{"id":47349,"date":"2026-05-25T15:24:09","date_gmt":"2026-05-25T15:24:09","guid":{"rendered":"https:\/\/www.vtmarkets.com\/kr\/uncategorized\/bny-%eb%82%a8%ec%95%84%ea%b3%b5-%ec%a4%91%ec%95%99%ec%9d%80%ed%96%89sarb-%ea%b8%b0%ec%a4%80%ea%b8%88%eb%a6%ac%eb%a0%88%ed%8f%ac%ea%b8%88%eb%a6%ac-7-0-%eb%b3%b5%ea%b7%80%ec%8b%a0\/"},"modified":"2026-05-25T15:24:09","modified_gmt":"2026-05-25T15:24:09","slug":"bny-%eb%82%a8%ec%95%84%ea%b3%b5-%ec%a4%91%ec%95%99%ec%9d%80%ed%96%89sarb-%ea%b8%b0%ec%a4%80%ea%b8%88%eb%a6%ac%eb%a0%88%ed%8f%ac%ea%b8%88%eb%a6%ac-7-0-%eb%b3%b5%ea%b7%80%ec%8b%a0","status":"publish","type":"post","link":"https:\/\/www.vtmarkets.com\/kr-asia\/live-updates\/bny-%eb%82%a8%ec%95%84%ea%b3%b5-%ec%a4%91%ec%95%99%ec%9d%80%ed%96%89sarb-%ea%b8%b0%ec%a4%80%ea%b8%88%eb%a6%ac%eb%a0%88%ed%8f%ac%ea%b8%88%eb%a6%ac-7-0-%eb%b3%b5%ea%b7%80%ec%8b%a0\/","title":{"rendered":"BNY \u201c\ub0a8\uc544\uacf5 \uc911\uc559\uc740\ud589(SARB), \uae30\uc900\uae08\ub9ac(\ub808\ud3ec\uae08\ub9ac) 7.0% \ubcf5\uadc0\u2026\uc2e0\ud765\uad6d \uae34\ucd95 \uc0ac\uc774\ud074 \uc120\ub3c4 \uc804\ub9dd\u201d"},"content":{"rendered":"<p>BNY\ub294 \ub0a8\uc544\ud504\ub9ac\uce74\uacf5\ud654\uad6d \uc911\uc559\uc740\ud589(SARB)\uc774 \uae30\uc874\uc758 \uc644\ud654(\uae08\ub9ac\ub97c \ub0b4\ub824 \uacbd\uae30\ubd80\uc591\uc744 \ud558\ub358 \uc815\ucc45)\ub97c \ub418\ub3cc\ub9ac\uace0, \uae30\uc900\uae08\ub9ac\uc778 \ub808\ud3ec\uae08\ub9ac(repo rate\u00b7\uc911\uc559\uc740\ud589\uc774 \uc2dc\uc911\uc740\ud589\uc5d0 \ub2e8\uae30 \uc790\uae08\uc744 \ube4c\ub824\uc904 \ub54c \uc801\uc6a9\ud558\ub294 \uae08\ub9ac)\ub97c 7.0%\uae4c\uc9c0 \ub2e4\uc2dc \uc62c\ub9ac\uba70 \uc2e0\ud765\uad6d(EM) \uae34\ucd95(\uae08\ub9ac \uc778\uc0c1) \uc0ac\uc774\ud074\uc744 \uc8fc\ub3c4\ud560 \uac83\uc73c\ub85c \ub0b4\ub2e4\ubd24\ub2e4. \uc774\ubc88 \uc804\ub9dd\uc740 \ubbf8\uad6d \uad6d\ucc44\uae08\ub9ac \uc0c1\uc2b9\uacfc \ubbf8 \uc5f0\ubc29\uc900\ube44\uc81c\ub3c4(Fed\u00b7\ubbf8 \uc911\uc559\uc740\ud589)\uc758 \uc815\ucc45 \ubcc0\ud654\uac00 \uc2e0\ud765\uad6d \uc911\uc559\uc740\ud589\uc758 \ub300\uc751 \uae30\uc900\uc744 \ub192\uc778 \ub370 \ub530\ub978 \uac83\uc774\ub2e4. \ucd5c\uadfc \uc544\uc2dc\uc544 \uc77c\ubd80 \uad6d\uac00\uc758 \u2018\uae5c\uc9dd \uae08\ub9ac \uc778\uc0c1\u2019\uc740 \ud1b5\ud654 \ubc29\uc5b4(\ud658\uc728 \uae09\ub4f1\uacfc \uc790\uae08 \uc720\ucd9c\uc744 \ub9c9\uae30 \uc704\ud55c \uc870\uce58) \uc131\uaca9\uc73c\ub85c, \ud574\uc678 \uc790\uae08 \uc720\ucd9c\uc744 \uc81c\ud55c\ud558\ub824\ub294 \ubaa9\uc801\uc774\ub77c\uace0 \uc124\uba85\ud588\ub2e4. \ud280\ub974\ud0a4\ud0a4\ub3c4 \uc678\ud658\ubcf4\uc720\uc561(\uc911\uc559\uc740\ud589\uc774 \ubcf4\uc720\ud55c \ub2ec\ub7ec \ub4f1 \uc678\ud654 \uc790\uc0b0) \uc555\ubc15\uc774 \ucee4\uc9c0\uba70 \uc778\uc0c1 \uac00\ub2a5\uc131\uc774 \uc788\ub294 \uad6d\uac00\ub85c \uac70\ub860\ub410\uc9c0\ub9cc, \ub2f9\uc7a5 \uae08\ub9ac\ub97c \uc62c\ub9b4 \uac00\ub2a5\uc131\uc774 \ub354 \ud070 \uacf3\uc740 \ub0a8\uc544\uacf5\uc774\ub77c\uace0 \ubc1d\ud614\ub2e4. \ubaa9\ud45c\ub294 \uc815\ucc45 \uc2e0\ub8b0(\uc911\uc559\uc740\ud589\uc774 \ubb3c\uac00\ub97c \uc548\uc815\uc2dc\ud0ac \uac83\uc774\ub77c\ub294 \ubbff\uc74c)\ub97c \uc9c0\ud0a4\uace0 \ub0a8\uc544\uacf5 \uad6d\ucc44(SAGB\u00b7South African Government Bonds)\ub97c \uc548\uc815\uc2dc\ud0a4\ub294 \ub370 \uc788\ub2e4.<\/p>\n<p>\ubcf4\uace0\uc11c\ub294 \uacfc\uac70 \u2018\ub0ae\uc740 \ubb3c\uac00 \ubaa9\ud45c(\uc778\ud50c\ub808\uc774\uc158 \ubaa9\ud45c\uce58\ub97c \ub354 \ub0ae\uac8c \uc7a1\ub294 \ubc29\uc2dd)\u2019\uc640 \uadc0\uae08\uc18d \uac00\uaca9 \uac15\uc138\uc5d0 \ub530\ub978 \uad50\uc5ed\uc870\uac74 \uac1c\uc120(terms of trade\u00b7\uc218\ucd9c \uac00\uaca9\uc774 \uc218\uc785 \uac00\uaca9\ubcf4\ub2e4 \uc720\ub9ac\ud574\uc9c0\ub294 \uc0c1\ud669)\uc5d0 \uae30\ub300\ub358 \uc811\uadfc\uc5d0\uc11c \ubc97\uc5b4\ub098\uace0 \uc788\ub2e4\uace0 \ubc1d\ud614\ub2e4. \uadfc\uc6d0\ubb3c\uac00(core inflation\u00b7\uc2dd\ub8cc\ud488\u00b7\uc5d0\ub108\uc9c0\ucc98\ub7fc \uac00\uaca9 \ubcc0\ub3d9\uc774 \ud070 \ud488\ubaa9\uc744 \ube80 \ubb3c\uac00)\uac00 \uc804\ub144 \ub300\ube44 3.5%\ub97c \ub2e4\uc2dc \uc6c3\ub3cc\uace0, \uc18c\ube44\uc790\ubb3c\uac00(headline inflation\u00b7\uc804\uccb4 \ubb3c\uac00)\uac00 4.0% \uc218\uc900\uc73c\ub85c \ubcf5\uadc0\ud558\uba74\uc11c \uae30\ub300 \uc778\ud50c\ub808\uc774\uc158(\uac00\uacc4\u00b7\uae30\uc5c5\uc774 \uc608\uc0c1\ud558\ub294 \ud5a5\ud6c4 \ubb3c\uac00)\uc744 \ubd99\uc7a1\uc744 \ud544\uc694\uac00 \ucee4\uc84c\ub2e4\ub294 \uc124\uba85\uc774\ub2e4. \ubcf4\uace0\uc11c\uc5d0 \uc778\uc6a9\ub41c \uc790\ub8cc\uc5d0 \ub530\ub974\uba74 \uc815\ucc45\uc5d0 \ub300\ud55c \uc2e0\ub8b0\uac00 \uc644\uc804\ud788 \ubb34\ub108\uc9c4 \uac83\uc740 \uc544\ub2c8\uba70, \uc5f0\ucd08 \uc774\ud6c4 \ud574\uc678 \uc790\uae08 \uc720\uc785\uc774 \uac1c\uc120\ub410\ub2e4. \uad11\uc5c5\u00b7\uc18c\uc7ac \uc5c5\uc885 \uc8fc\uc2dd\uc73c\ub85c\uc758 \uc790\uae08 \uc720\uc785\uc774 \ub79c\ub4dc\ud654(ZAR\u00b7\ub0a8\uc544\uacf5 \ud1b5\ud654)\ub97c \uc77c\ubd80 \ub5a0\ubc1b\uce58\uace0 \uc788\uace0, \uc2e4\uc9c8\uae08\ub9ac(real rate\u00b7\uba85\ubaa9\uae08\ub9ac\uc5d0\uc11c \ubb3c\uac00\uc0c1\uc2b9\ub960\uc744 \ube80 \uac12) \ubc29\uc5b4 \uc5ec\ub825\ub3c4 \uc774\uc804\ubcf4\ub2e4 \uacac\uc870\ud574\uc84c\ub2e4\uace0 \ud588\ub2e4.<\/p>\n<h3>\ub0a8\uc544\uacf5 \uc911\uc559\uc740\ud589, \uae08\ub9ac \uc778\uc0c1 \uc120\ub450\ub85c<\/h3>\n<p>\uae00\ub85c\ubc8c \uae08\ub9ac \ud658\uacbd\uc740 \ubbf8 \uc5f0\uc900\uc758 \uc815\ucc45\uc73c\ub85c \ub2e4\uc2dc \uc815\ud574\uc9c0\uace0 \uc788\ub2e4. \uc774\uc5d0 \uc2e0\ud765\uad6d \uc911\uc559\uc740\ud589\ub3c4 \ub300\uc751\uc5d0 \ub098\uc124 \uc218\ubc16\uc5d0 \uc5c6\uace0, BNY\ub294 \ub0a8\uc544\uacf5 \uc911\uc559\uc740\ud589\uc774 \uc774\ub97c \uc8fc\ub3c4\ud558\uace0 \uc788\ub2e4\uace0 \ubcf8\ub2e4. SARB\uac00 \uc55e\uc73c\ub85c \uba87 \uc8fc \uc548\uc5d0 \uc0c8\ub85c\uc6b4 \uc778\uc0c1 \uad6d\uba74\uc744 \uc774\uc5b4\uac00\uba70 \ub808\ud3ec\uae08\ub9ac\ub97c \ud604\uc7ac 6.5%\uc5d0\uc11c 7.0% \uc218\uc900\uc73c\ub85c \ub04c\uc5b4\uc62c\ub9b4 \uac83\uc73c\ub85c \uc608\uc0c1\ud588\ub2e4.<\/p>\n<p>\uc774 \uac19\uc740 \ub9e4\ud30c\uc801 \uc804\ud658(hawkish shift\u00b7\ubb3c\uac00 \uc5b5\uc81c\ub97c \uc704\ud574 \uae08\ub9ac \uc778\uc0c1\uc5d0 \ub354 \uc801\uadf9\uc801\uc778 \ud0dc\ub3c4)\uc740 \uc778\ud50c\ub808\uc774\uc158 \uc7ac\uc0c1\uc2b9\uc5d0 \ub300\ud55c \uc9c1\uc811 \ub300\uc751\uc774\ub2e4. \ucd5c\uadfc \uc9c0\ud45c\uc5d0\uc11c 4\uc6d4 \uc18c\ube44\uc790\ubb3c\uac00\uac00 4.2%\ub85c \uc62c\ub77c\uc130\ub2e4. \ud1b5\ud654\uac00\uce58 \ubc29\uc5b4\uc640 \uae30\ub300 \uc778\ud50c\ub808\uc774\uc158 \uace0\uc815\uc744 \uc704\ud574 SARB\ub294 \uae08\ub9ac\ub97c \uc62c\ub9b4 \uc218\ubc16\uc5d0 \uc5c6\ub2e4\ub294 \ud310\ub2e8\uc774\ub2e4. \uc774\ub294 \ub2ec\ub7ec \ub300\ube44 \ub0a8\uc544\uacf5 \ub79c\ub4dc\ud654\uc758 \uc548\uc815\uc744 \ub192\uc774\ub294 \ud658\uacbd\uc744 \ub9cc\ub4e4 \uc218 \uc788\ub2e4\uace0 \ubd24\ub2e4.