{"id":31822,"date":"2026-03-20T13:51:23","date_gmt":"2026-03-20T13:51:23","guid":{"rendered":"https:\/\/www.vtmarketsmy.com\/cn\/uncategorized\/%e6%ac%a7%e6%b4%b2%e4%ba%a4%e6%98%93%e6%97%b6%e6%ae%b5%ef%bc%8c%e6%ac%a7%e6%b4%b2%e5%a4%ae%e8%a1%8c%e5%ae%98%e5%91%98%e7%bb%b4%e5%8b%92%e9%b2%81%e7%93%a6%c2%b7%e5%be%b7%e5%8a%a0%e6%b4%9b%e4%b8%8e\/"},"modified":"2026-03-20T13:51:23","modified_gmt":"2026-03-20T13:51:23","slug":"%e6%ac%a7%e6%b4%b2%e4%ba%a4%e6%98%93%e6%97%b6%e6%ae%b5%ef%bc%8c%e6%ac%a7%e6%b4%b2%e5%a4%ae%e8%a1%8c%e5%ae%98%e5%91%98%e7%bb%b4%e5%8b%92%e9%b2%81%e7%93%a6%c2%b7%e5%be%b7%e5%8a%a0%e6%b4%9b%e4%b8%8e","status":"publish","type":"post","link":"https:\/\/www.vtmarketsmy.com\/cn\/live-updates\/%e6%ac%a7%e6%b4%b2%e4%ba%a4%e6%98%93%e6%97%b6%e6%ae%b5%ef%bc%8c%e6%ac%a7%e6%b4%b2%e5%a4%ae%e8%a1%8c%e5%ae%98%e5%91%98%e7%bb%b4%e5%8b%92%e9%b2%81%e7%93%a6%c2%b7%e5%be%b7%e5%8a%a0%e6%b4%9b%e4%b8%8e\/","title":{"rendered":"\u6b27\u6d32\u4ea4\u6613\u65f6\u6bb5\uff0c\u6b27\u6d32\u592e\u884c\u5b98\u5458\u7ef4\u52d2\u9c81\u74e6\u00b7\u5fb7\u52a0\u6d1b\u4e0e\u7a46\u52d2\u8ba8\u8bba\u7565\u9ad8\u901a\u80c0\u53ca\u5730\u7f18\u653f\u6cbb\u4e0d\u786e\u5b9a\u6027"},"content":{"rendered":"\u6b27\u6d32\u4ea4\u6613\u65f6\u6bb5\uff0c\u6b27\u6d32\u592e\u884c\uff08ECB\uff09\u5b98\u5458\u5f17\u6717\u7d22\u74e6\u00b7\u7ef4\u52d2\u9c81\u74e6\u00b7\u5fb7\u52a0\u6d1b\uff08Fran\u00e7ois Villeroy de Galhau\uff09\u548c\u9a6c\u8fea\u65af\u00b7\u7a46\u52d2\uff08Madis Muller\uff09\u8c08\u5230\u901a\u80c0\u4e0e\u5730\u7f18\u653f\u6cbb\u4e0d\u786e\u5b9a\u6027\u3002\u7ef4\u52d2\u9c81\u74e6\u00b7\u5fb7\u52a0\u6d1b\u8868\u793a\uff0c\u6b27\u6d32\u592e\u884c\u5c06\u4fdd\u6301\u8b66\u60d5\uff0c\u76ee\u524d\u5b58\u5728\u4e0d\u786e\u5b9a\u6027\uff0c\u5982\u6709\u9700\u8981\u53ef\u4ee5\u91c7\u53d6\u884c\u52a8\u3002\n\n\u7a46\u52d2\u8868\u793a\uff0c\u5f53\u524d\u60c5\u51b5\u5e76\u975e\u53f2\u65e0\u524d\u4f8b\uff0c\u901a\u80c0\u53ef\u80fd\u4f1a\u7565\u9ad8\u3002\u8fd9\u4e9b\u8a00\u8bba\u662f\u5728\u6b27\u6d32\u592e\u884c\u201c\u9759\u9ed8\u671f\u201d\uff08blackout