e5f\u5f3a\u5316\u4e86\u5e02\u573a\u5bf9\u65e5\u672c\u592e\u884c\uff08Bank of Japan\uff0c\u7b80\u79f0BoJ\uff09\u8fdb\u4e00\u6b65\u52a0\u606f\u7684\u9884\u671f\u3002 <\/p>\n

\u4e0d\u8fc7\uff0c\u7531\u4e8e\u4e2d\u4e1c\u51b2\u7a81\u6301\u7eed\uff0c\u524d\u666f\u4ecd\u4e0d\u660e\u6717\u3002\u5c3d\u7ba1\u6570\u636e\u8f6c\u5f3a\uff0c\u6d88\u606f\u516c\u5e03\u540e\u65e5\u5706\u5151\u7f8e\u5143\u4ecd\u5c0f\u5e45\u8d70\u5f31\u3002 <\/p>\n

\u5e02\u573a\u5b9a\u4ef7\u4e0e\u5229\u7387\u9884\u671f<\/h3>\n

\u9694\u591c\u65e5\u672c\u592e\u884c\u5229\u7387\u6389\u671f\uff08OIS\uff0c\u5229\u7387\u4ea4\u6362\u5408\u7ea6\uff0c\u7528\u6765\u63a8\u7b97\u5e02\u573a\u5bf9\u672a\u6765\u5229\u7387\u7684\u770b\u6cd5\uff09\u663e\u793a\uff0c\u5e02\u573a\u8ba4\u4e3a6\u6708\u52a0\u606f\u7684\u6982\u7387\u4e3a77%\u3002\u65e5\u672c10\u5e74\u671f\u653f\u5e9c\u503a\u5238\u6536\u76ca\u7387\uff08JGB\uff0c\u6307\u65e5\u672c\u56fd\u503a\uff1b\u6536\u76ca\u7387\u53ef\u7406\u89e3\u4e3a\u5e02\u573a\u8981\u6c42\u7684\u5229\u606f\u56de\u62a5\uff09\u4e0a\u53474.5\u4e2a\u57fa\u70b9\uff08bp\uff0c\u5229\u7387\u5355\u4f4d\uff0c1bp=0.01%\uff09\u81f32.76%\uff0c\u521b\u6570\u5341\u5e74\u65b0\u9ad8\u3002 <\/p>\n

\u65e5\u672c\u7b2c\u4e00\u5b63\u589e\u957f\u8fbe2.1%\uff0c\u4f46\u65e5\u5706\u53cd\u800c\u504f\u5f31\uff0c\u8868\u9762\u4e0a\u4e0d\u4e00\u81f4\u3002\u5173\u952e\u539f\u56e0\u662f\u7f8e\u5143\u6574\u4f53\u504f\u5f3a\uff1a\u5728\u5168\u7403\u907f\u9669\u60c5\u7eea\uff08\u6295\u8d44\u8005\u62c5\u5fc3\u98ce\u9669\u65f6\u504f\u5411\u4fdd\u5b88\uff09\u5347\u6e29\u4e0b\uff0c\u8d44\u91d1\u66f4\u504f\u5411\u7f8e\u5143\u3002\u5373\u4f7f\u65e5\u672c\u672c\u5730\u6570\u636e\u5229\u597d\uff0c\u77ed\u671f\u5185\u62bc\u6ce8\u65e5\u5706\u6b62\u8dcc\uff0c\u7b49\u4e8e\u9006\u52bf\u64cd\u4f5c\u3002 <\/p>\n

