{"id":44727,"date":"2026-04-15T16:00:18","date_gmt":"2026-04-15T16:00:18","guid":{"rendered":"https:\/\/www.vtmarketsmy.com\/cn\/uncategorized\/ing%e7%ad%96%e7%95%a5%e5%b8%88%e7%b1%b3%e5%b8%8c%e5%b0%94%c2%b7%e5%9b%be%e5%85%8b%e5%b0%94%e8%a1%a8%e7%a4%ba%ef%bc%8c%e6%b2%b9%e4%bb%b7%e6%b3%a2%e5%8a%a8%e6%ad%a3%e5%9c%a8%e5%b7%a6%e5%8f%b3%e5%b8%82\/"},"modified":"2026-04-15T16:00:18","modified_gmt":"2026-04-15T16:00:18","slug":"ing%e7%ad%96%e7%95%a5%e5%b8%88%e7%b1%b3%e5%b8%8c%e5%b0%94%c2%b7%e5%9b%be%e5%85%8b%e5%b0%94%e8%a1%a8%e7%a4%ba%ef%bc%8c%e6%b2%b9%e4%bb%b7%e6%b3%a2%e5%8a%a8%e6%ad%a3%e5%9c%a8%e5%b7%a6%e5%8f%b3%e5%b8%82","status":"publish","type":"post","link":"https:\/\/www.vtmarketsmy.com\/cn\/live-updates\/ing%e7%ad%96%e7%95%a5%e5%b8%88%e7%b1%b3%e5%b8%8c%e5%b0%94%c2%b7%e5%9b%be%e5%85%8b%e5%b0%94%e8%a1%a8%e7%a4%ba%ef%bc%8c%e6%b2%b9%e4%bb%b7%e6%b3%a2%e5%8a%a8%e6%ad%a3%e5%9c%a8%e5%b7%a6%e5%8f%b3%e5%b8%82\/","title":{"rendered":"ING\u7b56\u7565\u5e08\u7c73\u5e0c\u5c14\u00b7\u56fe\u514b\u5c14\u8868\u793a\uff0c\u6cb9\u4ef7\u6ce2\u52a8\u6b63\u5728\u5de6\u53f3\u5e02\u573a\u5bf9\u6b27\u6d32\u592e\u884c\u3001\u7f8e\u8054\u50a8\u4e0e\u82f1\u4f26\u94f6\u884c\u7684\u5229\u7387\u9884\u671f"},"content":{"rendered":"

\u6cb9\u4ef7\u6ce2\u52a8\u6b63\u5728\u5f71\u54cd\u5e02\u573a\u5bf9\u6b27\u6d32\u592e\u884c\uff08ECB\uff09\u3001\u7f8e\u8054\u50a8\uff08Fed\uff09\u548c\u82f1\u56fd\u592e\u884c\uff08BoE\uff09\u7684\u5229\u7387\u9884\u671f\u3002\u6cb9\u4ef7\u6bcf\u53d8\u52a810\u7f8e\u5143\uff0c\u5c31\u53ef\u80fd\u8ba9\u201c\u9690\u542b\u201d\u7684\u52a0\u606f\u5e45\u5ea6\uff08\u5373\u4ece\u5e02\u573a\u4ef7\u683c\u63a8\u7b97\u51fa\u7684\u9884\u671f\u5229\u7387\u53d8\u52a8\uff09\u6539\u53d8\u7ea625\u4e2a\u57fa\u70b9\uff08bp\uff0c1bp=0.01\u4e2a\u767e\u5206\u70b9\uff09\u3002\u8fd9\u4f1a\u5f71\u54cd\u201c\u66f2\u7ebf\u77ed\u7aef\u201d\uff08\u77ed\u671f\u9650\u5229\u7387\uff0c\u59821\u4e2a\u6708\u52302\u5e74\uff09\uff0c\u5bfc\u81f4\u77ed\u7aef\u4ef7\u683c\u66f4\u96be\u9884\u6d4b\u3001\u4e70\u5356\u4ef7\u5dee\uff08bid-ask spread\uff0c\u4e70\u5165\u4ef7\u4e0e\u5356\u51fa\u4ef7\u4e4b\u95f4\u7684\u5dee\u8ddd\uff09\u6269\u5927\uff0c\u5e76\u5728\u5730\u7f18\u653f\u6cbb\u65b0\u95fb\u51fa\u73b0\u65f6\u964d\u4f4e\u5e02\u573a\u6d41\u52a8\u6027\uff08liquidity\uff0c\u80fd\u5426\u5feb\u901f\u6210\u4ea4\u4e14\u4e0d\u660e\u663e\u5f71\u54cd\u4ef7\u683c\uff09\u3002<\/p>\n