period\uff1a\u8bae\u606f\u4f1a\u8bae\u524d\uff0c\u5b98\u5458\u901a\u5e38\u907f\u514d\u516c\u5f00\u8c08\u653f\u7b56\u4ee5\u514d\u5f71\u54cd\u5e02\u573a\uff09\u7ed3\u675f\u540e\u53d1\u8868\u3002\n\n<h3>\u6b27\u5143\u53cd\u5e94\u4e0e\u653f\u7b56\u4fe1\u53f7<\/h3>\n\u6b27\u5143\u5728\u591a\u4f4d\u6b27\u6d32\u592e\u884c\u5b98\u5458\u8bb2\u8bdd\u540e\u4e00\u5ea6\u8d70\u5f3a\u3002\u64b0\u5199\u672c\u6587\u65f6\uff0cEUR\/USD\u4e0b\u8dcc0.14%\uff0c\u62a5\u7ea61.1572\uff0c\u6b64\u524d\u4ece\u65e5\u5185\u4f4e\u70b91.1552\u53cd\u5f39\u3002\n\n\u6b27\u6d32\u592e\u884c\u603b\u90e8\u4f4d\u4e8e\u6cd5\u5170\u514b\u798f\uff0c\u8d1f\u8d23\u6b27\u5143\u533a\u5229\u7387\u4e0e\u8d27\u5e01\u653f\u7b56\u3002\u5176\u4e3b\u8981\u76ee\u6807\u662f\u201c\u4ef7\u683c\u7a33\u5b9a\u201d\uff0c\u4e5f\u5c31\u662f\u628a\u901a\u80c0\u7ef4\u6301\u5728\u7ea62%\u9644\u8fd1\uff0c\u5e76\u4e14\u6bcf\u5e74\u53ec\u5f00\u516b\u6b21\u8bae\u606f\u4f1a\u8bae\u3002\n\n\u201c\u91cf\u5316\u5bbd\u677e\u201d\uff08Quantitative Easing\uff0cQE\uff1a\u592e\u884c\u201c\u5370\u94b1\/\u6295\u653e\u6d41\u52a8\u6027\u201d\u4e70\u5165\u8d44\u4ea7\uff0c\u4f8b\u5982\u653f\u5e9c\u503a\u6216\u516c\u53f8\u503a\uff0c\u589e\u52a0\u5e02\u573a\u8d44\u91d1\uff09\u901a\u5e38\u4f1a\u4ee4\u6b27\u5143\u8d70\u5f31\u3002\u201c\u91cf\u5316\u7d27\u7f29\u201d\uff08Quantitative Tightening\uff0cQT\uff1a\u505c\u6b62\u4e70\u503a\uff0c\u5e76\u51cf\u5c11\u5230\u671f\u518d\u6295\u8d44\uff0c\u8ba9\u8d44\u91d1\u56de\u6536\uff09\u901a\u5e38\u5bf9\u6b27\u5143\u6709\u652f\u6491\u4f5c\u7528\u3002\n\n\u56de\u770b2025\u5e74\u521d\uff0c\u6b27\u6d32\u592e\u884c\u5b98\u5458\u5728\u4e0d\u786e\u5b9a\u6027\u4e0b\u5f3a\u8c03\u201c\u4fdd\u6301\u8b66\u60d5\u201d\uff0c\u8fd9\u7c7b\u8868\u6001\u5e76\u4e0d\u964c\u751f\u3002\u5f53\u65f6\u5e02\u573a\u5173\u6ce8\u7684\u662f\u653f\u7b56\u201c\u6b63\u5e38\u5316\u201d\uff08policy normalization\uff1a\u4ece\u8d85\u4f4e\u5229\u7387\u3001\u5f3a\u523a\u6fc0\uff0c\u9010\u6b65\u56de\u5230\u8f83\u6b63\u5e38\u7684\u5229\u7387\u4e0e\u8f83\u5c11\u523a\u6fc0\uff09\u3002\u4f46\u5230\u4eca\u5929\uff082026\u5e743\u670820\u65e5\uff09\uff0c\u8fdb\u7a0b\u5df2\u66f4\u6df1\u5165\uff0c\u4f7f\u6b27\u5143\u5904\u4e8e\u5173\u952e\u4f4d\u7f6e\uff0c\u5e02\u573a\u9700\u8981\u5728\u76f8\u4e92\u77db\u76fe\u7684\u7ecf\u6d4e\u4fe1\u53f7\u4e4b\u95f4\u505a\u53d6\u820d\u3002\n\n<h3>\u901a\u80c0\u3001\u589e\u957f\u4e0e\u6ce2\u52a8<\/h3>\n\u622a\u81f3\u4eca\u65e5\uff0c\u6b27\u6d32\u592e\u884c\u201c\u5b58\u6b3e\u673a\u5236\u5229\u7387\u201d\uff08deposit