{"id":47611,"date":"2026-05-18T09:48:39","date_gmt":"2026-05-18T09:48:39","guid":{"rendered":"https:\/\/www.vtmarkets.com\/uncategorized\/47611\/"},"modified":"2026-05-18T09:48:39","modified_gmt":"2026-05-18T09:48:39","slug":"%e6%8b%89%e5%8a%a0%e5%be%b7%e5%9c%a8%e4%b8%83%e5%9c%8b%e9%9b%86%e5%9c%98%e6%9c%83%e8%ad%b0%e4%b8%8a%e8%aa%9e%e6%b0%a3%e5%af%a9%e6%85%8e%ef%bc%8c%e5%82%b5%e5%88%b8%e6%8b%8b%e5%94%ae%e8%88%87%e6%b2%b9","status":"publish","type":"post","link":"https:\/\/www.vtmarkets.com\/zh\/live-updates\/47611\/","title":{"rendered":"\u62c9\u52a0\u5fb7\u5728\u4e03\u570b\u96c6\u5718\u6703\u8b70\u4e0a\u8a9e\u6c23\u5be9\u614e\uff0c\u50b5\u5238\u62cb\u552e\u8207\u6cb9\u50f9\u98a8\u96aa\u4ee4\u6b50\u5143\u524d\u666f\u8499\u9670"},"content":{"rendered":"<p>Christine Lagarde 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\u9644\u8fd1\u7565\u5347\uff1b\u7f8e\u5143\u6307\u6578\uff08DXY\uff0c\u8861\u91cf\u7f8e\u5143\u5c0d\u4e00\u7c43\u5b50\u4e3b\u8981\u8ca8\u5e63\u5f37\u5f31\u7684\u6307\u6a19\uff09\u56de\u843d\u3002<\/p>\n<h3>European Central Bank Mandate<\/h3>\n<p>\u6b50\u6d32\u592e\u884c\uff08ECB\uff0cEuropean Central Bank\uff1b\u7e3d\u90e8\u4f4d\u65bc\u6cd5\u862d\u514b\u798f\uff09\u8ca0\u8cac\u6b50\u5143\u5340\u8ca8\u5e63\u653f\u7b56\uff08\u4ee5\u5229\u7387\u8207\u6d41\u52d5\u6027\u7ba1\u7406\u5f71\u97ff\u7d93\u6fdf\u8207\u7269\u50f9\uff09\u53ca\u5236\u5b9a\u5229\u7387\u3002\u5176\u4e3b\u8981\u76ee\u6a19\u662f\u7dad\u6301\u7269\u50f9\u7a69\u5b9a\uff0c\u628a\u901a\u8139\uff08\u7269\u50f9\u6574\u9ad4\u4e0a\u5347\uff09\u7dad\u6301\u5728\u7d04 2%\uff0c\u4e3b\u8981\u900f\u904e\u52a0\u606f\u6216\u6e1b\u606f\u9054\u6210\u3002<\/p>\n<p>\u653f\u7b56\u6c7a\u5b9a\u7531\u6b50\u6d32\u592e\u884c\u7ba1\u59d4\u6703\uff08Governing Council\uff1b\u6700\u9ad8\u6c7a\u7b56\u6a5f\u69cb\uff09\u6bcf\u5e74\u516b\u6b21\u6703\u8b70\u4f5c\u51fa\u3002\u6210\u54e1\u5305\u62ec\u5404\u570b\u592e\u884c\u884c\u9577\u53ca\u516d\u540d\u5e38\u4efb\u6210\u54e1\uff0c\u5305\u62ec\u6b50\u6d32\u592e\u884c\u884c\u9577\u3002<\/p>\n<p>\u91cf\u5316\u5bec\u9b06\uff08QE\uff0cQuantitative Easing\uff1b\u592e\u884c\u300c\u5370\u9322\/\u589e\u52a0\u8ca8\u5e63\u4f9b\u61c9\u300d\u53bb\u8cb7\u8cc7\u7522\uff0c\u901a\u5e38\u8cb7\u653f\u5e9c\u6216\u4f01\u696d\u50b5\u5238\uff0c\u4ee5\u58d3\u4f4e\u5e02\u5834\u5229\u7387\u3001\u523a\u6fc0\u7d93\u6fdf\uff09\u4e00\u822c\u6703\u4ee4\u6b50\u5143\u504f\u5f31\u3002QE \u66fe\u65bc 2009\u201311 \u5e74\u30012015 \u5e74\u53ca\u65b0\u51a0\u75ab\u60c5\u671f\u9593\u4f7f\u7528\u3002<\/p>\n<p>\u91cf\u5316\u7dca\u7e2e\uff08QT\uff0cQuantitative