{"id":48573,"date":"2026-06-11T06:35:47","date_gmt":"2026-06-11T06:35:47","guid":{"rendered":"https:\/\/www.vtmarkets.com\/tr\/uncategorized\/cin-merkez-bankasi-pboc-yuanin-gunluk-referans-kurunu-daha-zayif-belirledi-cindeki-yavaslama-ve-abd-faiz-farki-usd-cnyde-yukselis-beklentilerini-guclendirdi\/"},"modified":"2026-06-11T06:35:47","modified_gmt":"2026-06-11T06:35:47","slug":"cin-merkez-bankasi-pboc-yuanin-gunluk-referans-kurunu-daha-zayif-belirledi-cindeki-yavaslama-ve-abd-faiz-farki-usd-cnyde-yukselis-beklentilerini-guclendirdi","status":"publish","type":"post","link":"https:\/\/www.vtmarkets.com\/tr-mena\/live-updates\/cin-merkez-bankasi-pboc-yuanin-gunluk-referans-kurunu-daha-zayif-belirledi-cindeki-yavaslama-ve-abd-faiz-farki-usd-cnyde-yukselis-beklentilerini-guclendirdi\/","title":{"rendered":"\u00c7in Merkez Bankas\u0131 (PBoC) yuan\u0131n g\u00fcnl\u00fck referans kurunu daha zay\u0131f belirledi; \u00c7in\u2019deki yava\u015flama ve ABD faiz fark\u0131 USD\/CNY\u2019de y\u00fckseli\u015f beklentilerini g\u00fc\u00e7lendirdi"},"content":{"rendered":"

\u00c7in Halk Bankas\u0131 (PBoC), Per\u015fembe g\u00fcnk\u00fc USD\/CNY merkezi paritesini 6,8150 olarak belirledi. Bu seviye, \u00c7ar\u015famba g\u00fcnk\u00fc 6,8130\u2019luk fiksingin hafif \u00fczerinde ve Reuters tahmini olan 6,7819\u2019un da \u00fczerinde yer ald\u0131. G\u00fcnl\u00fck orta nokta, g\u00fcn i\u00e7indeki karasal yuan i\u015flemlerine seans boyunca y\u00f6n veriyor ve piyasan\u0131n izin verilen i\u015flem band\u0131 i\u00e7in kilit bir referans niteli\u011fi ta\u015f\u0131yor.<\/p>\n

PBoC\u2019nin beyan edilen hedefleri; kur istikrar\u0131 dahil fiyat istikrar\u0131n\u0131 korurken ekonomik b\u00fcy\u00fcmeyi ve daha geni\u015f finansal reformu desteklemek. \u00c7in Halk Cumhuriyeti\u2019ne ba\u011fl\u0131 devlet m\u00fclkiyetindeki kurumda, Devlet Konseyi Ba\u015fkan\u0131 taraf\u0131ndan aday g\u00f6sterilen \u00c7in Kom\u00fcnist Partisi Komitesi Sekreteri politika y\u00f6n\u00fc \u00fczerinde \u00f6nemli etkiye sahip; Pan Gongsheng halihaz\u0131rda hem bu g\u00f6revi hem de ba\u015fkanl\u0131\u011f\u0131 y\u00fcr\u00fct\u00fcyor. Belirtilen politika ara\u00e7lar\u0131 aras\u0131nda yedi g\u00fcnl\u00fck ters repo faizi, MLF operasyonlar\u0131, d\u00f6viz piyasas\u0131na m\u00fcdahale ve Zorunlu Kar\u015f\u0131l\u0131k Oran\u0131 (RRR) bulunurken; kredi, mortgage ve mevduat faizlerini ve ayr\u0131ca renminbiyi etkileyen g\u00f6sterge oran ise Loan Prime Rate (LPR) olarak \u00f6ne \u00e7\u0131k\u0131yor. \u00c7in\u2019de WeBank ve MYbank gibi dijital kredi verenler dahil 19 \u00f6zel banka bulunuyor ve sekt\u00f6r 2014\u2019te tamamen \u00f6zel sermayeli yerli kredi kurulu\u015flar\u0131na resmen a\u00e7\u0131ld\u0131.<\/p>\n

PBOC Y\u00f6nlendirmesi ve Kur G\u00f6r\u00fcn\u00fcm\u00fc<\/h3>\n

\u00c7in Halk Bankas\u0131, yuan\u0131n g\u00fcnl\u00fck fiksingini 6,8150\u2019de belirledi; bu seviye piyasan\u0131n bekledi\u011fine k\u0131yasla belirgin \u015fekilde daha zay\u0131f bir kur i\u015faret ediyor. Bu durum, yak\u0131n vadede kurda ilave de\u011fer kayb\u0131na resmi d\u00fczeyde tolerans g\u00f6sterildi\u011fine i\u015faret ediyor. Bunu, \u00f6n\u00fcm\u00fczdeki haftalarda daha y\u00fcksek bir USD\/CNY i\u00e7in pozisyon almak a\u00e7\u0131s\u0131ndan net bir sinyal olarak g\u00f6r\u00fcyoruz.<\/p>\n