facility rate\uff1a\u5546\u4e1a\u94f6\u884c\u628a\u94b1\u5b58\u653e\u5728\u592e\u884c\u6240\u83b7\u5f97\u7684\u5229\u7387\uff0c\u5e38\u88ab\u89c6\u4e3a\u5173\u952e\u653f\u7b56\u5229\u7387\u4e4b\u4e00\uff09\u4e3a3.25%\uff0c\u8fd9\u4e00\u6c34\u5e73\u5df2\u538b\u5236\u4e86\u591a\u5e74\u524d\u90a3\u6ce2\u9ad8\u901a\u80c0\u7684\u6700\u4e25\u91cd\u9636\u6bb5\u3002\u4e0d\u8fc7\uff0c\u6b27\u76df\u7edf\u8ba1\u5c40\uff08Eurostat\uff09\u6700\u65b0\u201c\u5feb\u901f\u9884\u4f30\u201d\uff08flash estimate\uff1a\u521d\u6b65\u516c\u5e03\u3001\u540e\u7eed\u53ef\u80fd\u4fee\u8ba2\u7684\u6570\u636e\uff09\u663e\u793a\uff0c\u6574\u4f53\u901a\u80c0\u4ecd\u201c\u9ecf\u7740\u201d\uff08sticky\uff1a\u4e0d\u5bb9\u6613\u4e0b\u964d\uff09\u57282.8%\uff0c\u4f9d\u7136\u9ad8\u4e8e\u592e\u884c2%\u76ee\u6807\u3002\u8fd9\u79cd\u6301\u7eed\u6027\uff0c\u8ba9\u6b27\u6d32\u592e\u884c\u6682\u65f6\u96be\u4ee5\u91ca\u653e\u660e\u663e\u7684\u653f\u7b56\u8f6c\u5411\u4fe1\u53f7\u3002\n\n\u4e0e\u6b64\u540c\u65f6\uff0c\u7ecf\u6d4e\u653e\u7f13\u8ff9\u8c61\u6e05\u6670\uff0c\u6b27\u5143\u533a\u6700\u65b0\u5236\u9020\u4e1aPMI\u964d\u81f349.5\uff0c\u610f\u5473\u7740\u8f7b\u5fae\u840e\u7f29\uff08PMI\uff1a\u91c7\u8d2d\u7ecf\u7406\u6307\u6570\uff1b50\u4ee5\u4e0a\u4ee3\u8868\u6269\u5f20\uff0c50\u4ee5\u4e0b\u4ee3\u8868\u6536\u7f29\uff09\u3002\u8fd9\u8ba9\u6b27\u6d32\u592e\u884c\u9677\u5165\u5178\u578b\u4e24\u96be\uff1a\u4e00\u8fb9\u8981\u538b\u4f4f\u201c\u901a\u80c0\u6700\u540e\u4e00\u516c\u91cc\u201d\uff08last mile\uff1a\u901a\u80c0\u5df2\u4e0b\u964d\u4f46\u4ecd\u96be\u56de\u5230\u76ee\u6807\uff09\uff0c\u4e00\u8fb9\u53c8\u8981\u907f\u514d\u7ecf\u6d4e\u66f4\u660e\u663e\u8870\u9000\u3002\u8fd9\u79cd\u6447\u6446\uff0c\u662f\u672a\u6765\u6570\u5468\u5916\u6c47\u671f\u6743\u5b9a\u4ef7\u7684\u4e3b\u8981\u63a8\u52a8\u56e0\u7d20\u4e4b\u4e00\u3002\n\n\u901a\u80c0\u504f\u9ad8\u4e0e\u589e\u957f\u8d70\u5f31\u7684\u5206\u5316\uff0c\u63a8\u5347\u4e86EUR\/USD\u201c\u671f\u6743\u9690\u542b\u6ce2\u52a8\u7387\u201d\uff08implied