<\/p>\n<p>\ud30c\uc0dd\uc0c1\ud488(derivative\u00b7\uae30\ucd08\uc790\uc0b0 \uac00\uaca9\uc5d0 \ub530\ub77c \uac00\uce58\uac00 \ubcc0\ud558\ub294 \uacc4\uc57d) \ud22c\uc790\uc790\ub294 \uae08\ub9ac \ucc28 \ud655\ub300\uac00 \ub79c\ub4dc\ud654\uc758 \ub9e4\ub825\uc744 \ub192\uc77c \uc218 \uc788\uc5b4 \uac15\uc138\uc5d0 \ub300\ube44\ud55c \ud3ec\uc9c0\uc158\uc744 \uace0\ub824\ud560 \ud544\uc694\uac00 \uc788\ub2e4\uace0 \uc81c\uc2dc\ud588\ub2e4. 1\ubd84\uae30 \uc790\ub8cc\uc5d0\uc11c\ub3c4 \uc774\ub7f0 \ud750\ub984\uc774 \ud655\uc778\ub410\ub294\ub370, \uc21c \ud3ec\ud2b8\ud3f4\ub9ac\uc624 \uc790\uae08 \uc720\uc785(net portfolio inflows\u00b7\uc8fc\uc2dd\u00b7\ucc44\uad8c \ub4f1 \uae08\uc735\uc790\uc0b0\uc73c\ub85c \ub4e4\uc5b4\uc628 \uc21c\uc720\uc785\uc561)\uc774 150\uc5b5 \ub79c\ub4dc \uc774\uc0c1\uc774\uc5c8\ub2e4. \ubc31\uae08 \ub4f1 \uc8fc\uc694 \uad11\ubb3c \uc218\ucd9c\ud488 \uac00\uaca9\uc774 \ube44\uad50\uc801 \uc548\uc815\uc801\uc778 \uc810\ub3c4 \ud1b5\ud654\uc5d0 \ucd94\uac00 \uc9c0\uc9c0 \uc694\uc778\uc774\ub77c\uace0 \ub367\ubd99\uc600\ub2e4.<\/p>\n<h3>\ucc44\uad8c\uc2dc\uc7a5 \uc601\ud5a5\uacfc \uae00\ub85c\ubc8c \uc704\ud5d8<\/h3>\n<p>\ucc44\uad8c\uc2dc\uc7a5\uc5d0\uc11c\ub294 \uae08\ub9ac \uc778\uc0c1\uc774 \ub0a8\uc544\uacf5 \uad6d\ucc44(SAGB)\ub97c \uc548\uc815\uc2dc\ud0a4\uae30 \uc704\ud55c \uc870\uce58\ub85c \ud574\uc11d\ub410\ub2e4. SARB\uac00 \ube60\ub974\uac8c \uc6c0\uc9c1\uc774\uba74 \uc2e4\uc9c8\uae08\ub9ac \uc5ec\ub825\uc774 \uc7ac\ud655\ubcf4\ub3fc, \ub192\uc740 \uc218\uc775\ub960\uc744 \ucc3e\ub294 \ud574\uc678 \ud22c\uc790\uc790\uc5d0\uac8c \ub354 \ub9e4\ub825\uc801\uc77c \uc218 \uc788\ub2e4\ub294 \uc124\uba85\uc774\ub2e4. \uc774\uc5d0 \ub530\ub77c \uc218\uc775\ub960\uace1\uc120 \ud3c9\ud0c4\ud654(yield curve flattening\u00b7\uc7a5\ub2e8\uae30 \uad6d\ucc44\uae08\ub9ac \ucc28\uc774\uac00 \uc904\uc5b4\ub4dc\ub294 \ud604\uc0c1) \uac00\ub2a5\uc131\uc744 \uc608\uc0c1\ud558\uba70, \uae08\ub9ac\uc2a4\uc651(interest rate swap\u00b7\uace0\uc815\uae08\ub9ac\uc640 \ubcc0\ub3d9\uae08\ub9ac\ub97c \uc11c\ub85c \uad50\ud658\ud558\ub294 \ud30c\uc0dd\uacc4\uc57d)\uc744 \ud65c\uc6a9\ud55c \uc804\ub7b5\uc744 \uac70\ub860\ud588\ub2e4.