{"id":40583,"date":"2026-03-11T17:49:46","date_gmt":"2026-03-11T17:49:46","guid":{"rendered":"https:\/\/www.vtmarkets.com\/kr\/uncategorized\/%eb%b0%a5-%ec%83%88%eb%b9%84%ec%a7%80-%ec%9d%b4%eb%9e%80-%ea%b8%b4%ec%9e%a5-%ec%86%8d%ec%97%90-%ec%8b%a0%ed%9d%a5%ea%b5%ad-%eb%b6%80%ec%b1%84%ea%b0%80-%ea%b4%91%eb%b2%94%ec%9c%84%ed%95%98\/"},"modified":"2026-03-11T17:49:46","modified_gmt":"2026-03-11T17:49:46","slug":"%eb%b0%a5-%ec%83%88%eb%b9%84%ec%a7%80-%ec%9d%b4%eb%9e%80-%ea%b8%b4%ec%9e%a5-%ec%86%8d%ec%97%90-%ec%8b%a0%ed%9d%a5%ea%b5%ad-%eb%b6%80%ec%b1%84%ea%b0%80-%ea%b4%91%eb%b2%94%ec%9c%84%ed%95%98","status":"publish","type":"post","link":"https:\/\/www.vtmarkets.com\/kr-asia\/live-updates\/%eb%b0%a5-%ec%83%88%eb%b9%84%ec%a7%80-%ec%9d%b4%eb%9e%80-%ea%b8%b4%ec%9e%a5-%ec%86%8d%ec%97%90-%ec%8b%a0%ed%9d%a5%ea%b5%ad-%eb%b6%80%ec%b1%84%ea%b0%80-%ea%b4%91%eb%b2%94%ec%9c%84%ed%95%98\/","title":{"rendered":"\ubc25 \uc0c8\ube44\uc9c0 \u201c\uc774\ub780 \uae34\uc7a5 \uc18d\uc5d0 \uc2e0\ud765\uad6d \ubd80\ucc44\uac00 \uad11\ubc94\uc704\ud558\uac8c \ub9e4\ub3c4\ub3fc \ubbf8 \uad6d\ucc44\uc640 \ub3c5\uc77c \uad6d\ucc44(\ubd84\ud2b8) \uc218\uc694\uac00 \ub298\uc5c8\ub2e4\u201d"},"content":{"rendered":"BNY \ub370\uc774\ud130\uc5d0 \ub530\ub974\uba74 \uc774\ub780 \ubd84\uc7c1\uc73c\ub85c \uc2dc\uc7a5\uc758 **\uc704\ud5d8 \ud68c\ud53c \uc131\ud5a5(\ub9ac\uc2a4\ud06c\ub97c \ud53c\ud558\ub824\ub294 \uc2ec\ub9ac)**\uc774 \ucee4\uc9c0\uba74\uc11c **\uc2e0\ud765\uad6d(EM, Emerging Market)**\uc758 **\uad6d\ucc44(\uc815\ubd80\uac00 \ubc1c\ud589\ud55c \ucc44\uad8c)**\uc5d0\uc11c **\ub3d9\uc2dc\uc5d0 \ub9e4\ub3c4(\uc5ec\ub7ec \ub098\ub77c\uc5d0\uc11c \ud55c\uaebc\ubc88\uc5d0 \ud30c\ub294 \ud604\uc0c1)**\uac00 \ub098\ud0c0\ub098\uace0 \uc788\uc2b5\ub2c8\ub2e4. **\uc2e0\ud765\uad6d \ucc44\uad8c(EM \uace0\uc815\uc218\uc775 \uc790\uc0b0: \uc774\uc790 \uc218\uc775\uc744 \uc8fc\ub294 \uc790\uc0b0)**\uc740 \uc804\ubc18\uc801\uc73c\ub85c **\uc21c\ub9e4\ub3c4(\uc0ac\ub824\ub294 \uc591\ubcf4\ub2e4 \ud30c\ub294 \uc591\uc774 \ub354 \ub9ce\uc74c)**\ub85c \ubc14\ub00c\uc5c8\uace0, \ub3c8\uc740 **\ubbf8\uad6d \uad6d\ucc44(US Treasuries: \ubbf8\uad6d \uc815\ubd80 \ucc44\uad8c)**, **\ub3c5\uc77c \uad6d\ucc44(Bunds: \ub3c5\uc77c \uc815\ubd80 \ucc44\uad8c)**, \uadf8\ub9ac\uace0 \uadf8 \ubc16\uc758 **\uc120\uc9c4\uad6d(G10: \uc8fc\uc694 10\uac1c \uc120\uc9c4\uad6d) \uace0\uc2e0\uc6a9 \uc790\uc0b0(\uc2e0\uc6a9\ub3c4\uac00 \ub192\uc544 \ube44\uad50\uc801 \uc548\uc804\ud55c \uc790\uc0b0)**\uc73c\ub85c \uc774\ub3d9\ud588\uc2b5\ub2c8\ub2e4.\n\n\uc774\ubc88 \uc6c0\uc9c1\uc784\uc740 \uc55e\uc11c **\uc2e0\ud765\uad6d \ub9cc\uae30 \uc704\ud5d8(duration: \uae08\ub9ac \ubcc0\ud654\uc5d0 \ub530\ub978 \ucc44\uad8c \uac00\uaca9 \ubbfc\uac10\ub3c4)**\uc744 \ub298\ub9ac\uba70 \ubd84\uc0b0\ud22c\uc790\ud558\ub358 \ud750\ub984\uc744 \ub418\ub3cc\ub9ac\ub294 \uac83\uc785\ub2c8\ub2e4. \ub610\ud55c **\ucd94\uc138\ub97c \ubd80\ub4dc\ub7fd\uac8c \ub9cc\ub4e0 \uae30\uc900(\uc2a4\ubb34\ub529: \uc8fc\uac04 \ubcc0\ub3d9\uc744 \ud3c9\uade0 \ub4f1\uc73c\ub85c \uc644\ud654\ud574 \ubcf4\ub294 \ubc29\uc2dd)**\uc73c\ub85c \ubcf4\uba74, \uc9c0\uc5ed \uc804\ubc18\uc5d0\uc11c \uc62c\ud574 \ub4e4\uc5b4 \uac00\uc7a5 \uac15\ud55c \uc218\uc900\uc758 \uc2e0\ud765\uad6d \ub9e4\ub3c4\ub77c\uace0 \uc124\uba85\ub429\ub2c8\ub2e4. \ubd84\uc7c1\uc774 \uc810\uc9c4\uc801\uc73c\ub85c \uc644\ud654\ub420 \uc218 \uc788\ub2e4\ub294 \ub9d0\uc774 \uc788\uc5c8\uc9c0\ub9cc, \ub9e4\ub3c4 \uaddc\ubaa8\ub294 \uc624\ud788\ub824 \ub354 \ub113\uac8c \ud37c\uc84c\uc2b5\ub2c8\ub2e4.\n\n<h3>Emerging Market Debt Flows Shift<\/h3>\nBNY\uc758 \ucd5c\uc2e0 \uc5c5\ub370\uc774\ud2b8\uc5d0 \ub530\ub974\uba74, \uc77c\ubd80 \ub77c\ud2f4\uc544\uba54\ub9ac\uce74 \uc2dc\uc7a5\uc744 \uc81c\uc678\ud558\uba74 \uac70\uc758 \ubaa8\ub4e0 \uc2e0\ud765\uad6d \ucc44\uad8c \uc2dc\uc7a5\uc774 \ud604\uc7ac **\uc21c\ub9e4\ub3c4** \uc0c1\ud0dc\uc785\ub2c8\ub2e4. \uac00\uc7a5 \ud070 \uc218\ud61c\uc790\ub294 **\ubbf8\uad6d \uad6d\ucc44**\ub85c \ubcf4\uace0\ub418\uba70, **\ub3c5\uc77c \uad6d\ucc44**\uc640 \ub2e4\ub978 **\ud575\uc2ec G10 \ubcf4\uc720\uc790\uc0b0(\uc548\uc804\uc790\uc0b0 \uc131\uaca9\uc774 \uac15\ud55c \uc120\uc9c4\uad6d \ucc44\uad8c)**\uc73c\ub85c\ub3c4 \uc790\uae08\uc774 \ucd94\uac00\ub85c \ub4e4\uc5b4\uac14\uc2b5\ub2c8\ub2e4.