{"id":45708,"date":"2026-04-27T02:53:27","date_gmt":"2026-04-27T02:53:27","guid":{"rendered":"https:\/\/www.vtmarkets.com\/uncategorized\/45708\/"},"modified":"2026-04-27T02:53:27","modified_gmt":"2026-04-27T02:53:27","slug":"%e4%b8%ad%e5%9b%bd%e4%ba%ba%e6%b0%91%e9%8a%80%e8%a1%8c%e3%80%81%e3%83%89%e3%83%ab%e3%83%bb%e4%ba%ba%e6%b0%91%e5%85%83%e3%81%ae%e5%9f%ba%e6%ba%96%e5%80%a4%e3%82%926-8579%e5%85%83%e3%81%ab%e8%a8%ad","status":"publish","type":"post","link":"https:\/\/www.vtmarkets.com\/jp-asia\/live-updates\/45708\/","title":{"rendered":"\u4e2d\u56fd\u4eba\u6c11\u9280\u884c\u3001\u30c9\u30eb\u30fb\u4eba\u6c11\u5143\u306e\u57fa\u6e96\u5024\u30926.8579\u5143\u306b\u8a2d\u5b9a\u3000\u524d\u56de\u306e6.8674\u5143\u304a\u3088\u3073\u30ed\u30a4\u30bf\u30fc\u4e88\u60f3\u306e6.8282\u5143\u3092\u4e0b\u56de\u308b"},"content":{"rendered":"

\u4e2d\u56fd\u4eba\u6c11\u9280\u884c\uff08PBOC\uff09\u306f\u3001\u6708\u66dc\u65e5\u306e\u7c73\u30c9\u30eb\uff0f\u4eba\u6c11\u5143\uff08USD\/CNY\uff09\u306e\u300c\u57fa\u6e96\u5024\uff08\u4e2d\u5fc3\u30ec\u30fc\u30c8\uff1d\u6bce\u55b6\u696d\u65e5\u306b\u5f53\u5c40\u304c\u516c\u8868\u3059\u308b\u57fa\u6e96\u3068\u306a\u308b\u70ba\u66ff\u6c34\u6e96\uff09\u300d\u30926.8579\u306b\u8a2d\u5b9a\u3057\u305f\u3002\u3053\u308c\u306f\u3001\u91d1\u66dc\u65e5\u306e\u57fa\u6e96\u50246.8674\u304a\u3088\u3073\u30ed\u30a4\u30bf\u30fc\u4e88\u60f3\u306e6.8282\u3068\u6bd4\u8f03\u3055\u308c\u308b\u3002<\/p>\n

PBOC\u306e\u4e3b\u306a\u91d1\u878d\u653f\u7b56\u306e\u76ee\u7684\u306f\u7269\u4fa1\u306e\u5b89\u5b9a\uff08\u70ba\u66ff\u76f8\u5834\u306e\u5b89\u5b9a\u3092\u542b\u3080\uff09\u3068\u7d4c\u6e08\u6210\u9577\u3067\u3042\u308b\u3002\u3042\u308f\u305b\u3066\u3001\u91d1\u878d\u5e02\u5834\u306e\u958b\u653e\u3084\u80b2\u6210\u306a\u3069\u306e\u91d1\u878d\u6539\u9769\u306b\u3082\u53d6\u308a\u7d44\u3080\u3002<\/p>\n

Pboc Governance And Independence<\/h3>\n

PBOC\u306f\u4e2d\u83ef\u4eba\u6c11\u5171\u548c\u56fd\u306e\u56fd\u6709\uff08\u56fd\u5bb6\u304c\u6240\u6709\uff09\u3067\u3042\u308a\u3001\u72ec\u7acb\u6027\uff08\u653f\u5e9c\u304b\u3089\u81ea\u7531\u306b\u653f\u7b56\u3092\u6c7a\u3081\u3089\u308c\u308b\u5ea6\u5408\u3044\uff09\u306f\u9ad8\u304f\u306a\u3044\u3002\u56fd\u52d9\u9662\uff08\u56fd\u306e\u884c\u653f\u3092\u62c5\u3046\u6700\u9ad8\u6a5f\u95a2\uff09\u306e\u30c8\u30c3\u30d7\u304c\u6307\u540d\u3059\u308b\u4e2d\u56fd\u5171\u7523\u515a\u306e\u515a\u59d4\u54e1\u4f1a\u66f8\u8a18\u304c\u9280\u884c\u306e\u65b9\u91dd\u306b\u5f71\u97ff\u3092\u4e0e\u3048\u308b\u3002\u6f58\u529f\u52dd\u6c0f\u306f\u3001\u3053\u306e\u5f79\u8077\u3068\u7dcf\u88c1\u8077\u3092\u517c\u52d9\u3057\u3066\u3044\u308b\u3002<\/p>\n

