{"id":48260,"date":"2026-03-03T03:45:39","date_gmt":"2026-03-03T03:45:39","guid":{"rendered":"https:\/\/www.vtmarkets.com\/kr\/uncategorized\/%ec%bd%94%eb%a9%94%eb%a5%b4%ec%b8%a0%eb%b0%a9%ed%81%ac-%ec%a4%91%ea%b5%ad-%ec%9d%b8%eb%af%bc%ec%9d%80%ed%96%89-20-%ec%84%a0%eb%ac%bc%ed%99%98%ed%8f%ac%ec%9b%8c%eb%93%9c-%ec%a4%80%eb%b9%84\/"},"modified":"2026-03-03T03:45:39","modified_gmt":"2026-03-03T03:45:39","slug":"%ec%bd%94%eb%a9%94%eb%a5%b4%ec%b8%a0%eb%b0%a9%ed%81%ac-%ec%a4%91%ea%b5%ad-%ec%9d%b8%eb%af%bc%ec%9d%80%ed%96%89-20-%ec%84%a0%eb%ac%bc%ed%99%98%ed%8f%ac%ec%9b%8c%eb%93%9c-%ec%a4%80%eb%b9%84","status":"publish","type":"post","link":"https:\/\/www.vtmarkets.com\/kr-asia\/live-updates\/%ec%bd%94%eb%a9%94%eb%a5%b4%ec%b8%a0%eb%b0%a9%ed%81%ac-%ec%a4%91%ea%b5%ad-%ec%9d%b8%eb%af%bc%ec%9d%80%ed%96%89-20-%ec%84%a0%eb%ac%bc%ed%99%98%ed%8f%ac%ec%9b%8c%eb%93%9c-%ec%a4%80%eb%b9%84\/","title":{"rendered":"\ucf54\uba54\ub974\uce20\ubc29\ud06c \u201c\uc911\uad6d \uc778\ubbfc\uc740\ud589, 20% \uc120\ubb3c\ud658(\ud3ec\uc6cc\ub4dc) \uc900\ube44\uae08 \uaddc\uc81c \ud574\uc81c\u2026\uc5ed\uc678 \uc704\uc548\ud654(CNY) \uc20f \ube44\uc6a9 \uc644\ud654\u00b7\ud558\ub77d\uc138 \uc18d \uc808\uc0c1 \uc5b5\uc81c\u201d"},"content":{"rendered":"\uc911\uad6d \uc778\ubbfc\uc740\ud589(PBoC, \uc911\uad6d\uc758 \uc911\uc559\uc740\ud589)\uc740 3\uc6d4 2\uc77c\ubd80\ud130 \uc678\ud654 **\uc120\ubb3c\ud658(Forward) \uacc4\uc57d**\uc5d0 \uc801\uc6a9\ub418\ub358 **20% \uc9c0\uae09\uc900\ube44\uae08(Reserve requirement)** \uaddc\uc815\uc744 \ud3d0\uc9c0\ud560 \uc608\uc815\uc774\ub2e4. \uc774\ub294 **CNY(\uc911\uad6d \uc704\uc548\ud654)**\ub97c **\ub9e4\ub3c4(\uc57d\uc138)\ub85c \ubcf4\ub294 \ud3ec\uc9c0\uc158(Short CNY)** \ube44\uc6a9\uc744 \ub0ae\ucd98\ub2e4. (\uc9c0\uae09\uc900\ube44\uae08\uc740 \uc77c\uc815 \ube44\uc728\uc758 \ub3c8\uc744 \ub530\ub85c \ubb36\uc5b4 \ub450\uac8c \ud558\ub294 \uaddc\uc815\uc774\uba70, \uc120\ubb3c\ud658\uc740 \ubbf8\ub798\uc758 \ud658\uc728\uc744 \uc9c0\uae08 \uc815\ud574 \ub450\ub294 \uacc4\uc57d\uc774\ub2e4.)