{"id":49183,"date":"2026-06-01T03:24:03","date_gmt":"2026-06-01T03:24:03","guid":{"rendered":"https:\/\/www.vtmarkets.com\/uncategorized\/47933\/"},"modified":"2026-06-01T03:24:03","modified_gmt":"2026-06-01T03:24:03","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%ef%bc%8f%e4%ba%ba%e6%b0%91%e5%85%83%e3%81%ae%e5%9f%ba%e6%ba%96%e5%80%a4%e3%82%92%e5%bc%b7%e3%82%81%e3%81%ab%e8%a8%ad-2","status":"publish","type":"post","link":"https:\/\/www.vtmarkets.com\/jp-asia\/live-updates\/49183\/","title":{"rendered":"\u4e2d\u56fd\u4eba\u6c11\u9280\u884c\u3001\u30c9\u30eb\uff0f\u4eba\u6c11\u5143\u306e\u57fa\u6e96\u5024\u3092\u5f37\u3081\u306b\u8a2d\u5b9a\u3000\u6210\u9577\u61f8\u5ff5\u306e\u4e2d\u3001\u4eba\u6c11\u5143\u306e\u7de9\u3084\u304b\u306a\u4e0b\u843d\u5bb9\u8a8d\u3092\u793a\u5506"},"content":{"rendered":"

\u4e2d\u56fd\u4eba\u6c11\u9280\u884c\uff08PBOC\uff09\u306f\u6708\u66dc\u65e5\u306e\u7c73\u30c9\u30eb\uff0f\u4eba\u6c11\u5143\uff08USD\/CNY\uff09\u57fa\u6e96\u5024\u30926.8167\u306b\u8a2d\u5b9a\u3057\u305f\u3002\u3053\u308c\u306f\u91d1\u66dc\u65e5\u306e6.8176\u304b\u3089\u5c0f\u5e45\u306b\u4eba\u6c11\u5143\u9ad8\u65b9\u5411\u3067\u3042\u308b\u4e00\u65b9\u3001\u30ed\u30a4\u30bf\u30fc\u304c\u4f1d\u3048\u305f\u5e02\u5834\u4e88\u60f3\u306e6.7643\u3088\u308a\u3082\u4eba\u6c11\u5143\u5b89\u65b9\u5411\u3068\u306a\u308b\u3002\u57fa\u6e96\u5024\u306f\u30aa\u30f3\u30b7\u30e7\u30a2\u5e02\u5834\u306e\u53d6\u5f15\u306e\u624b\u639b\u304b\u308a\u3068\u306a\u308a\u3001\u7269\u4fa1\u306e\u5b89\u5b9a\u3068\u7d4c\u6e08\u6210\u9577\u306e\u652f\u63f4\u306b\u52a0\u3048\u3001\u91d1\u878d\u6539\u9769\u3084\u5e02\u5834\u767a\u5c55\u306e\u63a8\u9032\u3092\u542b\u3080\u4e2d\u9280\u306e\u5e83\u7bc4\u306a\u8077\u52d9\u306e\u7bc4\u56f2\u5185\u306b\u4f4d\u7f6e\u3065\u3051\u3089\u308c\u308b\u3002<\/p>\n