\u5e02\u573a\u76ee\u524d\u6ca1\u6709\u4e3a4\u6708\u6b27\u6d32\u592e\u884c\u52a0\u606f\u5b9a\u4ef7\uff0c\u4f46\u5df2\u8ba1\u5165\u52306\u6708\u5c06\u5b8c\u6574\u52a0\u606f25bp\uff0c\u5e76\u9884\u8ba1\u5e74\u5e95\u524d\u81f3\u5c11\u518d\u52a0\u606f25bp\u3002\u5229\u7387\u5b9a\u4ef7\u88ab\u5f62\u5bb9\u4e3a\u5bf9\u6cb9\u4ef7\u975e\u5e38\u654f\u611f\uff1a\u6cb9\u4ef7\u6bcf\u4e0a\u6da810\u7f8e\u5143\uff0c\u5e02\u573a\u9884\u8ba1\u7684\u52a0\u606f\u5c31\u5927\u7ea6\u589e\u52a025bp\u3002<\/p>\n

Oil Volatility And Central Bank Pricing<\/h3>\n

\u6cb9\u4ef7\u4e0e\u653f\u7b56\u9884\u671f\u4e4b\u95f4\u7684\u8054\u7cfb\uff0c\u5bf9\u7f8e\u8054\u50a8\u540c\u6837\u7d27\u5bc6\uff1b\u5bf9\u82f1\u56fd\u592e\u884c\u5219\u88ab\u5f62\u5bb9\u4e3a\u201c\u7279\u522b\u7d27\u201d\u3002\u76ee\u524d\u6cb9\u4ef7\u65e5\u5185\u6ce2\u52a810\u7f8e\u5143\u88ab\u8ba4\u4e3a\u662f\u53ef\u80fd\u53d1\u751f\u7684\u3002<\/p>\n

\u77ed\u7aef\u5229\u7387\u7684\u5267\u70c8\u6ce2\u52a8\u8ba9\u4ea4\u6613\u8005\u66f4\u96be\u5efa\u7acb\u548c\u6301\u6709\u4ed3\u4f4d\uff0c\u4e5f\u53ef\u80fd\u524a\u5f31\u201c\u57fa\u672c\u9762\u9884\u671f\u201d\u548c\u201c\u5e02\u573a\u4ef7\u683c\u201d\u4e4b\u95f4\u7684\u5bf9\u5e94\u5173\u7cfb\u3002\u7a81\u53d1\u7684\u5730\u7f18\u653f\u6cbb\u5934\u6761\u53ef\u80fd\u89e6\u53d1\u6025\u6da8\u6025\u8dcc\uff0c\u4f7f\u4ef7\u683c\u8d70\u52bf\u4e0e\u6301\u4ed3\u65b9\u5411\u76f8\u53cd\u3002<\/p>\n

