{"id":46665,"date":"2026-05-05T02:12:08","date_gmt":"2026-05-05T02:12:08","guid":{"rendered":"https:\/\/www.vtmarkets.com\/uncategorized\/46665\/"},"modified":"2026-05-05T02:12:08","modified_gmt":"2026-05-05T02:12:08","slug":"%e7%b4%8d%e6%a0%bc%e7%88%be%e8%a1%a8%e7%a4%ba%ef%bc%8c%e9%80%9a%e8%84%b9%e5%89%8d%e6%99%af%e6%94%b9%e5%96%84%e6%88%96%e5%8f%af%e7%82%ba6%e6%9c%88%e5%8a%a0%e6%81%af%e6%8f%90%e4%be%9b%e7%90%86%e6%93%9a","status":"publish","type":"post","link":"https:\/\/www.vtmarkets.com\/zh-ca\/live-updates\/46665\/","title":{"rendered":"\u7d0d\u683c\u723e\u8868\u793a\uff0c\u901a\u8139\u524d\u666f\u6539\u5584\u6216\u53ef\u70ba6\u6708\u52a0\u606f\u63d0\u4f9b\u7406\u64da\uff0c\u60df\u4e2d\u6771\u885d\u7a81\u6301\u7e8c\u4ee4\u901a\u8139\u98a8\u96aa\u5ef6\u9577"},"content":{"rendered":"

Joachim Nagel\uff08\u6b50\u6d32\u592e\u884c\u3014ECB\u3015\u6c7a\u7b56\u5b98\u54e1\u3001\u5fb7\u570b\u592e\u884c\u3014Bundesbank\u3015\u884c\u9577\uff09\u5468\u4e00\u5728\u6cd5\u862d\u514b\u798f\u8868\u793a\uff0c\u4e2d\u6771\u885d\u7a81\u82e5\u6301\u7e8c\u66f4\u4e45\uff0c\u5c07\u63d0\u9ad8\u901a\u8139\u5728\u7f3a\u4e4fECB\u884c\u52d5\u4e0b\u4ecd\u7136\u504f\u9ad8\u7684\u98a8\u96aa\u3002<\/p>\n

\u4ed6\u7a31\u76ee\u524d\u7684\u8d77\u9ede\u8f032022\u5e74\u597d\u5f97\u591a\uff0c\u4e26\u88dc\u5145\u82e5\u901a\u8139\u524d\u666f\u672a\u898b\u6539\u5584\uff0c\u6216\u6709\u9700\u8981\u57286\u6708\u52a0\u606f\u3002<\/p>\n

\u91cd\u65b0\u5b9a\u50f9ECB\u52a0\u606f\u8def\u5f91<\/h3>\n

\u4e0a\u8ff0\u8a00\u8ad6\u5411\u5e02\u5834\u767c\u51fa\u504f\u5411\u52a0\u606f\u7684\u660e\u78ba\u8a0a\u865f\uff0c\u4e14\u51fa\u81ea\u5177\u5f71\u97ff\u529b\u7684ECB\u6210\u54e1\u3002\u5e02\u5834\u9700\u8981\u8a8d\u771f\u8a55\u4f30\uff1a\u592e\u884c\u4e0b\u4e00\u6b65\u53ef\u80fd\u662f\u52a0\u606f\uff0c\u800c\u975e\u6e1b\u606f\u3002\u9019\u8207\u73fe\u6642\u4e3b\u6d41\u5e02\u5834\u89c0\u9ede\u76f8\u53cd\uff0c\u610f\u5473\u5c0d\u6b50\u6d32\u5229\u7387\u654f\u611f\u7684\u6301\u5009\u9700\u8981\u5373\u6642\u91cd\u65b0\u6aa2\u8996\u3002<\/p>\n

\u7406\u64da\u76f4\u63a5\u9023\u7d50\u8fd1\u671f\u6578\u64da\uff1a\u5730\u7de3\u653f\u6cbb\u7dca\u5f35\u6b63\u63a8\u9ad8\u80fd\u6e90\u50f9\u683c\u3002\u6b50\u7f85\u53404\u67082026\u5e74\u300c\u7d71\u4e00\u6d88\u8cbb\u7269\u50f9\u6307\u6578\u300d\uff08HICP\uff0c\u5373\u7528\u540c\u4e00\u5957\u65b9\u6cd5\u8a08\u7b97\u7684\u901a\u8139\u6307\u6a19\uff0c\u65b9\u4fbf\u5404\u570b\u6bd4\u8f03\uff09\u58312.7%\uff0c\u4ecd\u7136\u504f\u9ad8\uff0c\u660e\u986f\u9ad8\u65bc2%\u76ee\u6a19\uff0c\u4ee4\u6536\u7dca\u8ca8\u5e63\u653f\u7b56\uff08\u5373\u900f\u904e\u52a0\u606f\u7b49\u65b9\u5f0f\u58d3\u6291\u9700\u6c42\u3001\u964d\u4f4e\u901a\u8139\uff09\u7684\u8aaa\u6cd5\u66f4\u6709\u8aaa\u670d\u529b\u3002\u5e03\u862d\u7279\u539f\u6cb9\u4ea6\u5728\u904e\u53bb\u4e00\u500b\u6708\u7dad\u6301\u5728\u6bcf\u687695\u7f8e\u5143\u4ee5\u4e0a\uff0c\u63a8\u5347\u901a\u8139\u58d3\u529b\uff0c\u652f\u6301\u504f\u5411\u52a0\u606f\u7684\u5224\u65b7\u3002<\/p>\n

