{"id":39605,"date":"2026-03-09T22:58:54","date_gmt":"2026-03-09T22:58:54","guid":{"rendered":"https:\/\/www.vtmarkets.com\/uncategorized\/39605\/"},"modified":"2026-03-09T22:58:54","modified_gmt":"2026-03-09T22:58:54","slug":"%e5%84%98%e7%ae%a1%e6%b3%a2%e5%8b%95%e6%80%a7%e9%a3%86%e5%8d%87%ef%bc%8c%e7%ad%96%e7%95%a5%e5%b8%ab%e8%a1%a8%e7%a4%ba%e6%97%a5%e5%9c%93%e4%bb%8d%e7%84%b6%e7%96%b2%e5%bc%b1%ef%bc%8c%e4%bb%8d%e6%9c%89","status":"publish","type":"post","link":"https:\/\/www.vtmarkets.com\/zh\/live-updates\/39605\/","title":{"rendered":"\u5118\u7ba1\u6ce2\u52d5\u6027\u98c6\u5347\uff0c\u7b56\u7565\u5e2b\u8868\u793a\u65e5\u5713\u4ecd\u7136\u75b2\u5f31\uff0c\u4ecd\u6709\u53cd\u5f48\u7a7a\u9593"},"content":{"rendered":"\u65e5\u5713\u5728\u6700\u8fd1\u5e02\u5834\u6ce2\u52d5\u52a0\u5287\u5f8c\u4ecd\u672a\u4e0a\u6f32\uff0c\u65e5\u672c\u9280\u884c\uff08BOJ\uff0c\u65e5\u9280\uff09\u7684\u300c\u8cbf\u6613\u52a0\u6b0a\u300d\u65e5\u5713\u6307\u6578\uff08\u7528\u8207\u4e3b\u8981\u8cbf\u6613\u5925\u4f34\u7684\u532f\u7387\u52a0\u6b0a\u5f8c\u7684\u6307\u6578\uff0c\u7528\u4f86\u770b\u65e5\u5713\u6574\u9ad4\u5f37\u5f31\uff09\u4ecd\u63a5\u8fd1\u4eca\u5e74\u4ee5\u4f86\u4f4e\u9ede\u3002\u5148\u524d\u5e7e\u6b21\u6ce2\u52d5\u6025\u5347\u6642\uff0c\u65e5\u5713\u66fe\u5169\u5ea6\u8d70\u5f37\uff0c\u5206\u5225\u5728 2024 \u5e74\u590f\u5b63\u8207 2025 \u5e74 4 \u6708\u3002\n\n2022 \u5e74\u80fd\u6e90\u50f9\u683c\u885d\u64ca\u671f\u9593\uff0c\u65e5\u5713\u662f G10 \u8ca8\u5e63\uff08\u5341\u500b\u4e3b\u8981\u5df2\u958b\u767c\u570b\u5bb6\u7684\u8ca8\u5e63\uff09\u4e2d\u8868\u73fe\u6700\u5dee\u4e4b\u4e00\uff0c\u8207\u745e\u5178\u514b\u6717\u76f8\u8fd1\u3002\u65e5\u672c\u906d\u9047\u300c\u8cbf\u6613\u689d\u4ef6\u300d\u8ca0\u9762\u885d\u64ca\uff08\u9032\u53e3\u80fd\u6e90\u8b8a\u66f4\u8cb4\u3001\u51fa\u53e3\u50f9\u683c\u76f8\u5c0d\u6c92\u8ddf\u4e0a\uff0c\u5c0e\u81f4\u540c\u6a23\u51fa\u53e3\u63db\u56de\u7684\u9032\u53e3\u8b8a\u5c11\uff09\uff0c\u540c\u6642\u65e5\u9280\u7dad\u6301\u5229\u7387\u4e0d\u8b8a\uff0c\u4f46\u7f8e\u570b\u806f\u6e96\u6703\uff08Fed\uff09\u8207\u5176\u4ed6\u4e3b\u8981\u592e\u884c\u628a\u5229\u7387\u5f9e\u63a5\u8fd1\u96f6\u5927\u5e45\u4e0a\u8abf\u3002\n\n<h3>\u653f\u7b56\u5dee\u8ddd\u8207\u5229\u5dee\u4ea4\u6613\u64f4\u5f35<\/h3>\n\u9019\u7a2e\u653f\u7b56\u5dee\u8ddd\u64f4\u5927\uff0c\u652f\u6490\u4e86\u300c\u4ee5\u65e5\u5713\u878d\u8cc7\u7684\u5229\u5dee\u4ea4\u6613\u300d\uff08\u501f\u4f4e\u5229\u7387\u65e5\u5713\uff0c\u53bb\u8cb7\u9ad8\u5229\u7387\u8ca8\u5e63\u6216\u8cc7\u7522\u4f86\u8cfa\u5229\u5dee\uff09\u7684\u589e\u52a0\u3002\u81ea 