Bu politika ad\u0131m\u0131, son ekonomik verilerle de uyumlu. \u00c7in\u2019de May\u0131s 2026\u2019ya ili\u015fkin son Caixin \u0130malat PMI verisi beklentilerin aksine 49,5\u2019e gerileyerek daralmaya i\u015faret etti. Y\u0131ll\u0131k bazda yaln\u0131zca %2,1\u2019lik zay\u0131f ihracat art\u0131\u015f\u0131 da, zorlanan imalat sekt\u00f6r\u00fcn\u00fc desteklemek i\u00e7in daha zay\u0131f bir para birimi tezini g\u00fc\u00e7lendiriyor. \u0130hracat yanl\u0131s\u0131 bu e\u011filimin, merkez bankas\u0131n\u0131n \u00f6nceli\u011fi olmaya devam edece\u011fine inan\u0131yoruz.<\/p>\n

Politika Ayr\u0131\u015fmas\u0131 ve Yat\u0131r\u0131m Stratejisi<\/h3>\n

Buna ek olarak, ABD ile politika ayr\u0131\u015fmas\u0131 daha g\u00fc\u00e7l\u00fc dolar i\u00e7in g\u00fc\u00e7l\u00fc bir destek unsuru. ABD Merkez Bankas\u0131 (Fed) politika faizini %3,75\u2019te tutarken, son enflasyon verileri bu y\u0131l bir faiz art\u0131\u015f\u0131 daha olas\u0131l\u0131\u011f\u0131n\u0131 bir miktar y\u00fckseltti. Bu faiz fark\u0131, yuan yerine ABD dolar\u0131 tutmay\u0131 daha cazip k\u0131l\u0131yor ve do\u011fal olarak USD\/CNY paritesini yukar\u0131 itiyor.<\/p>\n

Bu g\u00f6r\u00fcn\u00fcm do\u011frultusunda, CNH kar\u015f\u0131s\u0131nda USD al\u0131m (call) opsiyonlar\u0131 sat\u0131n alarak pozisyonumuzu art\u0131r\u0131yoruz. Bir ayl\u0131k \u00f6rt\u00fck volatilite a\u015fa\u011f\u0131 e\u011filim g\u00f6sterdi ve son d\u00f6nemde yakla\u015f\u0131k %4,8 seviyesinde fiyatlan\u0131yor; bu da opsiyonlar\u0131, riskimizi s\u0131k\u0131 \u015fekilde tan\u0131mlarken yukar\u0131 y\u00f6nl\u00fc potansiyel elde etmek i\u00e7in maliyet etkin bir ara\u00e7 haline getiriyor. Bu stratejiyle \u00e7eyrek sonuna kadar 6,90 seviyesine do\u011fru bir hareketi hedefliyoruz.<\/p>\n

Tarihsel olarak 6,80 seviyesinin \u00fczerinde kal\u0131c\u0131 k\u0131r\u0131lmalar, \u00e7o\u011fu zaman h\u0131zlanan hareketlere zemin haz\u0131rlad\u0131 ve 7,00 psikolojik bariyerini g\u00fcndeme ta\u015f\u0131d\u0131. En b\u00fcy\u00fck risk, PBoC\u2019den tonda ani bir de\u011fi\u015fim veya de\u011fer kayb\u0131n\u0131 s\u0131n\u0131rlamak i\u00e7in devlet destekli bir m\u00fcdahale gelmesi. Bu nedenle, zay\u0131fl\u0131\u011fa tolerans\u0131n azald\u0131\u011f\u0131na dair i\u015faretler i\u00e7in g\u00fcnl\u00fck fiksing oran\u0131n\u0131 yak\u0131ndan izleyece\u011fiz.<\/p>\n","protected":false},"excerpt":{"rendered":"

S\u00fcrpriz fiksing sinyali: PBoC USD\/CNY\u2019yi 6,8150\u2019ye \u00e7ekerek beklenenden zay\u0131f yuan mesaj\u0131 verdi. Zay\u0131f PMI, d\u00fc\u015f\u00fck ihracat ve Fed ayr\u0131\u015fmas\u0131yla 6,90 hedefli USD\/CNH call stratejisi \u00f6ne \u00e7\u0131k\u0131yor.<\/p>\n","protected":false},"author":87,"featured_media":49804,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[71],"tags":[],"class_list":["post-48573","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-live-updates"],"acf":{"acf_article_selection_author":null},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/posts\/48573","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/users\/87"}],"replies":[{"embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/comments?post=48573"}],"version-history":[{"count":0,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/posts\/48573\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/media\/49804"}],"wp:attachment":[{"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/media?parent=48573"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/categories?post=48573"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/tags?post=48573"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}