{"id":50582,"date":"2026-07-02T18:30:07","date_gmt":"2026-07-02T18:30:07","guid":{"rendered":"https:\/\/www.vtmarkets.com\/cn\/uncategorized\/%e6%ac%a7%e6%b4%b2%e5%a4%ae%e8%a1%8c%e8%80%83%e8%99%91%e6%8f%90%e9%ab%98%e6%9c%80%e4%bd%8e%e5%87%86%e5%a4%87%e9%87%91%e7%8e%87%ef%bc%8c%e8%80%83%e9%aa%8c%e6%ac%a7%e5%85%83%e5%8c%ba%e6%b5%81%e5%8a%a8\/"},"modified":"2026-07-02T18:30:07","modified_gmt":"2026-07-02T18:30:07","slug":"%e6%ac%a7%e6%b4%b2%e5%a4%ae%e8%a1%8c%e8%80%83%e8%99%91%e6%8f%90%e9%ab%98%e6%9c%80%e4%bd%8e%e5%87%86%e5%a4%87%e9%87%91%e7%8e%87%ef%bc%8c%e8%80%83%e9%aa%8c%e6%ac%a7%e5%85%83%e5%8c%ba%e6%b5%81%e5%8a%a8","status":"publish","type":"post","link":"https:\/\/www.vtmarkets.com\/cn\/live-updates\/%e6%ac%a7%e6%b4%b2%e5%a4%ae%e8%a1%8c%e8%80%83%e8%99%91%e6%8f%90%e9%ab%98%e6%9c%80%e4%bd%8e%e5%87%86%e5%a4%87%e9%87%91%e7%8e%87%ef%bc%8c%e8%80%83%e9%aa%8c%e6%ac%a7%e5%85%83%e5%8c%ba%e6%b5%81%e5%8a%a8\/","title":{"rendered":"\u6b27\u6d32\u592e\u884c\u8003\u8651\u63d0\u9ad8\u6700\u4f4e\u51c6\u5907\u91d1\u7387\uff0c\u8003\u9a8c\u6b27\u5143\u533a\u6d41\u52a8\u6027\u5e76\u63a8\u52a8Euribor-OIS\u5229\u5dee\u8d70\u9614"},"content":{"rendered":"

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\u6d41\u52a8\u6027\u5f71\u54cd\u5c06\u5728\u6b27\u5143\u4f53\u7cfb\u5185\u90e8\u5206\u5316\u5206\u5e03\u3002\u610f\u5927\u5229\u3001\u897f\u73ed\u7259\u548c\u8461\u8404\u7259\u7684\u8d85\u989d\u6d41\u52a8\u6027\u7ea6\u4e3a\u5176MRR\u76843\u81f36\u500d\uff0c\u800c\u6cd5\u56fd\u548c\u5fb7\u56fd\u66f4\u63a5\u8fd115\u500d\uff0c\u610f\u5473\u7740\u90e8\u5206\u53f8\u6cd5\u8f96\u533a\u5c06\u9762\u4e34\u66f4\u660e\u663e\u7684\u6d41\u52a8\u6027\u6324\u538b\u3002\u6309\u94f6\u884c\u7ef4\u5ea6\u7684\u5206\u5e03\u540c\u6837\u5b58\u5728\u504f\u6001\uff1a\u6301\u6709\u8d85\u989d\u6d41\u52a8\u6027\u7684\u673a\u6784\u672a\u5fc5\u662f\u627f\u62c5\u7528\u4e8e\u8ba1\u7b97MRR\u7684\u5b58\u6b3e\u8d1f\u503a\u7684\u673a\u6784\uff1b\u800c\u5b58\u6b3e\u57fa\u7840\u76f8\u5bf9\u66f4\u5927\u7684\u4e2d\u5c0f\u94f6\u884c\u5c06\u9762\u4e34\u66f4\u9ad8\u7684\u51c6\u5907\u91d1\u8981\u6c42\u3002\u66f4\u5e7f\u6cdb\u7684\u653f\u7b56\u8def\u5f84\u4ecd\u6307\u5411\uff1a\u8d85\u989d\u51c6\u5907\u91d1\u6c34\u5e73\u4e0b\u884c\u3001\u5bf9ECB\u6d41\u52a8\u6027\u64cd\u4f5c\u4f9d\u8d56\u5ea6\u4e0a\u5347\u3001\u77ed\u7aef\u8d44\u91d1\u5229\u7387\u5411\u4e3b\u8981\u518d\u878d\u8d44\u64cd\u4f5c\uff08MRO\uff09\u5229\u7387\u6f02\u79fb\uff0c\u5e76\u7531\u957f\u671f\u64cd\u4f5c\u4e0e\u66f4\u5c0f\u7684\u503a\u5238\u7ec4\u5408\u63d0\u4f9b\u652f\u6491\u3002<\/p>\n\n