2022 \u5e74\u80fd\u6e90\u885d\u64ca\u4ee5\u4f86\uff0c\u8cbf\u6613\u52a0\u6b0a\u65e5\u5713\u4e0b\u8dcc\u7d04 23%\uff0c\u5176\u4e2d\u4e00\u534a\u4ee5\u4e0a\u7684\u8dcc\u5e45\u767c\u751f\u5728 2025 \u5e74 4 \u6708\u6ce2\u52d5\u898b\u9802\u4e4b\u5f8c\uff0c\u7576\u6642\u5ddd\u666e\u5ba3\u5e03\u300c\u89e3\u653e\u65e5\u300d\u95dc\u7a05\uff08\u63d0\u9ad8\u9032\u53e3\u95dc\u7a05\u7684\u653f\u7b56\uff09\u3002\n\n\u8207\u4e2d\u6771\u885d\u7a81\u76f8\u95dc\u7684\u300c\u907f\u96aa\u60c5\u7dd2\u300d\uff08\u5e02\u5834\u66f4\u5bb3\u6015\u98a8\u96aa\u3001\u50be\u5411\u8ce3\u51fa\u98a8\u96aa\u8cc7\u7522\uff09\u4e0a\u5347\uff0c\u53ef\u80fd\u5c0e\u81f4\u9019\u4e9b\u5229\u5dee\u4ea4\u6613\u53cd\u8f49\u3002\u82e5\u51fa\u73fe\u300c\u8f67\u7a7a\u5f0f\u300d\u56de\u88dc\uff08\u5927\u91cf\u505a\u7a7a\u8005\u88ab\u8feb\u8cb7\u56de\uff0c\u8b93\u50f9\u683c\u5feb\u901f\u4e0a\u6f32\uff09\uff0c\u53ef\u80fd\u63a8\u52d5\u65e5\u5713\u51fa\u73fe\u9006\u52e2\u53cd\u5f48\u3002\n\n\u5373\u4f7f\u8fd1\u671f\u5e02\u5834\u6ce2\u52d5\u6307\u6a19\u4e0a\u5347\uff0c\u65e5\u5713\u4ecd\u672a\u8f49\u5f37\uff0c\u5176\u8cbf\u6613\u52a0\u6b0a\u6307\u6578\u4ecd\u5728\u5e74\u5ea6\u4f4e\u4f4d\u9644\u8fd1\u3002\u6295\u6a5f\u4ea4\u6613\u8005\u7684\u65e5\u5713\u300c\u6de8\u7a7a\u55ae\u300d\uff08\u62bc\u6ce8\u65e5\u5713\u4e0b\u8dcc\u7684\u90e8\u4f4d\u5927\u65bc\u62bc\u6ce8\u4e0a\u6f32\u7684\u90e8\u4f4d\uff09\u6700\u8fd1\u5347\u81f3\u591a\u5e74\u9ad8\u9ede\uff0c\u4f9d\u6700\u65b0\u7f8e\u570b\u5546\u54c1\u671f\u8ca8\u4ea4\u6613\u59d4\u54e1\u6703\uff08CFTC\uff09\u8cc7\u6599\u5df2\u8d85\u904e 150 \u5104\u7f8e\u5143\u3002\u9019\u8868\u793a\u5e02\u5834\u300c\u62bc\u7a7a\u65e5\u5713\u300d\u7684\u90e8\u4f4d\u975e\u5e38\u64c1\u64e0\uff08\u540c\u4e00\u65b9\u5411\u7684\u4eba\u592a\u591a\uff0c\u5bb9\u6613\u5728\u53cd\u5411\u6642\u4e00\u8d77\u8e29\u8e0f\uff09\uff0c\u5373\u4f7f\u6050\u614c\u6307\u6a19\u6b63\u5728\u4e0a\u5347\u3002\n\n\u5148\u524d\u5916\u532f\u6ce2\u52d5\u6025\u5347\u7684\u5169\u6b21\u60c5\u6cc1\uff0c\u65e5\u5713\u90fd\u66fe\u5927\u5e45\u53cd\u5f48\uff1a\u4e00\u6b21\u5728\u53bb\u5e74 