{"id":31644,"date":"2026-03-18T21:50:29","date_gmt":"2026-03-18T21:50:29","guid":{"rendered":"https:\/\/www.vtmarketsmy.com\/cn\/uncategorized\/%e5%be%b7%e5%9b%bd%e5%95%86%e4%b8%9a%e9%93%b6%e8%a1%8c%e7%9a%84%e6%99%ae%e8%8f%b2%e6%96%af%e7%89%b9%e9%a2%84%e8%ae%a1%ef%bc%9a%e5%b7%b4%e8%a5%bf%e5%a4%ae%e8%a1%8c%e5%b0%86%e4%bb%8e15%e5%bc%80%e5%a7%8b\/"},"modified":"2026-03-18T21:50:29","modified_gmt":"2026-03-18T21:50:29","slug":"%e5%be%b7%e5%9b%bd%e5%95%86%e4%b8%9a%e9%93%b6%e8%a1%8c%e7%9a%84%e6%99%ae%e8%8f%b2%e6%96%af%e7%89%b9%e9%a2%84%e8%ae%a1%ef%bc%9a%e5%b7%b4%e8%a5%bf%e5%a4%ae%e8%a1%8c%e5%b0%86%e4%bb%8e15%e5%bc%80%e5%a7%8b","status":"publish","type":"post","link":"https:\/\/www.vtmarketsmy.com\/cn\/live-updates\/%e5%be%b7%e5%9b%bd%e5%95%86%e4%b8%9a%e9%93%b6%e8%a1%8c%e7%9a%84%e6%99%ae%e8%8f%b2%e6%96%af%e7%89%b9%e9%a2%84%e8%ae%a1%ef%bc%9a%e5%b7%b4%e8%a5%bf%e5%a4%ae%e8%a1%8c%e5%b0%86%e4%bb%8e15%e5%bc%80%e5%a7%8b\/","title":{"rendered":"\u5fb7\u56fd\u5546\u4e1a\u94f6\u884c\u7684\u666e\u83f2\u65af\u7279\u9884\u8ba1\uff1a\u5df4\u897f\u592e\u884c\u5c06\u4ece15%\u5f00\u59cb\u542f\u52a8\u964d\u606f\uff0c\u9996\u8f6e\u4e0b\u8c0325\u201350\u4e2a\u57fa\u70b9\uff0c\u5e76\u57282026\u5e74\u7a0d\u540e\u52a0\u5feb\u964d\u606f\u6b65\u4f10"},"content":{"rendered":"\u5fb7\u56fd\u5546\u4e1a\u94f6\u884c\uff08Commerzbank\uff09\u5206\u6790\u5e08\u8fc8\u514b\u5c14\u00b7\u83f2\u65af\u7279\uff08Michael Pfister\uff09\u9884\u8ba1\uff0c\u5df4\u897f\u592e\u884c\u5728\u5173\u952e\u5229\u7387\u957f\u671f\u7ef4\u6301\u572815%\u540e\uff0c\u5c06\u5f00\u59cb\u964d\u606f\u3002\u5e02\u573a\u666e\u904d\u9884\u671f\u672c\u6b21\u4f1a\u8bae\u4f1a\u5148\u964d\u4e00\u6b21\u606f\uff1b\u6b64\u524d\u4ec5\u6709\u4e00\u7968\u652f\u6301\u7ef4\u6301\u4e0d\u53d8\u3002\n\n\u83f2\u65af\u7279\u8868\u793a\uff0c\u9996\u8f6e\u964d\u606f\u53ef\u80fd\u662f25\u621650\u4e2a\u57fa\u70b9\uff08basis points\uff0c\u7b80\u79f0bp\uff0c\u53730.01\u4e2a\u767e\u5206\u70b9\uff1b50bp=0.50\u4e2a\u767e\u5206\u70b9\uff09\u3002\u4ed6\u6307\u51fa\uff0c\u5728\u5229\u7387\u6c34\u5e73\u504f\u9ad8\u7684\u60c5\u51b5\u4e0b\uff0c\u4e00\u6b21\u964d50bp\u5e76\u975e\u4e0d\u53ef\u80fd\u3002\u4ed6\u8865\u5145\u8bf4\uff0c\u82e5\u51fa\u73b0\u6cb9\u4ef7\u51b2\u51fb\uff08\u6cb9\u4ef7\u7a81\u7136\u5927\u6da8\u5e26\u6765\u901a\u80c0\u538b\u529b\uff09\uff0c\u9996\u6b65\u53ef\u80fd\u66f4\u503e\u5411\u4e8e\u8f83\u5c0f\u768425bp\uff1b\u4f46\u4ed6\u8ba4\u4e3a\u5df4\u897f\u53