ECB Policy Shift and Liquidity Implications<\/h3>\n\n

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\u8fd9\u4e00\u53d8\u5316\u610f\u5473\u7740\uff0c\u672a\u6765\u6570\u6708\u77ed\u671f\u878d\u8d44\u6210\u672c\u53ef\u80fd\u4e0a\u5347\u30023\u4e2a\u6708\u671fEuribor\u4e0e\u9694\u591c\u20acSTR\u4e4b\u95f4\u7684\u5229\u5dee\uff08\u8861\u91cf\u94f6\u884c\u4f53\u7cfb\u538b\u529b\u7684\u5173\u952e\u6307\u6807\uff09\u5df2\u4ece\u4e0a\u4e00\u5b63\u5ea6\u768410\u4e2a\u57fa\u70b9\u6269\u5927\u81f314\u4e2a\u57fa\u70b9\u3002\u6211\u4eec\u8ba4\u4e3a\uff0c\u968f\u7740\u6d41\u52a8\u6027\u8d8b\u7d27\uff0c\u5e94\u8c03\u6574\u884d\u751f\u54c1\u5934\u5bf8\uff0c\u4ee5\u628a\u63e1\u8be5\u5229\u5dee\u8fdb\u4e00\u6b65\u8d70\u9614\u5e26\u6765\u7684\u6536\u76ca\u673a\u4f1a\u3002<\/p>\n\n

Market Impact, Precedent and Trading Strategy<\/h3>\n\n

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\u5f71\u54cd\u4e0d\u4f1a\u5747\u5300\u5206\u5e03\uff0c\u4ece\u800c\u4e3a\u76f8\u5bf9\u4ef7\u503c\u4ea4\u6613\u521b\u9020\u673a\u4f1a\u3002\u6211\u4eec\u6ce8\u610f\u5230\uff0c\u76f8\u6bd4\u5fb7\u56fd\u548c\u6cd5\u56fd\uff0c\u610f\u5927\u5229\u4e0e\u897f\u73ed\u7259\u94f6\u884c\u4f53\u7cfb\u76f8\u5bf9\u4e8e\u51c6\u5907\u91d1\u8981\u6c42\u6240\u6301\u6709\u7684\u8d85\u989d\u6d41\u52a8\u6027\u66f4\u5c11\u3002\u56e0\u6b64\uff0c\u6211\u4eec\u9884\u8ba1\u8fd9\u4e9b\u5916\u56f4\u94f6\u884c\u4f53\u7cfb\u5c06\u627f\u53d7\u66f4\u5927\u7684\u878d\u8d44\u538b\u529b\uff1b\u8fd1\u671f\u6570\u636e\u4ea6\u652f\u6301\u8be5\u89c2\u70b9\u2014\u2014\u8fc7\u53bb\u4e00\u4e2a\u6708\u5176\u5bf9ECB\u8fb9\u9645\u501f\u8d37\u4fbf\u5229\uff08marginal lending facility\uff09\u7684\u4f7f\u7528\u91cf\u4e0a\u5347\u7ea63%\u3002<\/p>\n\n

\u672a\u6765\u6570\u5468\uff0c\u6211\u4eec\u5e94\u56f4\u7ed5\u8fd9\u4e00\u53d8\u5316\u8fdb\u884c\u5e03\u5c40\uff0c\u91cd\u70b9\u5173\u6ce82026\u5e74\u672b\u81f32027\u5e74\u521d\u5230\u671f\u7684\u5229\u7387\u884d\u751f\u54c1\u3002\u8fd9\u5305\u62ec\u5efa\u7acb\u53d7\u76ca\u4e8e\u66f4\u9ad8Euribor\u5b9a\u76d8\u7684\u4ea4\u6613\uff0c\u4f8b\u5982\u5728\u5229\u7387\u4e92\u6362\u4e2d\u652f\u4ed8\u56fa\u5b9a\u5229\u7387\uff08pay fixed\uff09\uff0c\u6216\u4e70\u5165\u7b2c\u56db\u5b63\u5ea6Euribor\u671f\u8d27\u5408\u7ea6\u3002\u8fd9\u4e9b\u5934\u5bf8\u62bc\u6ce8\u5e02\u573a\u5f53\u524d\u53ef\u80fd\u4f4e\u4f30\u4e86ECB\u5411\u201c\u6d41\u52a8\u6027\u4e0d\u518d\u5145\u88d5\u201d\u7684\u73af\u5883\u8f6c\u53d8\u6240\u5e26\u6765\u7684\u5f71\u54cd\u3002<\/p>\n\n\n\n

\u7acb\u5373\u5f00\u59cb\u4ea4\u6613 \u2014 \u70b9\u51fb\u6b64\u5904<\/a>\u5f00\u8bbe\u60a8\u7684 VT Markets \u771f\u5b9e\u8d26\u6237\u3002<\/b>\n\n<\/p>","protected":false},"excerpt":{"rendered":"

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