\u5c0d\u77ed\u671f\u5229\u7387\u5e02\u5834\u4ea4\u6613\u8005\u800c\u8a00\uff0c6\u6708ECB\u6703\u8b70\u7684\u5e02\u5834\u5b9a\u50f9\u9700\u8981\u4e0a\u8abf\u3002\u300c3\u500b\u6708EURIBOR\u671f\u8ca8\u300d\uff08\u4ee5\u672a\u4f863\u500b\u6708\u6b50\u5143\u540c\u696d\u62c6\u606f\u70ba\u57fa\u790e\u7684\u671f\u8ca8\u5408\u7d04\uff0c\u7528\u4f86\u62bc\u6ce8\u77ed\u671f\u5229\u7387\u8d70\u52e2\uff09\u53ca\u300c\u9694\u591c\u6307\u6578\u6389\u671f\u300d\uff08OIS\uff0c\u4ee5\u9694\u591c\u5229\u7387\u70ba\u57fa\u790e\u7684\u5229\u7387\u4e92\u63db\uff0c\u7528\u4f86\u53cd\u6620\u653f\u7b56\u5229\u7387\u9810\u671f\uff09\u7b49\u5de5\u5177\uff0c\u539f\u672c\u53ef\u80fd\u62bc\u6ce8\u7dad\u6301\u5229\u7387\u4e0d\u8b8a\uff0c\u751a\u81f3\u5c11\u91cf\u6e1b\u606f\u6a5f\u6703\uff0c\u73fe\u61c9\u8abf\u6574\u70ba\u66f4\u9ad8\u7684\u300c\u52a025\u500b\u57fa\u9ede\u300d\uff08\u5373\u52a00.25\u5398\uff09\u6a5f\u7387\u3002\u5be6\u969b\u4e0a\u53ef\u8003\u616e\u6cbd\u51fa\u8fd1\u6708\u5229\u7387\u671f\u8ca8\uff0c\u62bc\u6ce8\u5b73\u606f\u7387\uff08\u5373\u5229\u7387\u6c34\u5e73\uff09\u4e0a\u5347\u3002<\/p>\n

\u5916\u532f\u65b9\u9762\uff0c\u9019\u7a2e\u524d\u666f\u57fa\u672c\u4e0a\u5229\u597d\u6b50\u5143\u3002\u53ef\u9810\u671f\u5e02\u5834\u5c0d\u6b50\u5143\u9700\u6c42\u589e\u52a0\uff1b\u5728\u671f\u6b0a\u5e02\u5834\u53ef\u8003\u616e\u8cb7\u5165EUR\/USD\u300c\u8a8d\u8cfc\u50f9\u5dee\u300d\uff08call spread\uff0c\u5373\u540c\u6642\u8cb7\u5165\u4e00\u500b\u8f03\u4f4e\u884c\u4f7f\u50f9\u7684\u8a8d\u8cfc\u671f\u6b0a\u3001\u8ce3\u51fa\u4e00\u500b\u8f03\u9ad8\u884c\u4f7f\u50f9\u7684\u8a8d\u8cfc\u671f\u6b0a\uff0c\u4ee5\u964d\u4f4e\u6210\u672c\u4e26\u9650\u5236\u6700\u5927\u6536\u76ca\uff09\uff0c\u5728\u63a7\u5236\u98a8\u96aa\u4e0b\u6355\u6349\u4e0a\u5347\u7a7a\u9593\u3002\u6b50\u5143\u76f8\u95dc\u8ca8\u5e63\u5c0d\u7684\u300c\u96b1\u542b\u6ce2\u5e45\u300d\uff08implied volatility\uff0c\u5373\u7531\u671f\u6b0a\u50f9\u683c\u63a8\u7b97\u3001\u5e02\u5834\u9810\u671f\u672a\u4f86\u6ce2\u52d5\u7a0b\u5ea6\u7684\u6307\u6a19\uff09\u4ea6\u53ef\u80fd\u57286\u6708\u6703\u8b70\u524d\u6578\u5468\u4e0a\u5347\u3002<\/p>\n","protected":false},"excerpt":{"rendered":"

\u7d0d\u683c\u723e\u7a31\u901a\u8139\u524d\u666f\u597d\u8f49\u6216\u62106\u6708\u52a0\u606f\u53e3\u5be6\uff0c\u60df\u4e2d\u6771\u6230\u4e8b\u672a\u606f\u3001\u6cb9\u50f9\u53ca\u4f9b\u61c9\u93c8\u98a8\u96aa\u62d6\u5c3e\uff0c\u901a\u8139\u9670\u973e\u5ef6\u9577\uff1b\u5e02\u5834\u8b66\u60d5\u9df9\u6d3e\u518d\u73fe\u3002<\/p>\n","protected":false},"author":87,"featured_media":0,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[4],"tags":[],"class_list":["post-46665","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\/zh-ca\/wp-json\/wp\/v2\/posts\/46665","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.vtmarkets.com\/zh-ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.vtmarkets.com\/zh-ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.vtmarkets.com\/zh-ca\/wp-json\/wp\/v2\/users\/87"}],"replies":[{"embeddable":true,"href":"https:\/\/www.vtmarkets.com\/zh-ca\/wp-json\/wp\/v2\/comments?post=46665"}],"version-history":[{"count":0,"href":"https:\/\/www.vtmarkets.com\/zh-ca\/wp-json\/wp\/v2\/posts\/46665\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.vtmarkets.com\/zh-ca\/wp-json\/wp\/v2\/media?parent=46665"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/zh-ca\/wp-json\/wp\/v2\/categories?post=46665"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/zh-ca\/wp-json\/wp\/v2\/tags?post=46665"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}