{"id":46735,"date":"2026-05-12T16:29:19","date_gmt":"2026-05-12T16:29:19","guid":{"rendered":"https:\/\/www.vtmarketsmy.com\/cn\/uncategorized\/%e7%be%8e%e5%85%83%e5%8f%8d%e5%bc%b9%e8%87%b3%e6%8e%a5%e8%bf%91158%e6%97%a5%e5%85%83%ef%bc%8c%e6%b2%b9%e4%bb%b7%e4%b8%8e%e5%80%ba%e5%88%b8%e6%94%b6%e7%9b%8a%e7%8e%87%e6%8b%96%e7%b4%af%e5%b8%82\/"},"modified":"2026-05-12T16:29:19","modified_gmt":"2026-05-12T16:29:19","slug":"%e7%be%8e%e5%85%83%e5%8f%8d%e5%bc%b9%e8%87%b3%e6%8e%a5%e8%bf%91158%e6%97%a5%e5%85%83%ef%bc%8c%e6%b2%b9%e4%bb%b7%e4%b8%8e%e5%80%ba%e5%88%b8%e6%94%b6%e7%9b%8a%e7%8e%87%e6%8b%96%e7%b4%af%e5%b8%82","status":"publish","type":"post","link":"https:\/\/www.vtmarketsmy.com\/cn\/live-updates\/%e7%be%8e%e5%85%83%e5%8f%8d%e5%bc%b9%e8%87%b3%e6%8e%a5%e8%bf%91158%e6%97%a5%e5%85%83%ef%bc%8c%e6%b2%b9%e4%bb%b7%e4%b8%8e%e5%80%ba%e5%88%b8%e6%94%b6%e7%9b%8a%e7%8e%87%e6%8b%96%e7%b4%af%e5%b8%82\/","title":{"rendered":"\u7f8e\u5143\u53cd\u5f39\u81f3\u63a5\u8fd1158\u65e5\u5143\uff0c\u6cb9\u4ef7\u4e0e\u503a\u5238\u6536\u76ca\u7387\u62d6\u7d2f\u5e02\u573a\uff0c\u91cd\u71c3\u65e5\u672c\u5e72\u9884\u7591\u8651"},"content":{"rendered":"

\u7f8e\u5143\u5728\u6cb9\u4ef7\u8d70\u9ad8\u7684\u5e26\u52a8\u4e0b\u4e0a\u6da8\uff0c\u63a8\u52a8\u7f8e\u5143\/\u65e5\u5143\uff08USD\/JPY\uff09\u56de\u5347\u5e76\u903c\u8fd1158.00\u3002\u8fd9\u63a5\u8fd1\u65e5\u672c\u57285\u67086\u65e5\u7591\u4f3c\u51fa\u624b\u5e72\u9884\u524d\u7684\u6c34\u5e73\u3002\uff08\u201c\u5e72\u9884\u201d\u6307\u653f\u5e9c\u6216\u592e\u884c\u76f4\u63a5\u8fdb\u573a\u4e70\u5356\u5916\u6c47\uff0c\u8bd5\u56fe\u5f71\u54cd\u6c47\u7387\uff09<\/p>\n

\u65e5\u672c\u4e0e\u7f8e\u56fd\u5b98\u5458\u8868\u793a\uff0c\u53cc\u65b9\u6b63\u534f\u8c03\u5e94\u5bf9\u201c\u4e0d\u7406\u60f3\u3001\u8fc7\u5ea6\u201d\u7684\u6c47\u7387\u6ce2\u52a8\u3002\uff08\u201c\u6c47\u7387\u6ce2\u52a8\u201d\u6307\u77ed\u65f6\u95f4\u5185\u5927\u5e45\u6da8\u8dcc\uff1b\u201c\u8fc7\u5ea6\u201d\u610f\u5473\u7740\u6ce2\u52a8\u592a\u5feb\u3001\u592a\u5267\u70c8\uff09\u8fd9\u4e9b\u8868\u6001\u663e\u793a\uff0c\u53ea\u8981\u6ce2\u52a8\u6301\u7eed\uff0c\u5e72\u9884\u4ecd\u662f\u9009\u9879\u3002<\/p>\n