<\/p>\n<p>\uc774 \uad00\uc810\uc758 \ud575\uc2ec \uc704\ud5d8\uc740 \ubbf8\uad6d\uc774\ub2e4. \uc5f0\uc900\uc774 \uc0ac\uc2e4\uc0c1 \uae00\ub85c\ubc8c \uae08\ub9ac\uc758 \uae30\uc900\uc744 \uc815\ud558\uae30 \ub54c\ubb38\uc774\ub2e4. 2013\ub144 \u2018\ud14c\uc774\ud37c \ud150\ud2b8\ub7fc(taper tantrum\u00b7\uc5f0\uc900\uc758 \uc591\uc801\uc644\ud654 \ucd95\uc18c \uc2e0\ud638\ub85c \uc2e0\ud765\uad6d \uc790\uc0b0\uc774 \uae09\ub77d\ud55c \uc0ac\uac74)\u2019 \uc0ac\ub840\ucc98\ub7fc, \uc5f0\uc900\uc774 \uc608\uc0c1\ubcf4\ub2e4 \ub354 \uac15\uacbd\ud574\uc9c0\uba74 \uc2e0\ud765\uad6d \uc790\uc0b0\uc740 \ube60\ub974\uac8c \ub9e4\ub3c4\ub420 \uc218 \uc788\ub2e4. \ubbf8\uad6d 10\ub144\ubb3c \uad6d\ucc44\uae08\ub9ac\uac00 4.0%\ub97c \ub69c\ub837\ud558\uac8c \ub118\uc5b4\uc124 \uc870\uc9d0\uc774 \ub098\ud0c0\ub098\uba74, \uc2e0\ud765\uad6d \uc911\uc559\uc740\ud589\uc740 \ub354 \uac15\ud55c \uae34\ucd95\uc5d0 \ub098\uc124 \uc218\ubc16\uc5d0 \uc5c6\ub2e4\uace0 \uc9c0\uc801\ud588\ub2e4.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>BNY \u201c\ub0a8\uc544\uacf5 SARB, \uc2e0\ud765\uad6d \uae34\ucd95 \uc120\ub450\u201d\u2026\ub808\ud3ec\uae08\ub9ac 6.5%\u21927.0% \uc804\ub9dd. \ubbf8 \uad6d\ucc44\uae08\ub9ac\u00b7Fed \ubcc0\ud654\ub85c EM \ub300\uc751 \ubb38\ud131\u2191. \ubb3c\uac00 \uc7ac\uc0c1\uc2b9\u00b7\uc2e0\ub8b0\u00b7\ub79c\ub4dc\ud654\u00b7SAGB \uc548\uc815 \ub178\ub9bc, \ucd5c\ub300 \ubcc0\uc218\ub294 \ubbf8\uad6d.<\/p>\n","protected":false},"author":87,"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-47349","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\/47349","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\/87"}],"replies":[{"embeddable":true,"href":"https:\/\/www.vtmarkets.com\/kr-asia\/wp-json\/wp\/v2\/comments?post=47349"}],"version-history":[{"count":0,"href":"https:\/\/www.vtmarkets.com\/kr-asia\/wp-json\/wp\/v2\/posts\/47349\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.vtmarkets.com\/kr-asia\/wp-json\/wp\/v2\/media?parent=47349"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/kr-asia\/wp-json\/wp\/v2\/categories?post=47349"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/kr-asia\/wp-json\/wp\/v2\/tags?post=47349"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}