4 \u6708\uff0c\u53e6\u4e00\u6b21\u5728 2024 \u5e74\u590f\u5b63\u3002\u4ee5 2025 \u5e74 4 \u6708\u90a3\u6b21\u70ba\u4f8b\uff0c\u7f8e\u5143\uff0f\u65e5\u5713\uff08USD\/JPY\uff09\u5728\u4e0d\u5230\u4e00\u9031\u5167\u4e0b\u8dcc\u8fd1 5%\uff0c\u56e0\u4ea4\u6613\u8005\u6025\u8457\u5e73\u5009\u5229\u5dee\u90e8\u4f4d\uff08\u628a\u501f\u65e5\u5713\u8cb7\u5916\u5e63\u7684\u4ea4\u6613\u53cd\u5411\u505a\u56de\u53bb\uff09\u3002\u6b77\u53f2\u986f\u793a\uff0c\u7576\u907f\u96aa\u60c5\u7dd2\u771f\u7684\u5f62\u6210\u6642\uff0c\u65e5\u5713\u5f80\u5f80\u6703\u56e0\u300c\u907f\u96aa\u8ca8\u5e63\u300d\uff08\u98a8\u96aa\u5347\u9ad8\u6642\u8cc7\u91d1\u8f03\u53ef\u80fd\u6d41\u5165\u7684\u8ca8\u5e63\uff09\u7279\u6027\u800c\u53d7\u76ca\u3002\n\n<h3>\u90e8\u4f4d\u98a8\u96aa\u8207\u907f\u96aa\u60f3\u6cd5<\/h3>\n\u9019\u7a2e\u8106\u5f31\u6027\u59cb\u65bc 2022 \u5e74\u80fd\u6e90\u885d\u64ca\u5f8c\uff1a\u65e5\u9280\u628a\u5229\u7387\u7dad\u6301\u5728\u4f4e\u6c34\u6e96\uff0c\u800c\u5176\u4ed6\u592e\u884c\u5feb\u901f\u5347\u606f\u3002\u7f8e\u65e5\u4e4b\u9593\u7684\u5229\u7387\u5dee\uff08\u5169\u570b\u5229\u7387\u76f8\u5dee\u591a\u5c11\uff09\u76ee\u524d\u4ecd\u8d85\u904e 450 \u500b\u57fa\u9ede\uff08basis points\uff0cbp\uff1b1 \u500b\u57fa\u9ede = 0.01%\uff0c450 bp = 4.5%\uff09\uff0c\u4f7f\u4ea4\u6613\u8005\u66f4\u9858\u610f\u7528\u4f4e\u6210\u672c\u501f\u65e5\u5713\uff0c\u6539\u6295\u6536\u76ca\u8f03\u9ad8\u7684\u8ca8\u5e63\u3002\u9019\u7a2e\u5927\u91cf\u7684\u300c\u65e5\u5713\u878d\u8cc7\u5229\u5dee\u4ea4\u6613\u300d\u7d2f\u7a4d\uff0c\u662f\u65e5\u5713\u6b64\u5f8c\u4e0b\u8dcc 23% \u7684\u539f\u56e0\u4e4b\u4e00\u3002\n\n\u76ee\u524d\u7684\u4e3b\u8981\u98a8\u96aa\u662f\uff1a\u82e5\u5730\u7de3\u653f\u6cbb\u885d\u64ca\u52a0\u5287\uff0c\u64c1\u64e0\u90e8\u4f4d\u53ef\u80fd\u51fa\u73fe\u5287\u70c8\u53cd\u8f49\uff0c\u5f15\u767c\u8f67\u7a7a\u8207\u5feb\u901f\u56de\u88dc\u3002\u4f7f\u7528\u884d\u751f\u6027\u5546\u54c1\uff08\u4ee5\u6a19\u7684\u8cc7\u7522\u50f9\u683c\u70ba\u57fa\u790e\u7684\u91d1\u878d\u5de5\u5177\uff0c\u4f8b\u5982\u9078\u64c7\u6b0a\uff09\u7684\u4eba\uff0c\u53ef\u8003\u616e\u8cb7\u300c\u50f9\u5916\u300d\u65e5\u5713\u8cb7\u6b0a\uff08out-of-the-money JPY