\u4e2d\u4e1c\u5730\u7f18\u653f\u6cbb\u7d27\u5f20\u63a8\u52a8\u8d44\u91d1\u6d8c\u5411\u7f8e\u5143\u8fd9\u4e00\u4e3b\u8981\u907f\u9669\u8d44\u4ea7\u3002\u7f8e\u5143\u6307\u6570\uff08DXY\uff0c\u8861\u91cf\u7f8e\u5143\u5bf9\u4e00\u7bee\u5b50\u4e3b\u8981\u8d27\u5e01\u7684\u5f3a\u5f31\uff09\u5347\u81f3\u4e24\u5e74\u9ad8\u70b9108.5\uff1b\u540c\u65f6\u5e03\u4f26\u7279\u539f\u6cb9\u8fd1\u4e00\u4e2a\u6708\u5927\u6da812%\u81f3\u6bcf\u6876105\u7f8e\u5143\u4ee5\u4e0a\uff0c\u53cd\u6620\u5e02\u573a\u8fdb\u5165\u9632\u5fa1\u72b6\u6001\u3002\u5728\u8fd9\u79cd\u73af\u5883\u4e0b\uff0c\u65e5\u5706\u4f20\u7edf\u7684\u907f\u9669\u5c5e\u6027\u88ab\u524a\u5f31\u3002 <\/p>\n

10\u5e74\u671f\u65e5\u503a\u6536\u76ca\u7387\u5347\u81f32.76%\uff0c\u4e3a1990\u5e74\u4ee3\u672b\u4ee5\u6765\u5c11\u89c1\u6c34\u5e73\uff0c\u8bf4\u660e\u5e02\u573a\u8ba4\u771f\u770b\u5f85\u65e5\u672c\u592e\u884c\u6536\u7d27\u653f\u7b56\uff08tightening\uff0c\u6307\u52a0\u606f\u6216\u51cf\u5c11\u5bbd\u677e\uff09\u3002\u56de\u987e2025\u5e74\uff0c\u65e5\u672c\u9000\u51fa\u8d1f\u5229\u7387\uff08\u4e00\u79cd\u5229\u7387\u4f4e\u4e8e0%\u7684\u653f\u7b56\uff09\u521d\u671f\u66fe\u5f15\u53d1\u56fd\u5185\u5e02\u573a\u6ce2\u52a8\u3002\u53ef\u8003\u8651\u7528\u65e5\u7ecf225\u6307\u6570\u884d\u751f\u54c1\uff08derivatives\uff0c\u4ef7\u503c\u6765\u81ea\u6807\u7684\u8d44\u4ea7\u7684\u5408\u7ea6\uff09\u505a\u5bf9\u51b2\uff0c\u4f8b\u5982\u4e70\u5165\u8ba4\u6cbd\u671f\u6743\uff08put option\uff0c\u4ef7\u683c\u4e0b\u8dcc\u65f6\u4ef7\u503c\u4e0a\u5347\u7684\u4fdd\u9669\u5f0f\u5de5\u5177\uff09\uff0c\u4ee5\u9632\u501f\u8d37\u6210\u672c\u4e0a\u5347\u538b\u5236\u65e5\u672c\u80a1\u5e02\u3002 <\/p>\n

\u4e3a6\u6708\u4f1a\u8bae\u6ce2\u52a8\u505a\u90e8\u7f72<\/h3>\n

\u6389\u671f\u5df2\u8ba1\u51656\u6708\u52a0\u606f\u6982\u738777%\uff0c\u56e0\u6b64\u201c\u662f\u5426\u52a0\u606f\u201d\u7684\u610f\u5916\u4e0d\u5927\uff0c\u4f46\u4e00\u65e6\u7ed3\u679c\u4e0e\u9884\u671f\u4e0d\u540c\uff0c\u5e02\u573a\u53cd\u5e94\u53ef\u80fd\u66f4\u5267\u70c8\u3002\u66f4\u503c\u5f97\u5173\u6ce8\u7684\u6216\u4e0d\u662f\u65b9\u5411\uff0c\u800c\u662f\u6ce2\u52a8\u672c\u8eab\u3002\u53ef\u7559\u610f\u7f8e\u5143\/\u65e5\u5706\u57286\u6708\u4f1a\u8bae\u540e\u5230\u671f\u7684\u8de8\u5f0f\u7ec4\u5408\uff08straddle\uff0c\u540c\u65f6\u4e70\u5165\u540c\u4ef7\u4f4d\u770b\u6da8\u4e0e\u770b\u8dcc\u671f\u6743\uff0c\u62bc\u6ce8\u5927\u5e45\u6ce2\u52a8\uff09\u6216\u5bbd\u8de8\u5f0f\u7ec4\u5408\uff08strangle\uff0c\u4e70\u5165\u4e0d\u540c\u4ef7\u4f4d\u7684\u770b\u6da8\u4e0e\u770b\u8dcc\u671f\u6743\uff0c\u540c\u6837\u62bc\u6ce8\u6ce2\u52a8\uff09\uff0c\u4ee5\u6355\u6349\u65e5\u672c\u592e\u884c\u504f\u9e70\u6216\u504f\u9e3d\u5e26\u6765\u7684\u5927\u5e45\u6ce2\u52a8\u3002 <\/p>\n

