{"id":46681,"date":"2026-05-09T04:56:03","date_gmt":"2026-05-09T04:56:03","guid":{"rendered":"https:\/\/www.vtmarketsmy.com\/cn\/uncategorized\/cftc%e6%95%b0%e6%8d%ae%e6%98%be%e7%a4%ba%ef%bc%8c%e9%9a%8f%e7%9d%80%e6%97%a5%e6%9c%ac%e5%a4%ae%e8%a1%8c%e8%bd%ac%e8%b6%8b%e9%b9%b0%e6%b4%be%e3%80%81%e7%be%8e%e5%85%83%e8%b5%b0%e8%bd%af%e6%8e%a8\/"},"modified":"2026-05-09T04:56:03","modified_gmt":"2026-05-09T04:56:03","slug":"cftc%e6%95%b0%e6%8d%ae%e6%98%be%e7%a4%ba%ef%bc%8c%e9%9a%8f%e7%9d%80%e6%97%a5%e6%9c%ac%e5%a4%ae%e8%a1%8c%e8%bd%ac%e8%b6%8b%e9%b9%b0%e6%b4%be%e3%80%81%e7%be%8e%e5%85%83%e8%b5%b0%e8%bd%af%e6%8e%a8","status":"publish","type":"post","link":"https:\/\/www.vtmarketsmy.com\/cn\/live-updates\/cftc%e6%95%b0%e6%8d%ae%e6%98%be%e7%a4%ba%ef%bc%8c%e9%9a%8f%e7%9d%80%e6%97%a5%e6%9c%ac%e5%a4%ae%e8%a1%8c%e8%bd%ac%e8%b6%8b%e9%b9%b0%e6%b4%be%e3%80%81%e7%be%8e%e5%85%83%e8%b5%b0%e8%bd%af%e6%8e%a8\/","title":{"rendered":"CFTC\u6570\u636e\u663e\u793a\uff0c\u968f\u7740\u65e5\u672c\u592e\u884c\u8f6c\u8d8b\u9e70\u6d3e\u3001\u7f8e\u5143\u8d70\u8f6f\u63a8\u52a8\u56de\u8865\uff0c\u65e5\u5143\u770b\u7a7a\u62bc\u6ce8\u5927\u5e45\u51cf\u5c11"},"content":{"rendered":"

\u65e5\u672c\u7684\u7f8e\u56fd\u5546\u54c1\u671f\u8d27\u4ea4\u6613\u59d4\u5458\u4f1a\uff08CFTC\uff09\u6570\u636e\uff08CFTC\uff1a\u7f8e\u56fd\u76d1\u7ba1\u671f\u8d27\u4e0e\u90e8\u5206\u884d\u751f\u54c1\u5e02\u573a\u7684\u673a\u6784\uff09\u663e\u793a\uff0c\u65e5\u5143\uff08JPY\uff09**\u975e\u5546\u4e1a**\uff08non-commercial\uff1a\u4e3b\u8981\u6307\u6295\u673a\u8d44\u91d1\uff0c\u5982\u5bf9\u51b2\u57fa\u91d1\uff0c\u4e0d\u662f\u8fdb\u51fa\u53e3\u4f01\u4e1a\u8fd9\u7c7b\u201c\u771f\u5b9e\u4ea4\u6613\u9700\u6c42\u201d\uff09**\u51c0\u6301\u4ed3**\uff08net positions\uff1a\u591a\u5934\u5408\u7ea6\u6570\u91cf\u51cf\u53bb\u7a7a\u5934\u5408\u7ea6\u6570\u91cf\uff0c\u7ed3\u679c\u4e3a\u8d1f\u4ee3\u8868\u201c\u51c0\u505a\u7a7a\u201d\uff09\u4ece **\u00a5-102.1K** \u5347\u81f3 **\u00a5-61.7K**\u3002<\/p>\n

\u8fd9\u8868\u793a\u51c0\u6301\u4ed3\u4ecd\u4e3a\u8d1f\uff08\u5e02\u573a\u6574\u4f53\u4ecd\u504f\u5411\u505a\u7a7a\u65e5\u5143\uff09\uff0c\u4f46\u6bd4\u4e4b\u524d\u66f4\u63a5\u8fd1\u96f6\uff0c\u8bf4\u660e\u505a\u7a7a\u529b\u91cf\u660e\u663e\u51cf\u5f31\u3002<\/p>\n

\u6295\u673a\u8005\u51cf\u5c11\u65e5\u5143\u7a7a\u5355<\/h3>\n

\u6211\u4eec\u770b\u5230\u5e02\u573a\u5bf9\u65e5\u5143\u7684\u770b\u7a7a\u62bc\u6ce8\u5927\u5e45\u51cf\u5c11\uff0c\u51c0\u7a7a\u4ed3\u4e00\u5468\u5185\u7f29\u5c0f\u8fd140%\u3002\u8fd9\u8bf4\u660e\u5927\u578b\u6295\u673a\u8005\u6b63\u5728\u5feb\u901f\u5e73\u6389\u6b64\u524d\u62bc\u6ce8\u65e5\u5143\u8d70\u5f31\u7684\u4ea4\u6613\uff08short-covering\uff1a\u56de\u8865\u7a7a\u5355\uff0c\u5373\u4e70\u56de\u539f\u672c\u5356\u7a7a\u7684\u8d44\u4ea7\u6765\u7ed3\u7b97\uff09\u3002\u8fd9\u662f\u81ea2025\u5e74\u7b2c\u56db\u5b63\u5ea6\u4ee5\u6765\u6700\u6fc0\u8fdb\u7684\u4e00\u6b21\u56de\u8865\u7a7a\u5355\u3002<\/p>\n