d7\u5230\u7684\u5f71\u54cd\u76f8\u5bf9\u6709\u9650\u3002\n\n\u4ed6\u9884\u8ba1\u540e\u7eed\u4ecd\u6709\u964d\u606f\u7a7a\u95f4\uff0c\u5e76\u9884\u6d4b\u52302026\u5e74\u671f\u95f4\uff0c\u964d\u606f\u8282\u594f\u4f1a\u52a0\u5feb\uff0c\u81f3\u5c11\u8fbe\u5230\u6bcf\u6b21\u4f1a\u8bae\u964d50bp\u3002\u5fb7\u56fd\u5546\u4e1a\u94f6\u884c\u8868\u793a\uff0c\u6574\u4f53\u4e0a\u66f4\u53ef\u80fd\u201c\u964d\u5f97\u66f4\u591a\u201d\uff0c\u800c\u4e0d\u662f\u201c\u964d\u5f97\u66f4\u5c11\u201d\uff0c\u5e76\u5bf9\u4eca\u5e74\u5df4\u897f\u96f7\u4e9a\u5c14\uff08BRL\uff0c\u5df4\u897f\u8d27\u5e01\uff09\u7684\u5f3a\u52bf\u4fdd\u6301\u8c28\u614e\u6001\u5ea6\u3002\n\n\u968f\u7740\u5df4\u897f\u592e\u884c\u51c6\u5907\u4ece15%\u7684\u9ad8\u4f4d\u5f00\u59cb\u964d\u606f\uff0c\u6211\u4eec\u8ba4\u4e3a\u53ef\u5173\u6ce8\u80fd\u5728\u5229\u7387\u4e0b\u884c\u4e0e\u6c47\u7387\u8d70\u5f31\u4e2d\u83b7\u5229\u7684\u884d\u751f\u54c1\uff08derivatives\uff0c\u4ee5\u6807\u7684\u5982\u5229\u7387\u3001\u6c47\u7387\u4e3a\u57fa\u7840\u5b9a\u4ef7\u7684\u91d1\u878d\u5408\u7ea6\uff0c\u4f8b\u5982\u671f\u6743\u3001\u671f\u8d27\u3001\u4e92\u6362\uff09\u3002\u5173\u952e\u4e0d\u5728\u4e8e\u4f1a\u4e0d\u4f1a\u964d\u606f\uff0c\u800c\u662f\u4eca\u665a\u9996\u6b65\u662f25\u8fd8\u662f50bp\u3002\u8fd9\u79cd\u521d\u671f\u4e0d\u786e\u5b9a\u6027\uff0c\u4e3a\u4ea4\u6613\u77ed\u671f\u6ce2\u52a8\uff08volatility\uff0c\u4ef7\u683c\u5728\u77ed\u65f6\u95f4\u5185\u4e0a\u4e0b\u8d77\u4f0f\u7684\u5e45\u5ea6\uff09\u63d0\u4f9b\u673a\u4f1a\u3002\n\n\u6211\u4eec\u8ba4\u4e3a\uff0c\u968f\u7740\u5bbd\u677e\u5468\u671f\uff08easing cycle\uff0c\u592e\u884c\u6301\u7eed\u964d\u606f\u7684\u4e00\u6bb5\u65f6\u671f\uff09\u5c55\u5f00\uff0c\u5df4\u897f\u96f7\u4e9a\u5c14\u53ef\u80fd\u5bf9\u7f8e\u5143\u8d70\u5f31\u3002\u5229\u7387\u4e0b\u8c03\u4f1a\u964d\u4f4e\u8be5\u8d27\u5e01\u5bf9\u201c\u5957\u606f\u4ea4\u6613\u201d\uff08carry trade\uff0c\u501f\u5165\u4f4e\u5229\u7387\u8d27\u5e01\u3001\u4e70\u5165\u9ad8\u5229\u7387\u8d27\u5e01\u8d44\u4ea7\u4ee5\u8d5a\u53d6\u5229\u5dee\uff09\u7684\u5438\u5f15\u529b\u3002\u4ea4\u6613\u8005\u53ef\u8003\u8651\u4e70\u5165\u7f8e\u5143\/\u96f7\u4e9a\u5c14\uff08USD\/BRL\uff09\u6c47\u7387\u7684\u770b\u6da8\u671f\u6743\uff08call