PBOC\u306f\u72ec\u7acb\u3057\u305f\u6a5f\u95a2\u3067\u306f\u306a\u304f\u4e2d\u83ef\u4eba\u6c11\u5171\u548c\u56fd\u306e\u56fd\u6709\u6a5f\u95a2\u3067\u3042\u308a\u3001\u305d\u306e\u904b\u55b6\u306f\u4e2d\u56fd\u5171\u7523\u515a\u306e\u515a\u59d4\u54e1\u4f1a\u66f8\u8a18\u306e\u5f79\u5272\u306b\u5f71\u97ff\u3055\u308c\u308b\u3002\u73fe\u5728\u3001\u6f58\u529f\u52dd\u6c0f\u304c\u7dcf\u88c1\u3068\u515a\u59d4\u54e1\u4f1a\u66f8\u8a18\u3092\u517c\u52d9\u3057\u3066\u3044\u308b\u3002\u653f\u7b56\u904b\u55b6\u306b\u306f\u30017\u65e5\u7269\u30ea\u30d0\u30fc\u30b9\u30ec\u30dd\u91d1\u5229\uff087-day Reverse Repo Rate\uff09\u3001\u4e2d\u671f\u8cb8\u51fa\u30d5\u30a1\u30b7\u30ea\u30c6\u30a3\uff08MLF\uff09\u3001\u5916\u56fd\u70ba\u66ff\u4ecb\u5165\u3001\u9810\u91d1\u6e96\u5099\u7387\uff08RRR\uff09\u306a\u3069\u306e\u624b\u6bb5\u304c\u7528\u3044\u3089\u308c\u308b\u3002\u8cb8\u51fa\u57fa\u790e\u91d1\u5229\uff08LPR\uff09\u306f\u878d\u8cc7\u30fb\u4f4f\u5b85\u30ed\u30fc\u30f3\u306e\u6307\u6a19\u91d1\u5229\u3067\u3042\u308a\u3001\u9810\u91d1\u30ea\u30bf\u30fc\u30f3\u306b\u3082\u5f71\u97ff\u3057\u3001\u4eba\u6c11\u5143\u76f8\u5834\u3078\u6ce2\u53ca\u3059\u308b\u3002\u4e2d\u56fd\u306f\u6c11\u55b6\u9280\u884c\u3082\u8a8d\u3081\u3066\u304a\u308a\u3001\u6c11\u55b6\u9280\u884c\u306f19\u884c\u30022014\u5e74\u306b\u6c11\u9593\u8cc7\u672c\u306e\u56fd\u5185\u9280\u884c\u8a2d\u7acb\u3092\u89e3\u7981\u3057\u3066\u4ee5\u964d\u3001\u30c6\u30f3\u30bb\u30f3\u30c8\u3084\u30a2\u30f3\u30c8\u30fb\u30b0\u30eb\u30fc\u30d7\u304c\u652f\u63f4\u3059\u308b\u30c7\u30b8\u30bf\u30eb\u7cfb\u306e\u5fae\u8846\u9280\u884c\uff08WeBank\uff09\u3084\u7db2\u5546\u9280\u884c\uff08MYbank\uff09\u306a\u3069\u304c\u6700\u5927\u624b\u306b\u542b\u307e\u308c\u308b\u3002<\/p>\n\n

PBOC Policy Signals And Economic Context<\/h3>\n\n

\u4e2d\u56fd\u4eba\u6c11\u9280\u884c\u306f\u3001\u5e02\u5834\u304c\u60f3\u5b9a\u3057\u3066\u3044\u305f\u3088\u308a\u3082\u4eba\u6c11\u5143\u3092\u5f31\u3081\u306e\u6c34\u6e96\u3078\u8a98\u5c0e\u3057\u3066\u3044\u308b\u3068\u307f\u3089\u308c\u308b\u3002\u516c\u5f0f\u57fa\u6e96\u5024\u306e6.8167\u306f\u3001\u4e88\u60f3\u306e6.7643\u3068\u6bd4\u8f03\u3059\u308b\u3068\u3001\u660e\u78ba\u306a\u653f\u7b56\u30b7\u30b0\u30ca\u30eb\u3092\u793a\u3059\u3002\u666f\u6c17\u4e0b\u652f\u3048\u3092\u76ee\u7684\u306b\u3001\u901a\u8ca8\u5b89\u306e\u5bb9\u8a8d\u5ea6\u5408\u3044\u3092\u9ad8\u3081\u3066\u3044\u308b\u53ef\u80fd\u6027\u304c\u3042\u308b\u3002<\/p>\n

\u3053\u306e\u5bfe\u5fdc\u306f\u76f4\u8fd1\u306e\u7d4c\u6e08\u6307\u6a19\u3068\u3082\u6574\u5408\u7684\u3060\u3002\u4e2d\u56fd\u306e5\u6708\u306e\u88fd\u9020\u696dPMI\uff08\u653f\u5e9c\u7d71\u8a08\uff09\u306f49.8\u3078\u4f4e\u4e0b\u3057\u3001\u666f\u6cc1\u611f\u306e\u5c0f\u5e45\u306a\u7e2e\u5c0f\u3092\u793a\u3057\u305f\u30024\u6708\u306e\u8f38\u51fa\u4f38\u3073\u7387\u304c1.5%\u306b\u3068\u3069\u307e\u3063\u305f\u3053\u3068\u3082\u3001\u70ba\u66ff\u30ec\u30fc\u30c8\u3092\u666f\u6c17\u652f\u63f4\u306e\u624b\u6bb5\u3068\u3057\u3066\u6d3b\u7528\u3059\u308b\u8ad6\u62e0\u3092\u5f37\u3081\u308b\u3002\u5f53\u9762\u306f\u901a\u8ca8\u306e\u5f37\u3055\u3088\u308a\u6210\u9577\u3092\u512a\u5148\u3057\u3066\u3044\u308b\u3068\u8003\u3048\u3089\u308c\u308b\u3002<\/p>\n\n