\u7f8e\u65e5\u5229\u5dee\uff08interest rate differential\uff0c\u4e24\u56fd\u5229\u7387\u5dee\u8ddd\uff09\u4ecd\u7136\u5f88\u5927\uff0c\u4ee4\u5957\u5229\u4ea4\u6613\uff08carry trade\uff0c\u501f\u4f4e\u5229\u7387\u8d27\u5e01\u6295\u8d44\u9ad8\u5229\u7387\u8d44\u4ea7\u8d5a\u5229\u5dee\uff09\u518d\u5ea6\u6d3b\u8dc3\u3002\u53ea\u8981\u7f8e\u8054\u50a8\u5229\u7387\u4ecd\u9ad8\uff0c\u4ea4\u6613\u5458\u5c31\u53ef\u80fd\u7ee7\u7eed\u501f\u5165\u4f4e\u6536\u76ca\u7684\u65e5\u5706\uff0c\u8f6c\u6295\u9ad8\u6536\u76ca\u7684\u7f8e\u5143\u8d44\u4ea7\u3002\u8fd9\u7c7b\u8d44\u91d1\u6d41\u53ef\u80fd\u8ba9\u65e5\u5706\u6301\u7eed\u504f\u5f31\uff0c\u4e0d\u4e00\u5b9a\u53d6\u51b3\u4e8e\u65e5\u672c\u592e\u884c\u4e0b\u4e00\u6b65\u52a8\u4f5c\u3002<\/p>\n","protected":false},"excerpt":{"rendered":"

\u65e5\u672c\u9996\u5b63GDP\u5e74\u5316\u589e2.1%\u8d85\u9884\u671f\uff0c\u6d88\u8d39\u51fa\u53e3\u6491\u76d8\uff0cBoJ\u52a0\u606f\u9884\u671f\u5347\u6e29\uff1a6\u6708\u6982\u738777%\u300110\u5e74JGB\u81f32.76%\u3002\u4f46\u7f8e\u5143\u907f\u9669\u8d70\u5f3a\u538b\u5236\u65e5\u5706\uff0c\u5efa\u8bae\u7528\u671f\u6743\u5e03\u5c40\u4f1a\u8bae\u6ce2\u52a8\u3002<\/p>\n","protected":false},"author":103,"featured_media":0,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[33],"tags":[],"class_list":["post-47221","post","type-post","status-publish","format-standard","hentry","category-live-updates"],"acf":{"acf_article_selection_author":null},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.vtmarkets.com\/cn\/wp-json\/wp\/v2\/posts\/47221","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.vtmarkets.com\/cn\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.vtmarkets.com\/cn\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.vtmarkets.com\/cn\/wp-json\/wp\/v2\/users\/103"}],"replies":[{"embeddable":true,"href":"https:\/\/www.vtmarkets.com\/cn\/wp-json\/wp\/v2\/comments?post=47221"}],"version-history":[{"count":0,"href":"https:\/\/www.vtmarkets.com\/cn\/wp-json\/wp\/v2\/posts\/47221\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.vtmarkets.com\/cn\/wp-json\/wp\/v2\/media?parent=47221"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/cn\/wp-json\/wp\/v2\/categories?post=47221"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/cn\/wp-json\/wp\/v2\/tags?post=47221"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}