{"id":44661,"date":"2026-04-10T17:01:49","date_gmt":"2026-04-10T17:01:49","guid":{"rendered":"https:\/\/www.vtmarkets.com\/uncategorized\/44661\/"},"modified":"2026-04-10T17:01:49","modified_gmt":"2026-04-10T17:01:49","slug":"ing-%e7%b6%93%e6%bf%9f%e5%ad%b8%e5%ae%b6%e9%a0%90%e6%9c%9f%e6%b3%a2%e8%98%ad%e5%a4%ae%e8%a1%8c%e5%b0%87%e7%b6%ad%e6%8c%81%e5%88%a9%e7%8e%87%e6%96%bc-3-75%ef%bc%8c%e6%9c%89%e5%8a%a9%e4%bf%9d%e6%8c%81","status":"publish","type":"post","link":"https:\/\/www.vtmarkets.com\/zh\/live-updates\/44661\/","title":{"rendered":"ING \u7d93\u6fdf\u5b78\u5bb6\u9810\u671f\u6ce2\u862d\u592e\u884c\u5c07\u7dad\u6301\u5229\u7387\u65bc 3.75%\uff0c\u6709\u52a9\u4fdd\u6301\u8332\u7f85\u63d0\u8d70\u52e2\u7a69\u5b9a"},"content":{"rendered":"

ING \u7d93\u6fdf\u5e2b\u9810\u671f\uff0c\u6ce2\u862d\u570b\u5bb6\u9280\u884c\uff08NBP\uff0c\u6ce2\u862d\u592e\u884c\uff09\u57284\u6708\u8ca8\u5e63\u653f\u7b56\u59d4\u54e1\u6703\uff08MPC\uff0c\u8ca0\u8cac\u5236\u5b9a\u5229\u7387\u7684\u6c7a\u7b56\u6a5f\u69cb\uff09\u6703\u8b70\u5f8c\uff0c\u5c07\u7dad\u6301\u5229\u7387\u4e0d\u8b8a\uff0c\u9451\u65bc\u653f\u7b56\u5229\u7387\uff08\u53c3\u8003\u5229\u7387\uff0c\u5373\u592e\u884c\u4e3b\u8981\u57fa\u6e96\u5229\u7387\uff09\u4ecd\u70ba 3.75%\u3002\u59d4\u54e1\u6703\u57283\u6708\u5148\u6e1b\u606f 25 \u500b\u57fa\u9ede\uff08bp\uff1b\u57fa\u9ede\u662f\u5229\u7387\u8b8a\u52d5\u55ae\u4f4d\uff0c1bp = 0.01 \u500b\u767e\u5206\u9ede\uff09\uff0c4\u6708\u5247\u6309\u5175\u4e0d\u52d5\u3002<\/p>\n

4\u6708\u8072\u660e\u7c21\u77ed\u4e14\u53d6\u614b\u4e2d\u6027\uff0c\u4e26\u628a\u5168\u7403\u71c3\u6599\u50f9\u683c\u4e0a\u5347\uff0c\u6b78\u56e0\u65bc\u4e2d\u6771\u885d\u7a81\u5f15\u767c\u7684\u4f9b\u61c9\u53d7\u9650\u3002\u59d4\u54e1\u6703\u6599\u63a1\u53d6\u89c0\u671b\uff08\u8996\u4e4e\u6578\u64da\u518d\u6c7a\u5b9a\uff09\u7b56\u7565\uff0c\u91cd\u9ede\u7559\u610f\u5730\u7de3\u653f\u6cbb\u8207\u5546\u54c1\u50f9\u683c\u5c0d\u901a\u8139\u53ca\u7d93\u6fdf\u589e\u9577\u7684\u5f71\u97ff\u3002<\/p>\n

\u901a\u8139\u63a8\u52d5\u56e0\u7d20\u8207\u653f\u7b56\u8a0a\u865f<\/h3>\n

NBP \u884c\u9577\u8868\u793a\uff0c\u77ed\u671f\u901a\u8139\u53d6\u6c7a\u65bc\u80fd\u6e90\u5546\u54c1\u50f9\u683c\uff08\u5982\u539f\u6cb9\u3001\u5929\u7136\u6c23\uff09\uff0c\u4ee5\u53ca\u672c\u5730\u7a05\u52d9\u8207\u76e3\u7ba1\u6c7a\u5b9a\uff0c\u5305\u62ec\u71c3\u6cb9\u6d88\u8cbb\u7a05\uff08excise duty\uff1b\u6309\u7279\u5b9a\u5546\u54c1\u5fb5\u6536\u7684\u7a05\uff09\u8207\u71c3\u6cb9\u589e\u503c\u7a05\uff08VAT\uff1b\u6d88\u8cbb\u7a05\u7684\u4e00\u7a2e\uff09\u3002\u59d4\u54e1\u6703\u4ea6\u6703\u89c0\u5bdf\u71c3\u6cb9\u6210\u672c\u4e0a\u5347\u5982\u4f55\u300c\u50b3\u5c0e\u300d\uff08pass-through\uff1b\u6210\u672c\u4e0a\u5347\u8f49\u5ac1\u5230\u5176\u4ed6\u5546\u54c1\u8207\u670d\u52d9\u50f9\u683c\uff09\u81f3\u5176\u4ed6\u50f9\u683c\u3002<\/p>\n