Market Implications And Policy Risks<\/h3>\n\n

\u7c73\u30c9\u30eb\u9ad8\u57fa\u8abf\u304c\u7d9a\u3044\u3066\u3044\u308b\u3053\u3068\u306f\u3001\u3053\u3046\u3057\u305f\u653f\u7b56\u8abf\u6574\u306e\u300c\u8ffd\u3044\u98a8\u300d\u3068\u306a\u308b\u3002\u7c73\u9023\u90a6\u6e96\u5099\u5236\u5ea6\u7406\u4e8b\u4f1a\uff08FRB\uff09\u304c\u9ad8\u91d1\u5229\u3092\u7dad\u6301\u3059\u308b\u3068\u898b\u8fbc\u307e\u308c\u308b\u306a\u304b\u3001\u91d1\u5229\u5dee\u306f\u69cb\u9020\u7684\u306b\u4eba\u6c11\u5143\u306e\u5bfe\u30c9\u30eb\u4e0b\u62bc\u3057\u5727\u529b\u3068\u306a\u308b\u3002PBOC\u306f\u30c9\u30eb\u9ad8\u30c8\u30ec\u30f3\u30c9\u306b\u9006\u3089\u3046\u306e\u3067\u306f\u306a\u304f\u3001\u7ba1\u7406\u3055\u308c\u305f\u6e1b\u4fa1\u3092\u5fd7\u5411\u3057\u3066\u3044\u308b\u3088\u3046\u306b\u307f\u3048\u308b\u3002<\/p>\n

\u5148\u884c\u304d\u306e\u4eba\u6c11\u5143\u5b89\u306b\u5099\u3048\u308b\u306a\u3089\u3001\u3088\u308a\u6d41\u52d5\u6027\u304c\u9ad8\u304f\u53d6\u5f15\u304c\u81ea\u7531\u306a\u30aa\u30d5\u30b7\u30e7\u30a2\u5e02\u5834\uff08CNH\uff09\u3092\u4e2d\u5fc3\u306b\u691c\u8a0e\u3059\u308b\u4f59\u5730\u304c\u3042\u308b\u3002USD\/CNH\u306e\u30b3\u30fc\u30eb\u30aa\u30d7\u30b7\u30e7\u30f3\u8cfc\u5165\u3084\u3001\u30d5\u30a9\u30ef\u30fc\u30c9\u306b\u3088\u308b\u30ed\u30f3\u30b0\uff08\u30c9\u30eb\u30ed\u30f3\u30b0\uff0f\u4eba\u6c11\u5143\u30b7\u30e7\u30fc\u30c8\uff09\u69cb\u7bc9\u306f\u6709\u52b9\u306a\u6226\u7565\u3068\u306a\u308a\u5f97\u308b\u3002\u5411\u3053\u3046\u6570\u9031\u9593\u306b\u304b\u3051\u3066\u3001\u7ba1\u7406\u3055\u308c\u305f\u4eba\u6c11\u5143\u5b89\u304c\u7d9a\u3051\u3070\u53ce\u76ca\u6a5f\u4f1a\u3068\u306a\u308b\u53ef\u80fd\u6027\u304c\u3042\u308b\u3002<\/p>\n

\u305f\u3060\u3057\u3001MLF\u306a\u3069\u4e3b\u8981\u653f\u7b56\u91d1\u5229\u306e\u5909\u66f4\u3084RRR\u5f15\u304d\u4e0b\u3052\u3068\u3044\u3063\u305f\u653f\u7b56\u30b7\u30b0\u30ca\u30eb\u306e\u5909\u5316\u306b\u306f\u8b66\u6212\u304c\u5fc5\u8981\u3060\u3002PBOC\u306e\u4e2d\u6838\u7684\u306a\u4f7f\u547d\u306b\u306f\u5b89\u5b9a\u7dad\u6301\u304c\u542b\u307e\u308c\u308b\u305f\u3081\u3001\u6025\u6fc0\u3067\u7121\u79e9\u5e8f\u306a\u4e0b\u843d\u306f\u60f3\u5b9a\u3057\u306b\u304f\u3044\u3002\u8cc7\u672c\u6d41\u51fa\u304c\u52a0\u901f\u3059\u308b\u5146\u5019\u304c\u51fa\u308c\u3070\u3001\u5f53\u5c40\u304c\u4ecb\u5165\u3057\u3066\u901a\u8ca8\u3092\u4e0b\u652f\u3048\u3059\u308b\u5c55\u958b\u3082\u3042\u308a\u5f97\u308b\u3002<\/p>\n\n\n

\u4eca\u3059\u3050\u53d6\u5f15\u3092\u59cb\u3081\u307e\u3057\u3087\u3046 \u2014 VT Markets\u306e\u30ea\u30a2\u30eb\u53e3\u5ea7\u3092\u958b\u8a2d\u3059\u308b\u306b\u306f\u3053\u3061\u3089<\/a>\u3092\u30af\u30ea\u30c3\u30af\u3057\u3066\u304f\u3060\u3055\u3044\u3002<\/b><\/p>","protected":false},"excerpt":{"rendered":"

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