PBOC\u306f\u30017\u65e5\u7269\u30ea\u30d0\u30fc\u30b9\u30ec\u30dd\u91d1\u5229\uff08\u4e2d\u592e\u9280\u884c\u304c\u8cc7\u91d1\u3092\u4f9b\u7d66\u3059\u308b\u77ed\u671f\u91d1\u5229\uff09\u3001\u4e2d\u671f\u8cb8\u51fa\u30d5\u30a1\u30b7\u30ea\u30c6\u30a3\uff08MLF\uff1d\u9280\u884c\u306b\u4e2d\u671f\u8cc7\u91d1\u3092\u4f9b\u7d66\u3059\u308b\u4ed5\u7d44\u307f\uff09\u3001\u70ba\u66ff\u4ecb\u5165\uff08\u5916\u8ca8\u58f2\u8cb7\u3067\u76f8\u5834\u306b\u5f71\u97ff\u3092\u4e0e\u3048\u308b\u624b\u6bb5\uff09\u3001\u9810\u91d1\u6e96\u5099\u7387\uff08RRR\uff1d\u9280\u884c\u304c\u9810\u91d1\u306e\u4e00\u90e8\u3092\u4e2d\u592e\u9280\u884c\u306b\u9810\u3051\u308b\u6bd4\u7387\uff09\u306a\u3069\u3092\u4f7f\u3046\u3002\u30ed\u30fc\u30f3\u30d7\u30e9\u30a4\u30e0\u30ec\u30fc\u30c8\uff08LPR\uff1d\u8cb8\u51fa\u91d1\u5229\u306e\u6307\u6a19\uff09\u306f\u57fa\u6e96\u91d1\u5229\u3068\u3057\u3066\u3001\u4f01\u696d\u878d\u8cc7\u3084\u4f4f\u5b85\u30ed\u30fc\u30f3\u3001\u9810\u91d1\u91d1\u5229\u3001\u3055\u3089\u306b\u4eba\u6c11\u5143\u76f8\u5834\u306b\u5f71\u97ff\u3059\u308b\u3002<\/p>\n

\u4e2d\u56fd\u306b\u306f\u6c11\u55b6\u9280\u884c\u304c19\u884c\u3042\u308b\u3002\u6700\u5927\u624b\u306f\u3001\u30c6\u30f3\u30bb\u30f3\u30c8\u652f\u63f4\u306eWeBank\u3068\u30a2\u30f3\u30c8\u30fb\u30b0\u30eb\u30fc\u30d7\u652f\u63f4\u306eMYbank\u3068\u3044\u3063\u305f\u30c7\u30b8\u30bf\u30eb\u7cfb\u878d\u8cc7\u4f1a\u793e\u3067\u3001\u56fd\u5185\u3067\u5b8c\u5168\u6c11\u55b6\u306e\u9280\u884c\u3092\u8a8d\u3081\u308b\u653f\u7b56\u306f2014\u5e74\u306b\u59cb\u307e\u3063\u305f\u3002<\/p>\n

\u4e2d\u56fd\u4eba\u6c11\u9280\u884c\uff08PBOC\uff09\u306f\u3001\u4eba\u6c11\u5143\u3092\u91d1\u66dc\u65e5\u306e\u57fa\u6e96\u5024\u3088\u308a\u3082\u5f37\u304f\u8a2d\u5b9a\u3057\u305f\u4e00\u65b9\u3001\u5e02\u5834\u4e88\u60f3\u3088\u308a\u306f\u5927\u5e45\u306b\u5f31\u3044\u6c34\u6e96\u306b\u7f6e\u3044\u305f\u3002\u3053\u308c\u306f\u3001\u5f53\u5c40\u304c\u7ba1\u7406\u3057\u306a\u304c\u3089\u4eba\u6c11\u5143\u5b89\uff08\u901a\u8ca8\u5b89\uff09\u3092\u9032\u3081\u308b\u59ff\u52e2\u3092\u793a\u3057\u305f\u3068\u53d7\u3051\u6b62\u3081\u3089\u308c\u308b\u3002\u56fd\u5185\u666f\u6c17\u3092\u4e0b\u652f\u3048\u3057\u3064\u3064\u3001\u5e02\u5834\u306e\u52d5\u63fa\u3092\u62db\u304b\u306a\u3044\u3088\u3046\u8abf\u6574\u3057\u305f\u52d5\u304d\u3068\u307f\u3089\u308c\u3001\u4eca\u5f8c\u6570\u9031\u9593\u306f\u6bb5\u968e\u7684\u306a\u4eba\u6c11\u5143\u5b89\u3092\u5bb9\u8a8d\u3059\u308b\u65b9\u5411\u6027\u304c\u793a\u5506\u3055\u308c\u308b\u3002<\/p>\n