\u6211\u4eec\u770b\u5230\u6cb9\u4ef7\u7684\u6da8\u8dcc\u6b63\u5728\u76f4\u63a5\u4f20\u5bfc\u5230\u7f8e\u8054\u50a8\u4e0e\u6b27\u6d32\u592e\u884c\u7684\u5229\u7387\u9884\u671f\u3002\u8fd1\u671f\u5728\u65b0\u7684\u5730\u7f18\u653f\u6cbb\u7d27\u5f20\u5c40\u52bf\u4e0b\uff0cWTI\u539f\u6cb9\uff08\u7f8e\u56fd\u897f\u5fb7\u514b\u8428\u65af\u4e2d\u8d28\u539f\u6cb9\uff0c\u662f\u5168\u7403\u4e3b\u8981\u539f\u6cb9\u57fa\u51c6\u4e4b\u4e00\uff09\u8fc7\u53bb\u4e00\u4e2a\u6708\u4e0a\u6da812%\uff0c\u5347\u81f3\u6bcf\u687688\u7f8e\u5143\u4ee5\u4e0a\uff0c\u8fd9\u79cd\u8054\u52a8\u5df2\u6210\u4e3a\u5e02\u573a\u5173\u6ce8\u7684\u7126\u70b9\u3002\u6cb9\u4ef7\u6bcf\u53d8\u52a810\u7f8e\u5143\uff0c\u5c31\u53ef\u80fd\u5728\u77ed\u65f6\u95f4\u5185\u8ba9\u9690\u542b\u5229\u7387\u53d8\u52a8\u7ea625\u4e2a\u57fa\u70b9\uff0c\u4f7f\u5229\u7387\u66f2\u7ebf\u77ed\u7aef\u9ad8\u5ea6\u4e0d\u53ef\u9884\u6d4b\u3002<\/p>\n

\u77ed\u7aef\u5229\u7387\u7684\u6781\u7aef\u6ce2\u52a8\uff0c\u4f7f\u6211\u4eec\u96be\u4ee5\u5bf9\u592e\u884c\u653f\u7b56\u5efa\u7acb\u660e\u786e\u4ed3\u4f4d\u3002\u5373\u4f7f\u5224\u65ad\u5f88\u5f3a\uff0c\u4e00\u6761\u5173\u4e8e\u4f9b\u5e94\u4e2d\u65ad\u7684\u65b0\u95fb\u4e5f\u53ef\u80fd\u5bfc\u81f4\u4ef7\u683c\u5feb\u901f\u8df3\u6da8\uff0c\u4ee4\u6301\u4ed3\u627f\u538b\u3002\u8fd9\u79cd\u98ce\u9669\u6b63\u660e\u663e\u63a8\u9ad8\u4e70\u5356\u4ef7\u5dee\uff0c\u5e76\u964d\u4f4e\u6574\u4f53\u5e02\u573a\u6d41\u52a8\u6027\u3002<\/p>\n

Implications For Rates Traders<\/h3>\n

\u6211\u4eec\u57282025\u5e74\u4e5f\u89c1\u8fc7\u7c7b\u4f3c\u6a21\u5f0f\uff1a\u80fd\u6e90\u4ef7\u683c\u591a\u6b21\u98d9\u5347\uff0c\u8feb\u4f7f\u592e\u884c\u5ef6\u540e\u539f\u5b9a\u7684\u5229\u7387\u8c03\u6574\u3002\u6bd4\u59822025\u5e74\u7b2c\u4e09\u5b63\u5ea6\u7684\u6cb9\u4ef7\u4e0a\u51b2\uff0c\u4f7f\u5e02\u573a\u5bf9\u7f8e\u8054\u50a8\u9996\u6b21\u964d\u606f\uff08rate cut\uff0c\u964d\u606f\uff09\u65f6\u95f4\u7684\u9884\u671f\u63a8\u8fdf\u4e86\u6574\u6574\u4e24\u4e2a\u6708\u3002\u8fd1\u671f\u7ecf\u9a8c\u8fdb\u4e00\u6b65\u8bf4\u660e\uff0c\u6cb9\u4ef7\u5982\u4eca\u662f\u5229\u7387\u5b9a\u4ef7\u7684\u4e3b\u5bfc\u53d8\u91cf\u3002<\/p>\n