\u5e72\u9884\u98ce\u9669\u903c\u8fd1\u5173\u952e\u5173\u53e3<\/h3>\n

\u5a92\u4f53\u62a5\u9053\uff0c\u65e5\u672c\u4e3a\u652f\u6491\u65e5\u5143\u5df2\u52a8\u7528\u7ea610\u4e07\u4ebf\u65e5\u5143\u3002\uff08\u201c\u652f\u6491\u65e5\u5143\u201d\u6307\u4e70\u5165\u65e5\u5143\u3001\u5356\u51fa\u5916\u5e01\uff0c\u8ba9\u65e5\u5143\u4e0d\u81f3\u4e8e\u7ee7\u7eed\u8d2c\u503c\uff09\u82e5\u5bfc\u81f4\u65e5\u5143\u8d70\u5f31\u7684\u56e0\u7d20\u6ca1\u6709\u6539\u53d8\uff0c\u5f53\u5c40\u53ef\u80fd\u8003\u8651\u8fdb\u4e00\u6b65\u884c\u52a8\u3002<\/p>\n

\u4e2d\u4e1c\u51b2\u7a81\u63a8\u9ad8\u80fd\u6e90\u4ef7\u683c\uff0c\u4ee4\u65e5\u672c\u201c\u8d38\u6613\u6761\u4ef6\u201d\uff08terms of trade\uff0c\u6307\u51fa\u53e3\u4ef7\u683c\u76f8\u5bf9\u8fdb\u53e3\u4ef7\u683c\u7684\u6bd4\u503c\uff1b\u80fd\u6e90\u8fdb\u53e3\u53d8\u8d35\u4f1a\u8ba9\u8fd9\u4e2a\u6bd4\u503c\u53d8\u5dee\uff09\u6076\u5316\u3002\u4e0e\u6b64\u540c\u65f6\uff0c\u201c\u6536\u76ca\u7387\u5229\u5dee\u201d\uff08yield spread\uff0c\u6307\u4e24\u56fd\u503a\u5238\u5229\u7387\u5dee\u8ddd\uff09\u4e5f\u5bf9\u65e5\u5143\u4e0d\u5229\uff0c\u56e0\u4e3a\u5e02\u573a\u5728\u4e3a\u5176\u4ed6\u4e3b\u8981\u592e\u884c\u52a0\u606f\u5b9a\u4ef7\u3002\uff08\u201c\u5b9a\u4ef7\u201d\u6307\u628a\u672a\u6765\u653f\u7b56\u53d8\u5316\u53cd\u6620\u5230\u5f53\u524d\u5e02\u573a\u4ef7\u683c\u91cc\uff09<\/p>\n

\u9274\u4e8e\u7f8e\u5143\/\u65e5\u5143\u518d\u6b21\u903c\u8fd1158.00\uff0c\u505a\u591a\uff08long positions\uff0c\u6307\u62bc\u6ce8\u6c47\u4ef7\u4e0a\u6da8\u3001\u7f8e\u5143\u8d70\u5f3a\/\u65e5\u5143\u8d70\u5f31\uff09\u7684\u4ed3\u4f4d\u5e94\u9ad8\u5ea6\u8c28\u614e\u3002\u8fd9\u4e2a\u6c34\u5e73\u5df2\u6210\u4e3a\u65e5\u672c\u5f53\u5c40\u7684\u201c\u7ea2\u7ebf\u201d\uff0c\u82e5\u518d\u5ea6\u51fa\u73b0\u7a81\u7136\u5e72\u9884\u3001\u63a8\u52a8\u65e5\u5143\u8d70\u5f3a\u7684\u98ce\u9669\u5f88\u9ad8\u3002\u4efb\u4f55\u62bc\u6ce8\u65e5\u5143\u7ee7\u7eed\u8d70\u5f31\u7684\u4ed3\u4f4d\uff0c\u90fd\u5e94\u8bbe\u7f6e\u66f4\u7d27\u7684\u6b62\u635f\uff08stop-loss\uff0c\u6307\u4ef7\u683c\u89e6\u53ca\u6307\u5b9a\u6c34\u5e73\u81ea\u52a8\u5e73\u4ed3\u4ee5\u9650\u5236\u4e8f\u635f\uff09\u3002<\/p>\n