\u8fd9\u4e00\u53d8\u5316\u7d27\u968f\u65e5\u672c\u592e\u884c\uff08BOJ\uff09\u8fd1\u671f\u8868\u6001\u4e4b\u540e\u3002\u5e02\u573a\u89e3\u8bfb\u5176\u7acb\u573a\u6bd4\u4e4b\u524d\u9884\u671f\u66f4\u201c\u9e70\u6d3e\u201d\uff08hawkish\uff1a\u504f\u5411\u6536\u7d27\u653f\u7b56\uff0c\u6bd4\u5982\u66f4\u613f\u610f\u52a0\u606f\u6216\u51cf\u5c11\u5bbd\u677e\uff09\u3002\u5728\u65e5\u672c\u6838\u5fc3CPI\uff08core CPI\uff1a\u5254\u9664\u6ce2\u52a8\u8f83\u5927\u7684\u9879\u76ee\uff0c\u7528\u6765\u66f4\u7a33\u5b9a\u8861\u91cf\u901a\u80c0\uff09\u540c\u6bd4\u7ef4\u6301\u57283.1%\u7684\u60c5\u51b5\u4e0b\uff0c\u5e02\u573a\u5bf9\u653f\u7b56\u201c\u6b63\u5e38\u5316\u201d\uff08policy normalization\uff1a\u4ece\u8d85\u4f4e\u5229\u7387\/\u5bbd\u677e\u9010\u6b65\u56de\u5230\u66f4\u6b63\u5e38\u7684\u5229\u7387\u4e0e\u653f\u7b56\uff09\u7684\u538b\u529b\u6b63\u5728\u4e0a\u5347\uff0c\u65f6\u95f4\u53ef\u80fd\u6bd4\u4e4b\u524d\u60f3\u8c61\u66f4\u65e9\u3002\u8fd9\u4e0e\u65e5\u672c\u592e\u884c\u53bb\u5e74\u5927\u90e8\u5206\u65f6\u95f4\u504f\u8c28\u614e\u3001\u89c2\u671b\u7684\u6001\u5ea6\u5f62\u6210\u660e\u663e\u5bf9\u6bd4\u3002<\/p>\n

\u540c\u65f6\uff0c\u7f8e\u5143\u524d\u666f\u4e5f\u5728\u8f6c\u5f31\uff0c\u8fdb\u4e00\u6b65\u63a8\u52a8\u8fd9\u6ce2\u53d8\u5316\u3002\u6700\u65b0\u7f8e\u56fd\u5c31\u4e1a\u62a5\u544a\u4ec5\u65b0\u589e16\u4e07\u4e2a\u804c\u4f4d\uff0c\u4f4e\u4e8e\u9884\u671f\uff0c\u4ee4\u5e02\u573a\u5bf9\u7f8e\u8054\u50a8\uff08Fed\uff09\u5728\u5e74\u5185\u964d\u606f\u7684\u6982\u7387\u4e0a\u5347\u81f3\u8d85\u8fc775%\u3002\u968f\u7740\u5229\u5dee\uff08interest rate differential\uff1a\u4e24\u56fd\u5229\u7387\u5dee\uff0c\u901a\u5e38\u51b3\u5b9a\u8d44\u91d1\u504f\u597d\u6301\u6709\u54ea\u79cd\u8d27\u5e01\uff09\u6536\u7a84\uff0c\u7ee7\u7eed\u6301\u6709\u201c\u505a\u7a7a\u65e5\u5143\u201d\u7684\u5438\u5f15\u529b\u4e0b\u964d\u3002<\/p>\n