\n\n\uc774\ubc88 \uc870\uce58\ub294 \ucd5c\uadfc **USD\/CNY**\uc640 **USD\/CNH**\uac00 \ud558\ub77d\ud558\uace0, CNY\uac00 2023\ub144 4\uc6d4 \uc774\ud6c4 \ubbf8\uad6d \ub2ec\ub7ec \ub300\ube44 \uac00\uc7a5 \uac15\ud55c \uc218\uc900\uc5d0 \ub3c4\ub2ec\ud55c \uac00\uc6b4\ub370 \ub098\uc654\ub2e4. \uc774 \uc870\uce58\ub294 CNY \uac15\uc138(\uc808\uc0c1) \uc18d\ub3c4\ub97c \ub2a6\ucd9c \uc218 \uc788\uc9c0\ub9cc, **\uace0\uc2dc\ud658\uc728(Fixing rate, \uc911\uc559\uc740\ud589\uc774 \ub9e4\uc77c \uc81c\uc2dc\ud558\ub294 \uae30\uc900 \ud658\uc728)**\uc740 \ub354 \uac15\ud55c \ud1b5\ud654\ub3c4 \uc6a9\uc778\ud55c\ub2e4\ub294 \uc2e0\ud638\ub85c \ud574\uc11d\ub41c\ub2e4.\n\n

\ub354 \uac15\ud55c Cny\uc758 \uc694\uc778<\/h3>\n\ub354 \uac15\ud55c CNY\ub294 \uc911\uad6d\uc774 \uc7a5\uae30\uc801\uc73c\ub85c **\uc18c\ube44 \uc911\uc2ec \uacbd\uc81c(Consumption-based economy, \uc218\ucd9c\u00b7\ud22c\uc790\ubcf4\ub2e4 \uad6d\ub0b4 \uc18c\ube44 \ube44\uc911\uc774 \ud070 \uad6c\uc870)**\ub85c \uc62e\uaca8\uac00\ub294 \ud750\ub984\uacfc \uad00\ub828\uc774 \uc788\ub2e4. \uc774 \uacfc\uc815\uc740 \uc810\uc9c4\uc801\uc774\uba70, **\uad6d\ubbfc\uc18c\ub4dd(National income, \ud55c \ub098\ub77c\uc5d0\uc11c \ubc8c\uc5b4\ub4e4\uc774\ub294 \uc804\uccb4 \uc18c\ub4dd)**\uc774 \uae30\uc5c5, **\uad6d\uc720\uae30\uc5c5(State-owned firms, \uad6d\uac00\uac00 \uc18c\uc720\u00b7\uc9c0\ubc30\ud558\ub294 \uae30\uc5c5)**, \uc18c\ube44\uc790 \uc0ac\uc774\uc5d0 \uc5b4\ub5bb\uac8c \ubc30\ubd84\ub418\ub294\uc9c0\uac00 \ubc14\ub00c\ub294 \uac83\uc744 \ud3ec\ud568\ud55c\ub2e4.\n\n\uc911\uad6d \ubcf8\ud1a0(\uc628\uc1fc\uc5b4) \uac70\ub798\uc5d0\uc11c USD\/CNY\ub294 \uc9c0\ub09c \uae08\uc694\uc77c 160\ud54d(pip, \ud658\uc728\uc758 \uc544\uc8fc \uc791\uc740 \ubcc0\ub3d9 \ub2e8\uc704) \uc62c\ub77c 6.86\uc774 \ub410\uc9c0\ub9cc, \uc8fc\uac04\uc73c\ub85c\ub294 420\ud54d \ud558\ub77d\ud588\ub2e4. \ud574\uc678(\uc624\ud504\uc1fc\uc5b4) \uac70\ub798\uc5d0\uc11c USD\/CNH\ub294 \uc9c0\ub09c \uae08\uc694\uc77c 180\ud54d \uc62c\ub77c \uc57d 6.86\uc774 \ub410\uc9c0\ub9cc, \uc8fc\uac04\uc73c\ub85c\ub294 350\ud54d \ud558\ub77d\ud588\ub2e4.\n\n\uc6b0\ub9ac\ub294 \uc791\ub144 \uc774\ub9d8\ub54c\uc778 2025\ub144 \ucd08\uc758 \uc911\uc559\uc740\ud589 \uc870\uce58\ub97c \ub418\uc9da\uc5b4 \ubcf4\uace0 \uc788\ub2e4. \ub2f9\uc2dc PBoC\ub294 USD\/CNY\uac00 6.86 \uadfc\ucc98\uc77c \ub54c \uc704\uc548\ud654 \uc0c1\uc2b9\uc744 \ub2a6\ucd94\uae30 \uc704\ud574 \ud1b5\ud654 \uc120\ubb3c\ud658\uc758 \uc9c0\uae09\uc900\ube44\uae08 \uaddc\uc815\uc744 \uc5c6\uc574\ub2e4. \uc774\ub294 \ub2f9\uad6d\uc774 \uc808\uc0c1\uc744 \uc644\uc804\ud788 \ub9c9\uae30\ubcf4\ub2e4, \uc0c1\uc2b9 \uc18d\ub3c4\ub97c \uad00\ub9ac\ud558\ub824 \ud588\ub2e4\ub294 \ubd84\uba85\ud55c \uc2e0\ud638\uc600\ub2e4.