calls\uff1b\u5c65\u7d04\u50f9\u6bd4\u73fe\u50f9\u66f4\u4e0d\u5229\u3001\u4f46\u8f03\u4fbf\u5b9c\uff09\u3001\u6216\u7f8e\u5143\uff0f\u65e5\u5713\u8ce3\u6b0a\uff08USD\/JPY puts\uff1b\u62bc\u6ce8 USD\/JPY \u4e0b\u8dcc\u3001\u4e5f\u5c31\u662f\u65e5\u5713\u8d70\u5f37\uff09\u3002\u9019\u985e\u9078\u64c7\u6b0a\uff08\u5728\u5230\u671f\u524d\u4ee5\u7279\u5b9a\u50f9\u683c\u8cb7\uff0f\u8ce3\u7684\u6b0a\u5229\uff09\u53ef\u7528\u8f03\u4f4e\u6210\u672c\uff0c\u5e03\u5c40\u65e5\u5713\u7a81\u7136\u4e14\u5f37\u52c1\u7684\u9006\u52e2\u53cd\u5f48\uff0c\u4e26\u9632\u7bc4\u5229\u5dee\u4ea4\u6613\u5feb\u901f\u64a4\u51fa\u9020\u6210\u7684\u5287\u70c8\u6ce2\u52d5\u3002\n<p>\n\n<p><strong>\u7acb\u5373\u958b\u59cb\u4ea4\u6613 &#8211; \u9ede\u64ca<a href=\"https:\/\/www.vtmarkets.com\/trade-now\/\">\u9019\u88e1<\/a>\u5275\u5efa\u60a8\u7684 VT Markets \u771f\u5be6\u8cec\u6236 <\/strong> <\/p>\n<!-- \/wp:post-content -->","protected":false},"excerpt":{"rendered":"<p>\u65e5\u5713\u6ce2\u52d5\u5347\u6eab\u4ecd\u5f31\u3001\u8cbf\u6613\u52a0\u6b0a\u8fd1\u4f4e\u9ede\uff1b\u5229\u5dee\u4ea4\u6613\u8207\u6de8\u7a7a\u55ae\u64c1\u64e0\u3002\u82e5\u907f\u96aa\u5347\u6eab\u6050\u8f67\u7a7a\u53cd\u5f48\uff0c\u6295\u8cc7\u4eba\u53ef\u7528\u50f9\u5916\u65e5\u5713\u8cb7\u6b0a\u6216\u7f8e\u5143\/\u65e5\u5713\u8ce3\u6b0a\u57cb\u4f0f\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-39605","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\/wp-json\/wp\/v2\/posts\/39605","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.vtmarkets.com\/zh\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.vtmarkets.com\/zh\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.vtmarkets.com\/zh\/wp-json\/wp\/v2\/users\/87"}],"replies":[{"embeddable":true,"href":"https:\/\/www.vtmarkets.com\/zh\/wp-json\/wp\/v2\/comments?post=39605"}],"version-history":[{"count":0,"href":"https:\/\/www.vtmarkets.com\/zh\/wp-json\/wp\/v2\/posts\/39605\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.vtmarkets.com\/zh\/wp-json\/wp\/v2\/media?parent=39605"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/zh\/wp-json\/wp\/v2\/categories?post=39605"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/zh\/wp-json\/wp\/v2\/tags?post=39605"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}