\u5bf9\u884d\u751f\u54c1\u4ea4\u6613\u8005\u6765\u8bf4\uff08derivatives\uff1a\u884d\u751f\u54c1\uff0c\u5982\u671f\u6743\u3001\u671f\u8d27\uff0c\u5176\u4ef7\u683c\u6765\u81ea\u6807\u7684\u8d44\u4ea7\uff09\uff0c\u8fd9\u63d0\u793a\u53ef\u4ee5\u91cd\u65b0\u8bc4\u4f30\u201c\u505a\u7a7a\u65e5\u5143\u201d\u7684\u7b56\u7565\u3002\u6211\u4eec\u8ba4\u4e3a\uff0c\u4e70\u5165\u7f8e\u5143\u5151\u65e5\u5143\u7684\u865a\u503c\u65e5\u5143\u770b\u6da8\u671f\u6743\uff08out-of-the-money JPY calls\uff1a\u5f53\u524d\u4ef7\u683c\u4e0b\u6682\u65f6\u4e0d\u8d5a\u94b1\u3001\u4f46\u82e5\u65e5\u5143\u5927\u5e45\u8d70\u5f3a\u53ef\u83b7\u5229\u7684\u671f\u6743\uff1bcall\uff1a\u770b\u6da8\u671f\u6743\uff09\u4f1a\u76f8\u5bf9\u7a33\u5065\uff0c\u56e0\u4e3a\u9690\u542b\u6ce2\u52a8\u7387\uff08implied volatility\uff1a\u671f\u6743\u4ef7\u683c\u53cd\u6620\u7684\u5e02\u573a\u5bf9\u672a\u6765\u6ce2\u52a8\u5e45\u5ea6\u7684\u9884\u671f\uff09\u4ecd\u5904\u4e8e\u8f83\u4f4e\u6c34\u5e73\uff0c\u76f8\u6bd4\u6211\u4eec\u57282024\u5e74\u770b\u5230\u7684\u5267\u70c8\u6ce2\u52a8\u66f4\u4e3a\u6e29\u548c\u3002\u8fd9\u63d0\u4f9b\u4e00\u79cd\u98ce\u9669\u53ef\u63a7\uff08defined-risk\uff1a\u6700\u5927\u4e8f\u635f\u901a\u5e38\u9650\u4e8e\u6743\u5229\u91d1\uff09\u7684\u65b9\u5f0f\uff0c\u53bb\u5e03\u5c40\u65e5\u5143\u53ef\u80fd\u5ef6\u7eed\u8d70\u5f3a\u7684\u884c\u60c5\u3002<\/p>\n

\u8fd9\u7c7b\u60c5\u7eea\u8f6c\u5411\u4e5f\u610f\u5473\u7740\uff0c\u73b0\u6709\u7684\u65e5\u5143\u7a7a\u5934\u671f\u8d27\u6216\u8fdc\u671f\u4ed3\u4f4d\uff08futures\/forwards\uff1a\u671f\u8d27\/\u8fdc\u671f\u5408\u7ea6\uff0c\u7ea6\u5b9a\u672a\u6765\u4ef7\u683c\u4e70\u5356\uff09\u9762\u4e34\u66f4\u9ad8\u7684\u201c\u6324\u4ed3\u201d\u98ce\u9669\uff08short squeeze\uff1a\u5f53\u4ef7\u683c\u53cd\u5411\u4e0a\u6da8\/\u65e5\u5143\u8d70\u5f3a\uff0c\u7a7a\u5934\u88ab\u8feb\u56de\u8865\uff0c\u8fdb\u4e00\u6b65\u63a8\u9ad8\u884c\u60c5\uff09\u3002\u56de\u770b2023\u5e74\u672b\u90a3\u6ce2\u56de\u8865\u7a7a\u5355\u884c\u60c5\uff0c\u5f53\u60c5\u7eea\u53cd\u8f6c\u65f6\uff0c\u7f8e\u5143\u5151\u65e5\u5143\uff08USD\/JPY\uff09\u77ed\u65f6\u95f4\u5185\u5c31\u53ef\u80fd\u5feb\u901f\u4e0b\u8dcc\u591a\u4e2a\u201c\u6574\u6570\u4f4d\u201d\uff08several figures\uff1a\u5916\u6c47\u91cc\u901a\u5e38\u6307\u8de8\u8d8a\u591a\u4e2a1.00\u7684\u6574\u6570\u533a\u95f4\uff0c\u4f8b\u5982\u4ece150\u8dcc\u5230147\uff09\u3002\u5f53\u524d\u6570\u636e\u663e\u793a\uff0c\u7c7b\u4f3c\u7684\u53bb\u6760\u6746\u4e0e\u56de\u8865\u8fc7\u7a0b\u53ef\u80fd\u624d\u521a\u5f00\u59cb\u3002<\/p>\n

\u6324\u4ed3\u98ce\u9669<\/h3>\n","protected":false},"excerpt":{"rendered":"

\u65e5\u5143\u6295\u673a\u51c0\u7a7a\u4ed3\u4ece-102.1K\u7f29\u81f3-61.7K\uff0c\u7a7a\u5934\u56de\u8865\u8fd140%\uff01BOJ\u66f4\u9e70\u6d3e\u3001\u7f8e\u5143\u8f6c\u5f31\u538b\u7f29\u5229\u5dee\uff0c\u505a\u7a7a\u5438\u5f15\u529b\u964d\uff0cUSD\/JPY\u6216\u73b0\u6324\u4ed3\u6025\u8dcc\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-46681","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\/46681","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=46681"}],"version-history":[{"count":0,"href":"https:\/\/www.vtmarketsmy.com\/cn\/wp-json\/wp\/v2\/posts\/46681\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.vtmarketsmy.com\/cn\/wp-json\/wp\/v2\/media?parent=46681"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.vtmarketsmy.com\/cn\/wp-json\/wp\/v2\/categories?post=46681"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.vtmarketsmy.com\/cn\/wp-json\/wp\/v2\/tags?post=46681"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}