\u672a\u4f86\u653f\u7b56\u53d6\u5411\u6599\u53d6\u6c7a\u65bc\u5546\u54c1\u50f9\u683c\u3001\u5730\u7de3\u653f\u6cbb\u3001\u8ca1\u653f\u653f\u7b56\uff08\u653f\u5e9c\u958b\u652f\u8207\u7a05\u6536\u53d6\u5411\uff09\u3001\u71c3\u6cb9\u50f9\u683c\u898f\u5247\u3001GDP\uff08\u672c\u5730\u751f\u7522\u7e3d\u503c\uff1b\u7d93\u6fdf\u7e3d\u7522\u51fa\uff09\u8b8a\u5316\u53ca\u5de5\u8cc7\u8d70\u52e2\u3002ING \u7684\u57fa\u6e96\u60c5\u666f\u5047\u8a2d\u300c\u8f03\u4f4e\u71c3\u6cb9\u50f9\u683c\u300d\u8a08\u5283\uff08Lower Fuel Prices programme\uff0cCPN\uff09\u5ef6\u7e8c\u81f37\u6708\u5e95\uff0c\u5168\u5e74\u5e73\u5747\u901a\u8139\u70ba 3.2%\uff0c\u5c0d\u6bd4\u6ce2\u65af\u7063\u6230\u4e8b\u524d\u7d04 2%\uff0c\u4ee5\u53ca NBP 3\u6708\u9810\u6e2c\u7684 2.3%\u3002<\/p>\n

\u5728\u6b64\u60c5\u666f\u4e0b\uff0c\u5229\u7387\u6216\u6700\u5c11\u7dad\u6301\u4e0d\u8b8a\u81f3 2026 \u5e74\u5e95\uff0c\u52a0\u606f\u6a5f\u6703\u504f\u4f4e\u3002<\/p>\n

\u5229\u7387\u8207\u6ce2\u52d5\u7684\u5e02\u5834\u555f\u793a<\/h3>\n

\u76ee\u524d\u6838\u5fc3\u6311\u6230\u662f\u901a\u8139\u300c\u9ecf\u6027\u300d\uff08sticky inflation\uff1b\u901a\u8139\u56de\u843d\u901f\u5ea6\u6162\u3001\u8f03\u96e3\u964d\u81f3\u76ee\u6a19\uff09\u3002\u6ce2\u862d\u7d71\u8a08\u90e8\u9580\u6578\u64da\u986f\u793a\uff0c2026\u5e743\u6708\u6574\u9ad4\u901a\u8139\uff08headline inflation\uff1b\u5305\u542b\u80fd\u6e90\u8207\u98df\u54c1\u7b49\u6240\u6709\u9805\u76ee\u7684\u901a\u8139\uff09\u6309\u5e74\u5347 3.5%\u3002\u9019\u4ee4\u592e\u884c\u7e7c\u7e8c\u53d6\u614b\u5be9\u614e\uff0c\u56e0\u80fd\u6e90\u8207\u5de5\u8cc7\u7684\u50b3\u5c0e\u6548\u61c9\u4ecd\u662f\u4e3b\u8981\u98a8\u96aa\u3002<\/p>\n

\u5167\u9700\u5f37\u52c1\uff0c\u52a0\u4e0a\u52de\u5de5\u5e02\u5834\u7dca\u5f35\uff08\u5931\u696d\u7387\u7dad\u6301\u4f4e\u4f4d 3.1%\uff09\uff0c\u652f\u6301\u5de5\u8cc7\u589e\u9577\u8207\u6f5b\u5728\u50f9\u683c\u58d3\u529b\u3002\u5e03\u862d\u7279\u539f\u6cb9\uff08Brent\uff1b\u570b\u969b\u57fa\u6e96\u6cb9\u50f9\u4e4b\u4e00\uff09\u96d6\u7a69\u5b9a\u5728\u6bcf\u6876\u7d04 88 \u7f8e\u5143\uff0c\u8f03 2025 \u5e74\u6ce2\u65af\u7063\u885d\u7a81\u671f\u9593\u9ad8\u4f4d\u56de\u843d\uff0c\u4f46\u80fd\u6e90\u50f9\u683c\u6ce2\u52d5\u98a8\u96aa\u4ecd\u5728\u3002\u7d9c\u5408\u800c\u8a00\uff0cNBP \u4eca\u5e74\u590f\u5b63\u5927\u6982\u7387\u5ef6\u7e8c\u300c\u7dad\u6301\u4e0d\u8b8a\u300d\u7684\u653f\u7b56\u7bc0\u594f\u3002<\/p>\n