\u671f\u6743\u4ed3\u4f4d\u4e0e\u6ce2\u52a8<\/h3>\n

\u65e5\u5143\u7684\u57fa\u672c\u9762\u538b\u529b\u4ecd\u5728\uff0c\u56e0\u6b64\u6c47\u4ef7\u53cd\u590d\u4e0a\u884c\u3002\uff08\u201c\u57fa\u672c\u9762\u201d\u6307\u5229\u7387\u3001\u901a\u80c0\u3001\u8d38\u6613\u4e0e\u8d44\u672c\u6d41\u52a8\u7b49\u5b8f\u89c2\u56e0\u7d20\uff09\u5728WTI\u539f\u6cb9\uff08\u7f8e\u56fd\u897f\u5fb7\u5dde\u4e2d\u8d28\u539f\u6cb9\uff09\u7ef4\u6301\u6bcf\u687675\u7f8e\u5143\u4e0a\u65b9\u7684\u60c5\u51b5\u4e0b\uff0c\u52a0\u4e0a\u7f8e\u65e510\u5e74\u671f\u56fd\u503a\u201c\u5229\u5dee\u201d\uff0810-year yield differential\uff0c\u6307\u7f8e\u56fd10\u5e74\u671f\u4e0e\u65e5\u672c10\u5e74\u671f\u56fd\u503a\u6536\u76ca\u7387\u4e4b\u5dee\uff09\u4ecd\u8d85\u8fc7350\u4e2a\u57fa\u70b9\uff08basis points\uff1b1\u4e2a\u57fa\u70b9=0.01\u4e2a\u767e\u5206\u70b9\uff0c\u5373350\u4e2a\u57fa\u70b9=3.50\u4e2a\u767e\u5206\u70b9\uff09\uff0c\u6c47\u7387\u66f4\u5bb9\u6613\u671d\u201c\u65e5\u5143\u504f\u5f31\u201d\u7684\u65b9\u5411\u53d1\u5c55\u3002\u8fd9\u4e5f\u8ba9\u5e02\u573a\u57fa\u672c\u9762\u4e0e\u5b98\u65b9\u51fa\u624b\u98ce\u9669\u5f62\u6210\u5bf9\u5cd9\u3002<\/p>\n

\u5e02\u573a\u4ecd\u8bb0\u5f972024\u5e74\u6625\u5b63\u7684\u5e72\u9884\uff0c\u5f53\u65f6\u65e5\u672c\u5f53\u5c40\u4e3a\u634d\u536b\u6c47\u7387\u52a8\u7528\u63a5\u8fd110\u4e07\u4ebf\u65e5\u5143\uff0c\u4ee4\u7f8e\u5143\/\u65e5\u5143\u5728\u6570\u5c0f\u65f6\u5185\u4ece160\u4e0a\u65b9\u5feb\u901f\u8dcc\u7834155\uff0c\u4ee4\u672a\u505a\u597d\u98ce\u9669\u63a7\u5236\u7684\u591a\u5934\u4ed3\u4f4d\u906d\u53d7\u91cd\u632b\u3002\u82e5\u51fa\u73b0\u65b0\u4e00\u8f6e\u5e72\u9884\uff0c\u901f\u5ea6\u4e0e\u529b\u5ea6\u53ef\u80fd\u540c\u6837\u5f3a\u3002<\/p>\n

\u7f8e\u56fd\u8d22\u653f\u90e8\u4e0e\u65e5\u672c\u8d22\u52a1\u7701\u6301\u7eed\u516c\u5f00\u8868\u793a\u534f\u8c03\u884c\u52a8\uff0c\u8ba9\u201c\u5e72\u9884\u5a01\u80c1\u201d\u66f4\u5177\u5206\u91cf\u3002\uff08\u201c\u8d22\u52a1\u7701\u201d\u662f\u65e5\u672c\u4e3b\u7ba1\u8d22\u653f\u4e0e\u6c47\u7387\u653f\u7b56\u7684\u90e8\u95e8\uff09\u8fd9\u4e0d\u53ea\u662f\u65e5\u672c\u5355\u65b9\u9762\u884c\u52a8\uff1b\u7f8e\u56fd\u4e5f\u91ca\u653e\u4fe1\u53f7\uff0c\u652f\u6301\u6291\u5236\u8fc7\u5ea6\u6ce2\u52a8\u7684\u63aa\u65bd\u3002\u6709\u4e86\u653f\u6cbb\u5c42\u9762\u7684\u80cc\u4e66\uff0c\u82e5\u5b98\u65b9\u8ba4\u4e3a\u6c47\u7387\u79fb\u52a8\u8fc7\u5feb\uff0c\u518d\u6b21\u884c\u52a8\u7684\u53ef\u80fd\u6027\u66f4\u9ad8\u3002<\/p>\n