Macro Context And Policy Signal<\/h3>\n

\u76f4\u8fd1\u306e\u7d4c\u6e08\u6307\u6a19\u3082\u4eca\u56de\u306e\u52d5\u304d\u3092\u88cf\u4ed8\u3051\u308b\u3002\u4e2d\u56fd\u306e2026\u5e741\u301c3\u6708\u671fGDP\uff08\u56fd\u5185\u7dcf\u751f\u7523\uff1d\u4e00\u5b9a\u671f\u9593\u306b\u56fd\u5185\u3067\u751f\u307f\u51fa\u3055\u308c\u305f\u4ed8\u52a0\u4fa1\u5024\u306e\u5408\u8a08\uff09\u306e\u6210\u9577\u7387\u306f4.8%\u3068\u306a\u308a\u3001\u653f\u5e9c\u76ee\u6a19\u306e5.0%\u3092\u3084\u3084\u4e0b\u56de\u3063\u305f\u3002\u3055\u3089\u306b3\u6708\u306e\u8f38\u51fa\u306f\u524d\u5e74\u6bd41.5%\u6e1b\u3068\u4e88\u60f3\u5916\u306b\u843d\u3061\u8fbc\u307f\u3001\u5f53\u5c40\u306b\u7af6\u4e89\u529b\u306e\u62bc\u3057\u4e0a\u3052\u5727\u529b\u304c\u304b\u304b\u3063\u3066\u3044\u308b\u3002\u3053\u3046\u3057\u305f\u666f\u6c17\u306e\u5f31\u3055\u306f\u3001PBOC\u304c\u7c73\u30c9\u30eb\u306b\u5bfe\u3057\u3066\u4eba\u6c11\u5143\u3092\u5b89\u65b9\u5411\u3078\u8a98\u5c0e\u3059\u308b\u52d5\u6a5f\u306b\u306a\u308a\u5f97\u308b\u3002<\/p>\n

\u305d\u306e\u7d50\u679c\u3068\u3057\u3066\u3001PBOC\u306f\u666f\u6c17\u652f\u63f4\u306e\u305f\u3081\u3001\u9810\u91d1\u6e96\u5099\u7387\uff08RRR\uff09\u306a\u3069\u306e\u653f\u7b56\u624b\u6bb5\u3092\u4f7f\u3044\u3001\u65e9\u3051\u308c\u3070\u6765\u6708\u306b\u3082\u5f15\u304d\u4e0b\u3052\uff08\u5229\u4e0b\u3052\u306b\u8fd1\u3044\u91d1\u878d\u7de9\u548c\uff09\u3092\u691c\u8a0e\u3059\u308b\u3068\u898b\u8fbc\u307e\u308c\u308b\u3002\u3053\u308c\u306f\u56fd\u5185\u306e\u8cc7\u91d1\u91cf\uff08\u6d41\u52d5\u6027\uff1d\u5e02\u5834\u3067\u56de\u308a\u3084\u3059\u3044\u304a\u91d1\uff09\u3092\u5897\u3084\u3059\u4e00\u65b9\u3001\u4eba\u6c11\u5143\u306b\u306f\u4e0b\u843d\u5727\u529b\u3068\u306a\u308a\u3084\u3059\u3044\u3002\u7c73\u56fd\u3068\u306e\u91d1\u5229\u5dee\uff08\u4e21\u56fd\u306e\u91d1\u5229\u6c34\u6e96\u306e\u9055\u3044\uff09\u304c\u62e1\u5927\u3057\u3001\u4eba\u6c11\u5143\u5efa\u3066\u8cc7\u7523\u306e\u76f8\u5bfe\u7684\u306a\u9b45\u529b\u304c\u4f4e\u4e0b\u3059\u308b\u305f\u3081\u3060\u3002<\/p>\n