options\uff0c\u652f\u4ed8\u6743\u5229\u91d1\u540e\uff0c\u83b7\u5f97\u5728\u5230\u671f\u524d\/\u5230\u671f\u65f6\u6309\u7ea6\u5b9a\u4ef7\u683c\u4e70\u5165\u6807\u7684\u7684\u6743\u5229\uff09\uff0c\u4ee5\u62bc\u6ce8\u672a\u6765\u6570\u6708\u96f7\u4e9a\u5c14\u8d2c\u503c\u3002\n\n\u8fd9\u4e00\u89c2\u70b9\u4e5f\u5f97\u5230\u8fd1\u671f\u6570\u636e\u652f\u6301\uff1a\u901a\u80c0\u660e\u663e\u964d\u6e29\uff0c2026\u5e742\u6708\u6700\u65b0IPCA\uff08\u5df4\u897f\u5b98\u65b9\u5e7f\u4e49\u6d88\u8d39\u8005\u7269\u4ef7\u6307\u6570\uff09\u4e3a4.1%\uff0c\u8fdc\u4f4e\u4e8e2025\u5e74\u4e2d\u671f\u7684\u9ad8\u70b9\u3002\u6b64\u5916\uff0c\u53bb\u5e74\u7b2c\u56db\u5b63GDP\u589e\u901f\u4ec50.2%\uff0c\u589e\u957f\u4e4f\u529b\uff0c\u4f7f\u592e\u884c\u66f4\u6709\u7406\u7531\u523a\u6fc0\u7ecf\u6d4e\u3002\u8fd9\u4e9b\u56e0\u7d20\u4e3a\u8f83\u957f\u65f6\u95f4\u7684\u964d\u606f\u63d0\u4f9b\u652f\u6491\u3002\n\n\u672c\u5730\u5229\u7387\u5e02\u573a\u7684\u5e03\u5c40\u4e5f\u5177\u5438\u5f15\u529b\u3002\u6211\u4eec\u9884\u8ba1\uff0c\u968f\u7740\u592e\u884c\u964d\u606f\uff0cDI\u5229\u7387\uff08\u5df4\u897f\u4e3b\u8981\u7684\u94f6\u884c\u95f4\u5229\u7387\u57fa\u51c6\uff0c\u5e38\u7528\u4e8e\u5b9a\u4ef7\u77ed\u671f\u5229\u7387\u4ea7\u54c1\uff09\u7684\u671f\u8d27\u5408\u7ea6\u4f1a\u8d70\u5f3a\uff08\u4ef7\u683c\u4e0a\u6da8\u901a\u5e38\u5bf9\u5e94\u5229\u7387\u4e0b\u8dcc\uff09\u3002\u505a\u591a\u8fd9\u7c7b\u671f\u8d27\uff0c\u6216\u901a\u8fc7\u5229\u7387\u4e92\u6362\uff08interest rate swaps\uff0c\u53cc\u65b9\u4ea4\u6362\u5229\u606f\u652f\u4ed8\u65b9\u5f0f\u7684\u5408\u7ea6\uff09\u53bb\u201c\u6536\u56fa\u5b9a\u5229\u7387\u201d\uff08receive fixed\uff0c\u5373\u6536\u53d6\u56fa\u5b9a\u5229\u606f\u3001\u652f\u4ed8\u6d6e\u52a8\u5229\u606f\uff0c\u901a\u5e38\u5728\u9884\u671f\u5229\u7387\u4e0b\u884c\u65f6\u53d7\u76ca\uff09\uff0c\u90fd\u662f\u76f4\u63a5\u53d7\u76ca\u4e8e\u878d\u8d44\u6210\u672c\u4e0b\u964d\u7684\u65b9\u5f0f\u3002\n\n\u56de\u987e2023\u5e74\u5f00\u59cb\u7684\u964d\u606f\u5468\u671f\uff0c\u96f7\u4e9a\u5c14\u8d77\u521d\u76f8\u5bf9\u6297\u8dcc\uff0c\u4f46\u968f\u7740\u7d2f\u8ba1\u964d\u606f\u5e45\u5ea6\u6269\u5927\uff0c\u6700\u7ec8\u8f6c\u5f31\u3002\u6211\u4eec\u9884\u8ba1\u8fd9\u6b21\u4e5f\u7c7b\u4f3c\uff1a\u591a\u6b21\u964d\u606f\u7684\u7d2f\u79ef\u5f71\u54cd\uff0c\u5bf9\u6c47\u7387\u7684\u538b\u529b\u4f1a\u5927\u4e8e\u9996\u8f6e\u52a8\u4f5c\u672c\u8eab\u3002\u9884\u8ba1\u52302026\u5e74\u540e\u6bb5\uff0c\u964d\u606f\u901f\u5ea6\u4f1a\u52a0\u5feb\u3002\n\n\u9274\u4e8e\u5e02\u573a\u5df2\u8ba1\u5165\u5e74\u5e95\u524d\u7ea6400bp\u7684\u964d\u606f\u5e45\u5ea6\uff0c\u91cd\u70b9\u5e94\u653e\u5728\u628a\u63e1\u66f4\u5927\u7684