\u5bf9\u884d\u751f\u54c1\uff08derivatives\uff0c\u6307\u4ef7\u503c\u6765\u81ea\u6807\u7684\u8d44\u4ea7\u7684\u91d1\u878d\u5de5\u5177\uff0c\u5982\u671f\u6743\u3001\u671f\u8d27\uff09\u4ea4\u6613\u8005\u800c\u8a00\uff0c\u8fd9\u79cd\u73af\u5883\u4e0b\uff0c\u7f8e\u5143\/\u65e5\u5143\u671f\u6743\u7684\u201c\u9690\u542b\u6ce2\u52a8\u7387\u201d\uff08implied volatility\uff0c\u6307\u671f\u6743\u4ef7\u683c\u53cd\u6620\u7684\u672a\u6765\u6ce2\u52a8\u9884\u671f\uff09\u53ef\u80fd\u504f\u4f4e\uff0c\u5c24\u5176\u662f\u77ed\u671f\u5230\u671f\u7684\u5408\u7ea6\u3002\uff08\u201c\u5230\u671f\u201d\u6307\u5408\u7ea6\u5931\u6548\u7684\u65e5\u671f\uff09\u4e70\u5165\u65e5\u5143\u770b\u6da8\/\u7f8e\u5143\u770b\u8dcc\u671f\u6743\uff08JPY call \/ USD put\uff0c\u6307\u62bc\u6ce8\u65e5\u5143\u5347\u503c\u3001\u7f8e\u5143\u8d2c\u503c\uff09\u53ef\u76f4\u63a5\u62bc\u6ce8\u5e72\u9884\uff0c\u6216\u4f5c\u4e3a\u5bf9\u5f3a\u7f8e\u5143\u98ce\u9669\u7684\u5bf9\u51b2\uff08hedge\uff0c\u6307\u7528\u76f8\u53cd\u65b9\u5411\u5de5\u5177\u964d\u4f4e\u6574\u4f53\u98ce\u9669\uff09\u3002\u53e6\u5916\uff0c\u5728159.00\u4e0a\u65b9\u5356\u51fa\u4ef7\u5916\u7f8e\u5143\u770b\u6da8\u4ef7\u5dee\uff08out-of-the-money USD call spreads\uff1b\u201c\u4ef7\u5916\u201d\u6307\u884c\u6743\u4ef7\u6bd4\u73b0\u4ef7\u66f4\u4e0d\u5229\u3001\u9700\u8981\u66f4\u5927\u884c\u60c5\u624d\u83b7\u5229\uff1b\u201c\u4ef7\u5dee\u201d\u6307\u540c\u65f6\u4e70\u5356\u4e0d\u540c\u6267\u884c\u4ef7\u671f\u6743\uff09\u4e5f\u53ef\u80fd\u662f\u7b56\u7565\u4e4b\u4e00\uff0c\u7528\u6765\u8d5a\u53d6\u6743\u5229\u91d1\uff08premium\uff0c\u6307\u5356\u51fa\u671f\u6743\u6536\u53d6\u7684\u8d39\u7528\uff09\uff0c\u62bc\u6ce8\u8be5\u533a\u57df\u5b58\u5728\u963b\u529b\u3002<\/p>\n","protected":false},"excerpt":{"rendered":"

\u6cb9\u4ef7\u63a8\u5347\u7f8e\u5143\uff0c\u7f8e\u5143\/\u65e5\u5143\u903c\u8fd1158\u7ea2\u7ebf\uff01\u65e5\u672c\u7591\u518d\u5e72\u9884\u3001\u5df2\u8017\u4e07\u4ebf\u65e5\u5143\u3002\u57fa\u672c\u9762\u538b\u65e5\u5143\u4f46\u5b98\u65b9\u5a01\u6151\u5347\u6e29\uff0c\u4ea4\u6613\u9700\u7d27\u6b62\u635f\u5e76\u8fd0\u7528\u671f\u6743\u5bf9\u51b2\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-46735","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\/46735","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=46735"}],"version-history":[{"count":0,"href":"https:\/\/www.vtmarketsmy.com\/cn\/wp-json\/wp\/v2\/posts\/46735\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.vtmarketsmy.com\/cn\/wp-json\/wp\/v2\/media?parent=46735"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.vtmarketsmy.com\/cn\/wp-json\/wp\/v2\/categories?post=46735"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.vtmarketsmy.com\/cn\/wp-json\/wp\/v2\/tags?post=46735"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}