\u5bf9\u884d\u751f\u54c1\u4ea4\u6613\u8005\uff08derivative traders\uff0c\u4ea4\u6613\u671f\u8d27\u3001\u671f\u6743\u3001\u6389\u671f\u7b49\u201c\u4ef7\u683c\u6765\u81ea\u6807\u7684\u8d44\u4ea7\u201d\u7684\u5de5\u5177\uff09\u800c\u8a00\uff0c\u76f4\u63a5\u3001\u91cd\u4ed3\u62bc\u6ce8\u77ed\u671f\u5229\u7387\u65b9\u5411\u98ce\u9669\u6781\u9ad8\u3002\u76f8\u5bf9\u66f4\u5408\u7406\u7684\u662f\u5229\u7528\u6ce2\u52a8\u672c\u8eab\u7684\u7b56\u7565\uff0c\u4f8b\u5982\u5728\u5229\u7387\u671f\u8d27\u4e0a\u4e70\u5165\u8de8\u5f0f\uff08straddle\uff0c\u540c\u4e00\u5230\u671f\u3001\u540c\u4e00\u6267\u884c\u4ef7\u7684\u770b\u6da8\u671f\u6743\u4e0e\u770b\u8dcc\u671f\u6743\u4e00\u8d77\u4e70\u5165\uff09\u6216\u5bbd\u8de8\u5f0f\uff08strangle\uff0c\u540c\u4e00\u5230\u671f\u3001\u4e0d\u540c\u6267\u884c\u4ef7\u7684\u770b\u6da8\u4e0e\u770b\u8dcc\u4e00\u8d77\u4e70\u5165\uff09\u3002\u8fd9\u7c7b\u4ed3\u4f4d\u53ef\u5728\u4ef7\u683c\u5411\u4efb\u4e00\u65b9\u5411\u51fa\u73b0\u5927\u5e45\u6ce2\u52a8\u65f6\u83b7\u5229\uff0c\u800c\u8fd9\u6b63\u662f\u6cb9\u5e02\u53ef\u80fd\u5e26\u6765\u7684\u7ed3\u679c\u3002<\/p>\n

\u6b27\u6d32\u592e\u884c\u662f\u4e00\u4e2a\u5178\u578b\u4f8b\u5b50\uff1a\u5e02\u573a\u76ee\u524d\u4e3a7\u6708\u964d\u606f\u5b9a\u4ef7\u7ea670%\u7684\u6982\u7387\uff0c\u4f46\u8fd9\u79cd\u9884\u671f\u6761\u4ef6\u6027\u5f88\u5f3a\u3002\u7531\u4e8e\u6b27\u5143\u533a3\u6708CPI\uff08\u6d88\u8d39\u8005\u7269\u4ef7\u6307\u6570\uff0c\u8861\u91cf\u901a\u80c0\u7684\u6307\u6807\uff09\u663e\u793a\u80fd\u6e90\u4ef7\u683c\u662f\u901a\u80c0\u201c\u7c98\u6027\u201d\uff08sticky inflation\uff0c\u901a\u80c0\u4e0d\u6613\u4e0b\u964d\u3001\u6301\u7eed\u8f83\u4e45\uff09\u7684\u4e3b\u8981\u63a8\u624b\uff0c\u4e00\u65e6\u6cb9\u4ef7\u6301\u7eed\u9ad8\u4e8e90\u7f8e\u5143\uff0c\u8fd9\u4e9b\u964d\u606f\u6982\u7387\u53ef\u80fd\u8fc5\u901f\u88ab\u62b9\u53bb\u3002\u56e0\u6b64\uff0cEURIBOR\u671f\u8d27\uff08\u6b27\u5143\u533a\u94f6\u884c\u540c\u4e1a\u62c6\u501f\u5229\u7387\u76f8\u5173\u7684\u5229\u7387\u671f\u8d27\uff0c\u7528\u4e8e\u4ea4\u6613\u6216\u5bf9\u51b2\u6b27\u5143\u77ed\u7aef\u5229\u7387\uff09\u4e0a\u7684\u671f\u6743\uff0c\u53ef\u80fd\u6210\u4e3a\u5728\u4e0d\u786e\u5b9a\u73af\u5883\u4e2d\u7ba1\u7406\u98ce\u9669\u7684\u91cd\u8981\u5de5\u5177\u3002<\/p>\n","protected":false},"excerpt":{"rendered":"

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