\u8d8b\u52bf\uff0c\u800c\u975e\u53ea\u62bc\u6ce8\u5355\u6b21\u4f1a\u8bae\u3002\u867d\u7136\u53bb\u5e74\u6cb9\u4ef7\u51b2\u51fb\u4e00\u5ea6\u4ee4\u5e02\u573a\u66f4\u8c28\u614e\uff0c\u4f46\u5df4\u897f\u76f8\u5bf9\u8f83\u9ad8\u7684\u80fd\u6e90\u81ea\u7ed9\u80fd\u529b\uff0c\u4f7f\u5176\u66f4\u80fd\u8ba9\u592e\u884c\u628a\u91cd\u70b9\u653e\u5728\u56fd\u5185\u7ecf\u6d4e\u6761\u4ef6\u4e0a\u3002\u56e0\u6b64\uff0c\u6211\u4eec\u4ecd\u5bf9\u96f7\u4e9a\u5c14\u8d70\u5f3a\u4fdd\u6301\u8c28\u614e\uff0c\u5e76\u504f\u597d\u5e03\u5c40\u5229\u7387\u4e0b\u884c\u7684\u4ea4\u6613\u7b56\u7565\u3002\n<p>\r\n\r\n<p><strong>\u7acb\u5373\u5f00\u59cb\u4ea4\u6613 &#8211; \u70b9\u51fb<a href=\"https:\/\/www.vtmarketsmy.com\/cn\/trade-now\/\">\u8fd9\u91cc<\/a>\u521b\u5efa\u60a8\u7684 VT Markets \u771f\u5b9e\u8d26\u6237 <\/strong> <\/p>\r\n<!-- \/wp:post-content -->","protected":false},"excerpt":{"rendered":"<p>\u5df4\u897f\u592e\u884c\u5229\u738715%\u89c1\u9876\uff1f\u5fb7\u5546\u884c\u6599\u4eca\u665a\u5148\u964d25\u621650bp\uff0c2026\u52a0\u901f\u5bbd\u677e\u3002\u901a\u80c0\u964d\u6e29\u3001GDP\u75b2\u5f31\u652f\u6491\uff1b\u53ef\u5e03\u5c40DI\u671f\u8d27\u3001\u6536\u56fa\u5b9a\u4e92\u6362\u4e0eUSD\/BRL\u770b\u6da8\u671f\u6743\u3002<\/p>\n","protected":false},"author":12,"featured_media":0,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[129],"tags":[],"class_list":["post-31644","post","type-post","status-publish","format-standard","hentry","category-live-updates"],"acf":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.vtmarketsmy.com\/cn\/wp-json\/wp\/v2\/posts\/31644","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.vtmarketsmy.com\/cn\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.vtmarketsmy.com\/cn\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.vtmarketsmy.com\/cn\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/www.vtmarketsmy.com\/cn\/wp-json\/wp\/v2\/comments?post=31644"}],"version-history":[{"count":0,"href":"https:\/\/www.vtmarketsmy.com\/cn\/wp-json\/wp\/v2\/posts\/31644\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.vtmarketsmy.com\/cn\/wp-json\/wp\/v2\/media?parent=31644"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.vtmarketsmy.com\/cn\/wp-json\/wp\/v2\/categories?post=31644"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.vtmarketsmy.com\/cn\/wp-json\/wp\/v2\/tags?post=31644"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}