Tightening\uff1bQE 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policy\uff1b\u4ee5\u8f03\u9ad8\u5229\u7387\u6291\u5236\u9700\u6c42\u3001\u58d3\u4f4e\u901a\u8139\uff09\u7dad\u6301\u66f4\u9577\u6642\u9593\uff0c\u8d85\u51fa\u90e8\u5206\u5e02\u5834\u539f\u5148\u9810\u671f\u3002<\/p>\n<p>\u6587\u4e2d\u63d0\u5230\u7684\u5730\u7de3\u653f\u6cbb\u7dca\u5f35\uff0c\u5c24\u5176\u6d89\u53ca\u970d\u723e\u6728\u8332\u6d77\u5cfd\uff0c\u6b63\u589e\u52a0\u91cd\u5927\u98a8\u96aa\u3002\u5e03\u862d\u7279\u539f\u6cb9\u671f\u8ca8\uff08Brent crude futures\uff1b\u570b\u969b\u6cb9\u50f9\u57fa\u6e96\u4e4b\u4e00\uff09\u5df2\u5347\u7a7f\u6bcf\u6876 95 \u7f8e\u5143\uff0c\u5e36\u4f86\u901a\u8139\u58d3\u529b\uff0c\u800c\u9019\u985e\u7531\u80fd\u6e90\u50f9\u683c\u63a8\u52d5\u7684\u901a\u8139\u4e26\u975e\u55ae\u9760\u5229\u7387\u5c31\u80fd\u76f4\u63a5\u63a7\u5236\u3002\u9019\u4ee4\u592e\u884c\u6c7a\u7b56\u66f4\u68d8\u624b\uff0c\u56e0\u70ba\u4ee5\u52a0\u606f\u61c9\u5c0d\u80fd\u6e90\u63a8\u5347\u7684\u901a\u8139\uff0c\u53ef\u80fd\u62d6\u7d2f\u7d93\u6fdf\u589e\u9577\u3002<\/p>\n<p>\u76ee\u524d\u6b50\u5143\u5728 1.1633 \u9644\u8fd1\u4f01\u7a69\uff0c\u4f46\u66f4\u53ef\u80fd\u8207\u7f8e\u5143\u6574\u9ad4\u8f49\u5f31\u6709\u95dc\uff0c\u800c\u975e\u6b50\u5143\u672c\u8eab\u8f49\u5f37\u3002\u6b50\u6d32\u592e\u884c\u73fe\u884c\u653f\u7b56\u5229\u7387 4.25% \u5c0d\u6b50\u5143\u6709\u652f\u6301\uff0c\u4f46\u6301\u7e8c\u7684\u5168\u7403\u50b5\u5238\u62cb\u552e\uff08\u50b5\u50f9\u8dcc\u3001\u606f\u7387\u5347\uff09\u4ee4\u5e02\u5834\u627f\u58d3\uff0c\u4f8b\u5982\u5fb7\u570b 10 \u5e74\u671f\u570b\u50b5\u5b73\u606f\u7387\u5347\u81f3 3.1% \u4ee5\u4e0a\uff0c\u53cd\u6620\u5e02\u5834\u58d3\u529b\u4e0d\u5c0f\u3002\u591a\u500b\u56e0\u7d20\u4e92\u76f8\u62c9\u626f\u2014\u2014\u504f\u300c\u9df9\u6d3e\u300d\uff08hawkish\uff1b\u8f03\u50be\u5411\u52a0\u606f\u6216\u7dad\u6301\u9ad8\u606f\u4ee5\u58d3\u901a\u8139\uff09\u7684\u592e\u884c\u7acb\u5834\uff0c\u5c0d\u4e0a\u5730\u7de3\u653f\u6cbb\u8207\u589e\u9577\u6182\u616e\u2014\u2014\u4ee4\u5e02\u5834\u66f4\u6613\u51fa\u73fe\u5927\u5e45\u6ce2\u52d5\u3002<\/p>\n<p>\u5728\u6b64\u80cc\u666f\u4e0b\uff0c\u4ea4\u6613\u8005\u6216\u53ef\u8003\u616e\u8f03\u53d7\u60e0\u65bc\u50f9\u683c\u6ce2\u5e45\u7684\u7b56\u7565\uff0c\u800c\u975e\u53ea\u62bc\u6ce8\u6b50\u5143\u55ae\u908a\u8d70\u52e2\u3002\u56de\u9867\u75ab\u60c5\u5f8c\u6b50\u6d32\u592e\u884c\u653f\u7b56\u8f49\u5411\uff0c\u66fe\u7531\u5927\u898f\u6a21\u91cf\u5316\u5bec\u9b06\u8f49\u70ba\u5feb\u901f\u52a0\u606f\uff0c\u4ee5\u61c9\u5c0d 2023 \u53ca 2024 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