volatility\uff1a\u7531\u671f\u6743\u4ef7\u683c\u53cd\u63a8\u7684\u672a\u6765\u6ce2\u52a8\u9884\u671f\uff09\u3002\u4ea4\u6613\u5458\u9700\u7559\u610f\uff0c\u671f\u6743\u5b9a\u4ef7\u4e2d\u201c1\u4e2a\u6708\u98ce\u9669\u9006\u8f6c\u201d\uff081-month risk reversals\uff1a\u6bd4\u8f83\u770b\u6da8\u4e0e\u770b\u8dcc\u671f\u6743\u9690\u542b\u6ce2\u52a8\u7387\u5dee\u5f02\uff0c\u7528\u6765\u8861\u91cf\u5e02\u573a\u504f\u5411\uff09\u76ee\u524d\u663e\u793a\u8f7b\u5fae\u4e0b\u884c\u503e\u5411\uff0c\u610f\u5473\u7740\u5e02\u573a\u66f4\u62c5\u5fc3\u201c\u504f\u9e3d\u9519\u8bef\u201d\uff08dovish policy error\uff1a\u653f\u7b56\u8fc7\u65e9\u8f6c\u5411\u5bbd\u677e\uff09\u800c\u4e0d\u662f\u201c\u504f\u9e70\u9519\u8bef\u201d\uff08hawkish policy error\uff1a\u653f\u7b56\u8fc7\u5ea6\u7d27\u7f29\uff09\u3002\u82e5\u4f60\u8ba4\u4e3a\u6b27\u6d32\u592e\u884c\u4f1a\u575a\u6301\u4ee5\u538b\u901a\u80c0\u4e3a\u5148\uff0c\u8fd9\u53ef\u80fd\u5e26\u6765\u5e03\u5c40\u673a\u4f1a\u3002\n\n\u82e5\u9884\u671f\u6b27\u6d32\u592e\u884c\u5c06\u88ab\u8feb\u5e94\u5bf9\u7ecf\u6d4e\u653e\u7f13\uff0c\u4e70\u5165\u201c\u4ef7\u5916\u6b27\u5143\u770b\u8dcc\u671f\u6743\u201d\uff08out-of-the-money EUR puts\uff1a\u884c\u6743\u4ef7\u6bd4\u73b0\u4ef7\u66f4\u4e0d\u5229\u3001\u6210\u672c\u8f83\u4f4e\uff0c\u4f46\u9700\u8981\u66f4\u5927\u8dcc\u5e45\u624d\u83b7\u5229\uff09\u53ef\u7528\u8f83\u660e\u786e\u7684\u98ce\u9669\u6765\u62bc\u6ce8\u653f\u7b56\u8f6c\u5411\u5bbd\u677e\u3002\u53cd\u4e4b\uff0c\u82e5\u672a\u6765\u901a\u80c0\u6570\u636e\u610f\u5916\u8d70\u9ad8\uff0c\u77ed\u671f\u9650\u201c\u770b\u6da8\u671f\u6743\u201d\uff08call options\uff1a\u62bc\u6ce8\u6c47\u7387\u4e0a\u6da8\uff09\u53ef\u4e3a\u4e0b\u4e00\u6b21\u4f1a\u8bae\u504f\u9e70\u8868\u6001\u63d0\u4f9b\u6760\u6746\u3002\u6211\u4eec\u4e5f\u8ba4\u4e3a\uff0c\u5728\u592e\u884c\u5904\u5883\u8270\u96be\u7684\u80cc\u666f\u4e0b\uff0c\u62bc\u6ce8\u6ce2\u52a8\u4e0a\u5347\u7684\u7b56\u7565\uff0c\u4f8b\u5982\u201c\u4e70\u8de8\u5f0f\u201d\uff08long