\n\n\uc2e0\ud765\uad6d 3\uac1c \uc9c0\uc5ed \ubaa8\ub450\uc5d0\uc11c \uc9c0\ub09c\uc8fc \ub9e4\ub3c4\ub294 **\uc8fc\uac04 \uc2a4\ubb34\ub529 \uae30\uc900\uc73c\ub85c** \uc62c\ud574 \ub4e4\uc5b4 \uac00\uc7a5 \uac15\ud588\uc2b5\ub2c8\ub2e4. \ub610\ud55c \uc5c5\ub370\uc774\ud2b8\ub294, \uc774\uc804\uc758 \uc790\uae08 \ud750\ub984 \ucd94\uc138\uc640 \uc9c0\ub09c\uc8fc\uc758 \ud328\ud134 \uc0ac\uc774\uc5d0 \ub69c\ub837\ud55c \uc5f0\uacb0\uace0\ub9ac\uac00 \uc5c6\uc5c8\ub2e4\uace0 \ub367\ubd99\uc600\uc2b5\ub2c8\ub2e4.\n\n\uc6b0\ub9ac\ub294 \uc9c0\ub09c\ud574 \ub9d0 \uc774\ub780 \ubd84\uc7c1\uc774 \uaca9\ud654\ub420 \ub54c \uc77c\uc5b4\ub09c **\uad11\ubc94\uc704\ud55c \uc790\uc0b0 \ub9e4\ub3c4(\uc5ec\ub7ec \uc790\uc0b0\uc744 \ud55c\uaebc\ubc88\uc5d0 \ud30c\ub294 \ud604\uc0c1)**\uc758 \uc5ec\ud30c\ub97c \ubcf4\uace0 \uc788\uc2b5\ub2c8\ub2e4. \uc2e0\ud765\uad6d \ucc44\uad8c\uc758 \ub3d9\uc2dc \ub9e4\ub3c4\ub294 2013\ub144 **\ud14c\uc774\ud37c \ud150\ud2b8\ub7fc(Taper Tantrum: \ubbf8\uad6d\uc758 \uc591\uc801\uc644\ud654 \ucd95\uc18c \uc2e0\ud638\ub85c \uae08\ub9ac\uac00 \uae09\ub4f1\ud558\uace0 \uc2e0\ud765\uad6d \uc790\uae08\uc774 \ube60\uc838\ub098\uac04 \ucda9\uaca9)** \uc774\ud6c4 \uac00\uc7a5 \uc2ec\uac01\ud55c \uc218\uc900 \uc911 \ud558\ub098\uc600\uace0, iShares JP Morgan USD Emerging Markets Bond ETF(EMB) \uac19\uc740 **\ucc44\uad8c ETF(\uc0c1\uc7a5\uc9c0\uc218\ud380\ub4dc: \uc8fc\uc2dd\ucc98\ub7fc \uac70\ub798\ub418\ub294 \ud380\ub4dc)**\uc5d0\uc11c\ub294 \ud55c \ubd84\uae30(3\uac1c\uc6d4) \ub3d9\uc548 50\uc5b5 \ub2ec\ub7ec\uac00 \ub118\ub294 \uc790\uae08\uc774 \ube60\uc838\ub098\uac14\uc2b5\ub2c8\ub2e4. \uc774\ub807\uac8c **\uc548\uc804\uc790\uc0b0**\uc778 \ubbf8\uad6d \uad6d\ucc44\ub85c \ub3c8\uc774 \ubab0\ub9ac\uba74\uc11c, 10\ub144\ubb3c **\uc218\uc775\ub960(yield: \ucc44\uad8c\uc774 \uc8fc\ub294 \uc774\uc790 \uc218\uc900\uc744 \uac00\uaca9\uc5d0 \ub300\ube44\ud574 \ub098\ud0c0\ub0b8 \uac12)**\uc740 1\uc6d4\uc5d0 \uc7a0\uc2dc 3.8% \uc544\ub798\ub85c \ub0b4\ub824\uac14\ub294\ub370, \uc774\ub294 2025\ub144 \uc911\ubc18 \uc774\ud6c4 \ucc98\uc74c \ubcf4\ub294 \uc218\uc900\uc785\ub2c8\ub2e4.