\n\n\uc624\ub298 USD\/CNY\ub294 \uc57d 6.75\ub85c \ud6e8\uc52c \ub0ae\uc740 \uc218\uc900\uc5d0\uc11c \uac70\ub798 \uc911\uc774\uc9c0\ub9cc, \uac19\uc740 \uc815\ucc45 \ubc29\ud5a5\uc740 \uc5ec\uc804\ud788 \uc720\uc9c0\ub418\ub294 \uac83\uc73c\ub85c \ubcf4\uc778\ub2e4. \ucd5c\uadfc \ub370\uc774\ud130\ub3c4 \uc704\uc548\ud654 \uac15\uc138 \uac00\ub2a5\uc131\uc744 \ub4b7\ubc1b\uce68\ud55c\ub2e4. 2026\ub144 1~2\uc6d4 \uc911\uad6d **\uc18c\ub9e4\ud310\ub9e4(Retail sales, \uc18c\ube44\uc790\uac00 \uc0c1\uc810 \ub4f1\uc5d0\uc11c \uad6c\ub9e4\ud55c \ub9e4\ucd9c \uc9c0\ud45c)**\ub294 \uc804\ub144 \ub300\ube44 5.2% \uc99d\uac00\ud588\ub2e4. \uc774\ub294 \uac15\ud55c \ud1b5\ud654\uc758 \ub3c4\uc6c0\uc744 \ubc1b\ub294 \u2018\uad6d\ub0b4 \uc18c\ube44\u2019 \ud750\ub984\uc774 \uc720\uc9c0\ub418\uace0 \uc788\uc74c\uc744 \ubcf4\uc5ec\uc900\ub2e4.\n\n

Usd Cny\uc758 \ud2b8\ub808\uc774\ub529 \uc2dc\uc0ac\uc810<\/h3>\n\uc774\ucc98\ub7fc \uad00\ub9ac\ub418\ub294 \uc810\uc9c4\uc801 \uc808\uc0c1\uc740 \ud574\ub2f9 \ud1b5\ud654\uc30d\uc758 **\ub0b4\uc7ac\ubcc0\ub3d9\uc131(Implied volatility, \uc635\uc158 \uac00\uaca9\uc5d0 \ubc18\uc601\ub41c \ud5a5\ud6c4 \ubcc0\ub3d9 \uc608\uc0c1\uce58)**\uc774 \ub0ae\uac8c \uc720\uc9c0\ub420 \uc218 \uc788\uc74c\uc744 \ub73b\ud55c\ub2e4. \ub530\ub77c\uc11c \uc6b0\ub9ac\ub294 \ud504\ub9ac\ubbf8\uc5c4(\uc635\uc158 \uac00\uaca9)\uc774 \ub0ae\uc740 **\uc678\uac00\uaca9(Out-of-the-money, \ud604\uc7ac \ud658\uc728 \uae30\uc900\uc73c\ub85c \ub2f9\uc7a5 \uc774\uc775\uc774 \ub098\uc9c0 \uc54a\ub294)** USD\/CNY **\ucf5c\uc635\uc158(Call option, \uc815\ud574\uc9c4 \uac00\uaca9\uc5d0 \uc0b4 \uc218 \uc788\ub294 \uad8c\ub9ac)**\uc744 \ub9e4\ub3c4\ud558\ub294 \uc804\ub7b5\uc774 \ub9e4\ub825\uc801\uc774\ub77c\uace0 \ubcf8\ub2e4. \uc774 \uc804\ub7b5\uc740 \ud1b5\ud654\uc30d\uc774 \ucc9c\ucc9c\ud788 \ud558\ub77d(USD \uc57d\uc138\/\uc704\uc548 \uac15\uc138)\ud558\ub294 \ud750\ub984\uacfc **\uc2dc\uac04\uac00\uce58 \uac10\uc18c(Time decay, \uc2dc\uac04\uc774 \uac08\uc218\ub85d \uc635\uc158 \uac00\uce58\uac00 \uc904\uc5b4\ub4dc\ub294 \ud604\uc0c1)** \ubaa8\ub450\uc5d0\uc11c \uc774\uc775\uc744 \ub178\ub9b0\ub2e4.