\u5c0d\u4ea4\u6613\u54e1\u800c\u8a00\uff0c\u9019\u610f\u5473\u6ce2\u862d\u8332\u7f85\u63d0\uff08PLN\uff09\u5229\u7387\u66f2\u7dda\u7684\u300c\u524d\u7aef\u300d\uff08front end\uff1b\u77ed\u671f\u9650\uff0c\u59821\u81f32\u5e74\u5167\u7684\u5229\u7387\uff09\u6599\u4ecd\u53d7\u9328\u5b9a\u3002\u9810\u671f\u672a\u4f86\u5169\u5b63\u7684\u9060\u671f\u5229\u7387\u5354\u8b70\uff08FRA\uff1b\u4ee5\u4eca\u5929\u9396\u5b9a\u672a\u4f86\u4e00\u6bb5\u6642\u9593\u5229\u7387\u7684\u5408\u7d04\uff09\u7e7c\u7e8c\u53cd\u6620\u5229\u7387\u7dad\u6301\u5728 3.75% \u4e0d\u8b8a\u3002\u5728\u6b64\u74b0\u5883\u4e0b\uff0c\u504f\u5411\u6536\u606f\u3001\u53d7\u60e0\u4f4e\u5229\u7387\u6ce2\u52d5\u7684\u7b56\u7565\uff0c\u53ef\u80fd\u8f03\u62bc\u6ce8\u6e1b\u606f\u6216\u52a0\u606f\u65b9\u5411\u7684\u90e8\u7f72\u66f4\u53d7\u9752\u775e\u3002<\/p>\n

\u4e0d\u904e\uff0c\u6ce2\u862d\u5229\u7387\u6389\u671f\uff08interest rate swaps\uff1b\u4ee5\u56fa\u5b9a\u5229\u7387\u4ea4\u63db\u6d6e\u52d5\u5229\u7387\u7684\u5408\u7d04\uff09\u671f\u6b0a\u50f9\u683c\uff0c\u6216\u4f4e\u4f30\u4eca\u5e74\u7a0d\u5f8c\u8f49\u5411\u300c\u504f\u9df9\u300d\uff08hawkish\uff1b\u50be\u5411\u6536\u7dca\u653f\u7b56\u6216\u8f03\u9858\u610f\u52a0\u606f\uff09\u7684\u98a8\u96aa\uff0c\u82e5\u901a\u8139\u672a\u5982\u9810\u671f\u964d\u6eab\u3002\u9451\u65bc NBP \u95dc\u6ce8\u5de5\u8cc7\u8d70\u52e2\u8207\u8ca1\u653f\u653f\u7b56\uff0c\u76f8\u95dc\u6578\u64da\u82e5\u51fa\u73fe\u4e0a\u884c\u9a5a\u559c\uff0c\u5e02\u5834\u6558\u4e8b\u53ef\u80fd\u8fc5\u901f\u6539\u8b8a\u3002\u56e0\u6b64\uff0c\u70ba\u672a\u4f86\u5229\u7387\u6ce2\u52d5\u4e0a\u5347\u4f5c\u90e8\u7f72\uff0c\u4f5c\u70ba\u8f03\u9577\u7dda\u5c0d\u6c96\uff08hedge\uff1b\u7528\u4ea4\u6613\u62b5\u6d88\u98a8\u96aa\uff09\u6216\u8f03\u70ba\u7a69\u59a5\u3002<\/p>\n

\u958b\u7acb VT Markets \u771f\u5be6\u5e33\u6236<\/a>\u00a0\u4e26\u00a0\u7acb\u5373\u958b\u59cb\u4ea4\u6613<\/a>\u3002 <\/b><\/p>\n","protected":false},"excerpt":{"rendered":"

ING \u7d93\u6fdf\u5b78\u5bb6\u6599\u6ce2\u862d\u592e\u884c\u7dad\u6301\u5229\u73873.75%\uff0c\u653f\u7b56\u7a69\u5b57\u7576\u982d\uff0c\u6490\u8332\u7f85\u63d0\u8d70\u52e2\u5e73\u7a69\uff1b\u5e02\u5834\u805a\u7126\u6703\u5f8c\u8a0a\u865f\uff0c\u8a55\u4f30\u901a\u8139\u8207\u6e1b\u606f\u6642\u6a5f\uff0c\u77ed\u7dda\u6ce2\u5e45\u6216\u53d7\u63a7\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-44661","post","type-post","status-publish","format-standard","hentry","category-live-updates"],"acf":{"acf_article_selection_author":null},"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t