\n\n\uc2e0\ud765\uad6d \ub9e4\ub3c4\uac00 \uac00\ub9ac\uc9c0 \uc54a\uace0 \uc9c4\ud589\ub418\uba74\uc11c **\uac00\uaca9 \uc65c\uace1(dislocation: \uc815\uc0c1\uc801\uc774\ub77c\uba74 \uc124\uba85\ub418\uae30 \uc5b4\ub824\uc6b4 \uac00\uaca9 \uad34\ub9ac)**\uc774 \uc0dd\uacbc\uc2b5\ub2c8\ub2e4. \ube0c\ub77c\uc9c8\uacfc \uba55\uc2dc\ucf54\ucc98\ub7fc \ubd84\uc7c1\uc5d0 \uc9c1\uc811 \ub178\ucd9c\uc774 \ud06c\uc9c0 \uc54a\uc740 \ub098\ub77c\uc758 **CDS \uc2a4\ud504\ub808\ub4dc(\uc2e0\uc6a9\ubd80\ub3c4\uc2a4\uc651 \uac00\uc0b0\uae08\ub9ac: \uad6d\uac00\uac00 \ubd80\ub3c4\ub0a0 \uc704\ud5d8\uc5d0 \ub300\ud55c \ubcf4\ud5d8\ub8cc \uc218\uc900)**\ub3c4 \ud568\uaed8 \ubc8c\uc5b4\uc84c\uace0, **CDX \uc2e0\ud765\uad6d \uc9c0\uc218(CDX Emerging Markets Index: \uc2e0\ud765\uad6d \uc2e0\uc6a9\uc704\ud5d8\uc744 \ubb36\uc5b4 \ubcf4\uc5ec\uc8fc\ub294 CDS \uc9c0\uc218)**\ub294 75bp(\ubca0\uc774\uc2dc\uc2a4\ud3ec\uc778\ud2b8: 0.01%p) \uc774\uc0c1 \uae09\ub4f1\ud588\uc2b5\ub2c8\ub2e4. \uc774\uc81c\ub294 \uacfc\ud558\uac8c \ud314\ub9b0 \ud2b9\uc815 \uad6d\uac00 ETF \uc911\uc5d0\uc11c **\uad6d\ub0b4 \uae30\ucd08\uccb4\ub825(\uad6d\uac00 \uacbd\uc81c\uc758 \ud380\ub354\uba58\ud138: \uc131\uc7a5\u00b7\uc7ac\uc815\u00b7\ubb3c\uac00 \ub4f1 \uae30\ubcf8 \uc5ec\uac74)**\uc774 \ud2bc\ud2bc\ud55c \uacf3\uc744 \uace8\ub77c, \uc2dc\uc7a5\uc774 \uc608\uc0c1\ud558\ub294 \uac83\ubcf4\ub2e4 \ube60\ub978 \ud68c\ubcf5\uc744 \uae30\ub300\ud558\ub294 \uc811\uadfc\uc744 \uac80\ud1a0\ud560 \uc218 \uc788\uc2b5\ub2c8\ub2e4.\n\n<h3>Positioning After The Risk Shock<\/h3>\n\ubd84\uc7c1\uc758 **\uacf5\uae09 \ucda9\uaca9(\uacf5\uae09\uc774 \uc904\uc5b4 \uac00\uaca9\uc774 \uc624\ub974\ub294 \ucda9\uaca9)** \ub54c\ubb38\uc5d0 WTI \uc6d0\uc720 **\uc120\ubb3c(futures: \ubbf8\ub798 \ub0a0\uc9dc\uc5d0 \uc815\ud55c \uac00\uaca9\uc73c\ub85c \uac70\ub798\ud558\ub294 \uacc4\uc57d)**\uc740 2025\ub144 4\ubd84\uae30\uc5d0 \ubc30\ub7f4\ub2f9 82\ub2ec\ub7ec\uc5d0\uc11c \uac70\uc758 100\ub2ec\ub7ec\uae4c\uc9c0 \uc62c\ub790\ub2e4\uac00, \uc624\ub298 \uae30\uc900\uc73c\ub85c\ub294 80\ub2ec\ub7ec \ud6c4\ubc18\ub300\ub85c \ub3cc\uc544\uc640 \uac70\ub798\ub418\uace0 \uc788\uc2b5\ub2c8\ub2e4. \uc774\uc81c **\uc9c0\uc815\ud559\uc801 \uc704\ud5d8 \ud504\ub9ac\ubbf8\uc5c4(\ubd84\uc7c1 \uc704\ud5d8 \ub54c\ubb38\uc5d0 \ucd94\uac00\ub85c \ubd99\ub294 \uac00\uaca9)**\uc774 \uc904\uc5b4\ub4dc\ub294 \uc0c1\ud669\uc774\ub77c\uba74, \uc6d0\uc720\uc5d0 \ub300\ud574 **\ud48b \uc635\uc158 \uc2a4\ud504\ub808\ub4dc(put option spread: \ud48b\uc635\uc158\uc744 \uc0ac\uace0 \ub2e4\ub978 \ud48b\uc635\uc158\uc744 \ud314\uc544 \uc190\uc775 \ubc94\uc704\ub97c \uc81c\ud55c\ud558\ub294 \ubc29\uc2dd)**\ub97c \ud65c\uc6a9\ud558\ub294 \uac83\uc774 \ucd94\uac00\uc801\uc778 \uc815\uc0c1\ud654\uc5d0 \ub300\ube44\ud558\ub294 **\uc190\uc2e4 \uc81c\ud55c\ud615(\uc704\ud5d8\uc774 \uc815\ud574\uc9c4) \ubc29\ubc95**\uc774 \ub420 \uc218 \uc788\uc2b5\ub2c8\ub2e4. \uc774\ub294 \uacf5\uae09 \ucc28\uc9c8 \uc6b0\ub824\uac00 \uc2e4\uc81c \uae00\ub85c\ubc8c \uc0dd\uc0b0 \uc601\ud5a5\uc5d0 \ube44\ud574 \uacfc\uc7a5\ub410\ub2e4\ub294 \uad00\uc810\uc5d0 \uae30\ubc18\ud569\ub2c8\ub2e4.\n\n**\ud575\uc2ec \uad6d\ucc44(\ubbf8\uad6d\u00b7\ub3c5\uc77c \uac19\uc740 \uc548\uc804\uc790\uc0b0 \uad6d\ucc44)**\ub85c\uc758 \ub418\ub3cc\ub9bc\uc740 \uc77c\ub2e8 \ub9c8\ubb34\ub9ac\ub410\uc744 \uac00\ub2a5\uc131\uc774 \ud06c\uace0, \ubbf8\uad6d\uacfc \ub3c5\uc77c\uc758 \uc218\uc775\ub960\ub3c4 \uc548\uc815\ub41c \ubaa8\uc2b5\uc785\ub2c8\ub2e4. \uc774\uc81c\ub294 \ubd84\uc7c1 \uae30\uc5b5\uc774 \uc605\uc5b4\uc9c0\uba74\uc11c \ub3c8\uc774 \ub2e4\uc2dc **\uace0\uc218\uc775 \uc790\uc0b0(\uc218\uc775\uc740 \ub192\uc9c0\ub9cc \ub354 \uc704\ud5d8\ud560 \uc218 \uc788\ub294 \uc790\uc0b0)**\uc73c\ub85c \ub3cc\uc544\uc624\ub294 \uc2e0\ud638\uac00 \uc788\ub294\uc9c0 \ubd10\uc57c \ud569\ub2c8\ub2e4. \ud55c \uac00\uc9c0 \ud30c\uc0dd\uc0c1\ud488 \uad00\uc810\uc5d0\uc11c\ub294 **\uc2e0\ud765\uad6d \ud1b5\ud654 \uc120\ubb3c(\ud1b5\ud654\uc758 \ubbf8\ub798 \uac00\uaca9\uc5d0 \ubca0\ud305\ud558\ub294 \uacc4\uc57d)**\u2014\uc608: \uba55\uc2dc\ucf54 \ud398\uc18c\ub098 \ube0c\ub77c\uc9c8 \ud5e4\uc54c\u2014\uc774 \ubbf8\uad6d \ub2ec\ub7ec \ub300\ube44 \ub2e4\uc2dc \uac15\ud574\uc9c0\ub294 \uc870\uc9d0\uc774 \uc788\ub294\uc9c0 \uad00\ucc30\ud558\ub294 \uac83\uc774 \ud575\uc2ec\uc785\ub2c8\ub2e4.