straddles\uff1a\u540c\u65f6\u4e70\u5165\u540c\u4e00\u5230\u671f\u3001\u540c\u4e00\u884c\u6743\u4ef7\u7684\u770b\u6da8\u4e0e\u770b\u8dcc\u671f\u6743\uff0c\u8d4c\u5927\u6ce2\u52a8\u4e0d\u8d4c\u65b9\u5411\uff09\u540c\u6837\u8f83\u4e3a\u7a33\u59a5\u3002\n\n\u9664\u5373\u671f\u5916\u6c47\u5e02\u573a\u5916\uff0c\u5229\u7387\u884d\u751f\u54c1\uff08interest rate derivatives\uff1a\u4e0e\u5229\u7387\u76f8\u5173\u7684\u91d1\u878d\u5408\u7ea6\uff09\u4e5f\u5341\u5206\u6d3b\u8dc3\uff0c\u5c24\u5176\u662f\u57fa\u4e8e\u201cEuribor\u671f\u8d27\u201d\u7684\u671f\u6743\uff08Euribor\uff1a\u6b27\u5143\u533a\u94f6\u884c\u540c\u4e1a\u62c6\u501f\u57fa\u51c6\u5229\u7387\uff1bEuribor\u671f\u8d27\u53cd\u6620\u5e02\u573a\u5bf9\u672a\u6765\u5229\u7387\u7684\u9884\u671f\uff09\u3002\u8fd9\u4e9b\u5de5\u5177\u8ba9\u4ea4\u6613\u5458\u53ef\u76f4\u63a5\u62bc\u6ce8\u9996\u6b21\u53ef\u80fd\u964d\u606f\u7684\u65f6\u95f4\u70b9\uff0c\u5e02\u573a\u76ee\u524d\u521d\u6b65\u5b9a\u4ef7\u4e3a2026\u5e74\u7b2c\u56db\u5b63\u5ea6\u3002\u6b27\u6d32\u592e\u884c\u63aa\u8f9e\u4efb\u4f55\u53d8\u5316\uff0c\u90fd\u53ef\u80fd\u4ee4\u8fd9\u7c7b\u9884\u671f\u8fc5\u901f\u91cd\u65b0\u5b9a\u4ef7\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>\u6b27\u592e\u884c\u5b98\u5458\u9759\u9ed8\u671f\u540e\u653e\u8bdd\uff1a\u901a\u80c0\u4ecd\u9ecf\u7740\u3001\u5730\u7f18\u4e0d\u786e\u5b9a\u9ad8\uff0c\u5fc5\u8981\u65f6\u51fa\u624b\u3002\u6b27\u5143\u77ed\u7ebf\u8d70\u5f3a\u540e\u56de\u843d\uff0c\u5e02\u573a\u5728\u964d\u606f\u65f6\u70b9\u4e0e\u6ce2\u52a8\u4ea4\u6613\u95f4\u6447\u6446\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-31822","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\/31822","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=31822"}],"version-history":[{"count":0,"href":"https:\/\/www.vtmarketsmy.com\/cn\/wp-json\/wp\/v2\/posts\/31822\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.vtmarketsmy.com\/cn\/wp-json\/wp\/v2\/media?parent=31822"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.vtmarketsmy.com\/cn\/wp-json\/wp\/v2\/categories?post=31822"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.vtmarketsmy.com\/cn\/wp-json\/wp\/v2\/tags?post=31822"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}