\u30c7\u30ea\u30d0\u30c6\u30a3\u30d6\uff08\u91d1\u878d\u6d3e\u751f\u5546\u54c1\uff1d\u70ba\u66ff\u3084\u91d1\u5229\u306a\u3069\u3092\u5143\u306b\u4f5c\u3089\u308c\u305f\u53d6\u5f15\uff09\u3092\u6271\u3046\u6295\u8cc7\u5bb6\u306b\u3068\u3063\u3066\u306f\u3001USD\/CNY\u306e\u4e0a\u6607\u3092\u60f3\u5b9a\u3057\u305f\u30dd\u30b8\u30b7\u30e7\u30f3\u304c\u610f\u8b58\u3055\u308c\u3084\u3059\u3044\u3002USD\/CNY\u306e\u30b3\u30fc\u30eb\u30aa\u30d7\u30b7\u30e7\u30f3\uff08\u5c06\u6765\u3001\u6c7a\u3081\u305f\u4fa1\u683c\u3067\u8cb7\u3046\u6a29\u5229\uff09\u3092\u3001\u6a29\u5229\u884c\u4f7f\u4fa1\u683c\u304c6.95\u8fd1\u8fba\u3068\u306a\u308b\u3088\u3046\u306b\u9078\u3073\u3001\u4eca\u5f8c1\u56db\u534a\u671f\u3092\u5bfe\u8c61\u306b\u8cb7\u3046\u6226\u7565\u304c\u6709\u529b\u3068\u307f\u3089\u308c\u308b\u3002\u3053\u306e\u624b\u6cd5\u306f\u4eba\u6c11\u5143\u5b89\u3078\u306e\u4e0a\u6607\u4f59\u5730\u3092\u72d9\u3044\u306a\u304c\u3089\u3001\u640d\u5931\u3092\u9650\u5b9a\uff08\u6700\u5927\u640d\u5931\u304c\u652f\u6255\u3063\u305f\u30aa\u30d7\u30b7\u30e7\u30f3\u4ee3\u91d1\u306b\u9650\u3089\u308c\u308b\uff09\u3067\u304d\u308b\u3002PBOC\u306f\u4ecb\u5165\u5b9f\u7e3e\u304c\u591a\u304f\u3001\u4e0d\u78ba\u5b9f\u6027\u304c\u6b8b\u308b\u305f\u3081\u3001\u30ea\u30b9\u30af\u7ba1\u7406\u304c\u91cd\u8981\u306b\u306a\u308b\u3002<\/p>\n

\u73fe\u5728\u3001USD\/CNH\uff08\u4eba\u6c11\u5143\u306e\u30aa\u30d5\u30b7\u30e7\u30a2\u5e02\u5834\uff1d\u4e2d\u56fd\u672c\u571f\u5916\u3067\u53d6\u5f15\u3055\u308c\u308b\u4eba\u6c11\u5143\uff09\u306e1\u30ab\u6708\u7269\u30a4\u30f3\u30d7\u30e9\u30a4\u30c9\u30fb\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\uff08\u4e88\u60f3\u5909\u52d5\u7387\uff1d\u30aa\u30d7\u30b7\u30e7\u30f3\u4fa1\u683c\u304b\u3089\u9006\u7b97\u3055\u308c\u308b\u5c06\u6765\u306e\u5024\u52d5\u304d\u898b\u8fbc\u307f\uff09\u306f4.5%\u3068\u4f4e\u6c34\u6e96\u3067\u30012025\u5e74\u5f8c\u534a\u306b\u898b\u3089\u308c\u305f\u4e00\u6642\u7684\u306a\u6025\u4e0a\u6607\u3068\u6bd4\u3079\u3066\u3082\u843d\u3061\u7740\u3044\u3066\u3044\u308b\u3002\u4e88\u60f3\u5909\u52d5\u7387\u304c\u4f4e\u3044\u307b\u3069\u3001\u30aa\u30d7\u30b7\u30e7\u30f3\u306f\u76f8\u5bfe\u7684\u306b\u5272\u5b89\u306b\u306a\u308a\u3084\u3059\u3044\u3002\u3053\u306e\u305f\u3081\u3001\u30b3\u30fc\u30eb\u30b9\u30d7\u30ec\u30c3\u30c9\uff08\u6a29\u5229\u884c\u4f7f\u4fa1\u683c\u306e\u7570\u306a\u308b\u30b3\u30fc\u30eb\u3092\u8cb7\u3044\u3068\u58f2\u308a\u3067\u7d44\u307f\u5408\u308f\u305b\u3001\u30b3\u30b9\u30c8\u3068\u5229\u76ca\u4e0a\u9650\u3092\u6291\u3048\u308b\u624b\u6cd5\uff09\u3067\u3001USD\/CNY\u306e\u7de9\u3084\u304b\u306a\u4e0a\u6607\u306b\u5099\u3048\u308b\u6226\u7565\u304c\u8cbb\u7528\u52b9\u7387\u306e\u9762\u3067\u6709\u5229\u306b\u306a\u308a\u5f97\u308b\u3002<\/p>\n","protected":false},"excerpt":{"rendered":"

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