\n\n<b><a href=\"https:\/\/www.vtmarkets.com\/trade-now\/\">VT Markets \uc2e4\uacc4\uc88c \ub9cc\ub4e4\uae30<\/a>\u00a0\ubc0f\u00a0<a href=\"https:\/\/myaccount.vtmarkets.com\/login\">\uc9c0\uae08 \uac70\ub798 \uc2dc\uc791\ud558\uae30<\/a>\u00a0<\/b>\n\n<!-- wp:paragraph-->\n<p><b>VT Markets \ub77c\uc774\ube0c \uacc4\uc815\uc744 \ub9cc\ub4e4\uace0 \uc9c0\uae08 \ubc14\ub85c <a href=\"https:\/\/www.vtmarkets.com\/kr\/trade-now\/\">\uac70\ub798<\/a>\ub97c \uc2dc\uc791\ud558\uc138\uc694.<\/b><\/p>\n<!-- \/wp:post-content -->","protected":false},"excerpt":{"rendered":"<p>\uc774\uc81c EM \ucc44\uad8c\uc740 \ub05d\ub0ac\ub098? \uc774\ub780 \uac08\ub4f1\ubc1c \uc704\ud5d8\ud68c\ud53c\ub85c \uc2e0\ud765\uad6d \uad6d\ucc44\uac00 \ub3d9\ubc18 \ub9e4\ub3c4\ub418\uace0, \uc790\uae08\uc740 \ubbf8 \uad6d\ucc44\u00b7\ubd84\ud2b8 \ub4f1 G10 \uc548\uc804\uc790\uc0b0\uc73c\ub85c \uc774\ub3d9. \ubcc0\ub3d9\uc131\u00b7\uc635\uc158\u00b7\uc6d0\uc720\u00b7EM \ud1b5\ud654 \uae30\ud68c. &#8211; vtmarkets.com<\/p>\n","protected":false},"author":103,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[71],"tags":[],"class_list":["post-40583","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\/kr-asia\/wp-json\/wp\/v2\/posts\/40583","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.vtmarkets.com\/kr-asia\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.vtmarkets.com\/kr-asia\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.vtmarkets.com\/kr-asia\/wp-json\/wp\/v2\/users\/103"}],"replies":[{"embeddable":true,"href":"https:\/\/www.vtmarkets.com\/kr-asia\/wp-json\/wp\/v2\/comments?post=40583"}],"version-history":[{"count":0,"href":"https:\/\/www.vtmarkets.com\/kr-asia\/wp-json\/wp\/v2\/posts\/40583\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.vtmarkets.com\/kr-asia\/wp-json\/wp\/v2\/media?parent=40583"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/kr-asia\/wp-json\/wp\/v2\/categories?post=40583"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/kr-asia\/wp-json\/wp\/v2\/tags?post=40583"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}