\n\n\ub2e4\ub9cc \ucd5c\uadfc \ubb34\uc5ed \ub370\uc774\ud130\ub3c4 \uace0\ub824\ud574\uc57c \ud55c\ub2e4. 2\uc6d4 **\uc218\ucd9c \uc99d\uac00\uc728(Export growth, \uc218\ucd9c\uc774 \uc804\ub144\ubcf4\ub2e4 \uc5bc\ub9c8\ub098 \ub298\uc5c8\ub294\uc9c0)**\uc774 2.1%\ub85c \ub454\ud654\ub410\ub2e4. \uc704\uc548\ud654\uac00 \ub108\ubb34 \ube68\ub9ac \uac15\ud574\uc9c0\uba74 \uc218\ucd9c \uc5c5\uc885\uc5d0 \ubd80\ub2f4\uc774 \ucee4\uc9c0\uace0, \ub2f9\uad6d\uc758 \uac1c\uc785\uc744 \ubd80\ub97c \uc218 \uc788\ub2e4. \ub530\ub77c\uc11c \uc6b0\ub9ac\uc758 \uae30\ubcf8 \uc804\ub9dd\uc740 USD\/CNY \ud558\ub77d \ucabd\uc774\uc9c0\ub9cc, \ud3ec\uc9c0\uc158 \uaddc\ubaa8\ub294 \ubcf4\uc218\uc801\uc73c\ub85c \uac00\uc838\uac00\uc57c \ud55c\ub2e4.\n\n\n

VT Markets \ub77c\uc774\ube0c \uacc4\uc815\uc744 \ub9cc\ub4e4\uace0 \uc9c0\uae08 \ubc14\ub85c \uac70\ub798<\/a>\ub97c \uc2dc\uc791\ud558\uc138\uc694.<\/b><\/p>\n","protected":false},"excerpt":{"rendered":"

\uc911\uad6d \uc704\uc548\ud654, \ub354 \uc624\ub97c\uae4c? PBoC\uac00 3\uc6d4 2\uc77c\ubd80\ud130 \uc678\ud658\uc120\ubb3c 20% \uc900\ube44\uae08 \uaddc\uc81c\ub97c \ud3d0\uc9c0\ud574 CNY \uac15\uc138 \uc18d\ub3c4\ub97c \uc870\uc808\ud569\ub2c8\ub2e4. \uc18c\ube44 \uc131\uc7a5\uc5d0 \uac15\uc138 \uc720\uc9c0, USD\/CNY \ubcc0\ub3d9\uc131 \ub0ae\uc544 \ucf5c\uc635\uc158 \ub9e4\ub3c4 \uc720\ub9ac\ud558\ub098 \uc218\ucd9c \ub454\ud654\ub85c \uacfc\uc18d \uac15\uc138\ub294 \uacbd\uacc4. – 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-48260","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\/48260","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=48260"}],"version-history":[{"count":0,"href":"https:\/\/www.vtmarkets.com\/kr-asia\/wp-json\/wp\/v2\/posts\/48260\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.vtmarkets.com\/kr-asia\/wp-json\/wp\/v2\/media?parent=48260"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/kr-asia\/wp-json\/wp\/v2\/categories?post=48260"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/kr-asia\/wp-json\/wp\/v2\/tags?post=48260"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}