{"id":47459,"date":"2026-05-21T20:26:55","date_gmt":"2026-05-21T20:26:55","guid":{"rendered":"https:\/\/www.vtmarketsmy.com\/cn\/uncategorized\/%e7%be%8e%e5%85%83%e6%94%b6%e7%9b%8a%e7%8e%87%e4%b8%8e%e8%83%bd%e6%ba%90%e4%bb%b7%e6%a0%bc%e8%b5%b0%e9%ab%98%e6%89%a9%e5%a4%a7%e8%b7%a8%e5%a4%a7%e8%a5%bf%e6%b4%8b%e5%88%a9%e5%b7%ae%ef%bc%8c%e6%ac%a7\/"},"modified":"2026-05-21T20:26:55","modified_gmt":"2026-05-21T20:26:55","slug":"%e7%be%8e%e5%85%83%e6%94%b6%e7%9b%8a%e7%8e%87%e4%b8%8e%e8%83%bd%e6%ba%90%e4%bb%b7%e6%a0%bc%e8%b5%b0%e9%ab%98%e6%89%a9%e5%a4%a7%e8%b7%a8%e5%a4%a7%e8%a5%bf%e6%b4%8b%e5%88%a9%e5%b7%ae%ef%bc%8c%e6%ac%a7","status":"publish","type":"post","link":"https:\/\/www.vtmarketsmy.com\/cn\/live-updates\/%e7%be%8e%e5%85%83%e6%94%b6%e7%9b%8a%e7%8e%87%e4%b8%8e%e8%83%bd%e6%ba%90%e4%bb%b7%e6%a0%bc%e8%b5%b0%e9%ab%98%e6%89%a9%e5%a4%a7%e8%b7%a8%e5%a4%a7%e8%a5%bf%e6%b4%8b%e5%88%a9%e5%b7%ae%ef%bc%8c%e6%ac%a7\/","title":{"rendered":"\u7f8e\u5143\u6536\u76ca\u7387\u4e0e\u80fd\u6e90\u4ef7\u683c\u8d70\u9ad8\u6269\u5927\u8de8\u5927\u897f\u6d0b\u5229\u5dee\uff0c\u6b27\u5143\u4e0e\u82f1\u9551\u8d70\u4f4e"},"content":{"rendered":"

\u81ea5\u670813\u65e5\u4ee5\u6765\uff0c\u6b27\u5143\u548c\u82f1\u9551\u5151\u7f8e\u5143\u5404\u4e0b\u8dcc\u7ea60.9%\u3002\u8fd9\u8f6e\u6ce2\u52a8\u4e0e\u6cb9\u6c14\u4ef7\u683c\u53d8\u5316\uff0c\u4ee5\u53ca\u503a\u5238\u6536\u76ca\u7387\uff08\u5373\u503a\u5238\u6295\u8d44\u8005\u83b7\u5f97\u7684\u56de\u62a5\u7387\uff09\u53d8\u52a8\u6709\u5173\u3002<\/p>\n

\u7f8e\u56fd\u56fd\u503a\u6536\u76ca\u7387\uff08US Treasury yields\uff0c\u7f8e\u56fd\u653f\u5e9c\u53d1\u884c\u503a\u5238\u7684\u56de\u62a5\u7387\uff09\u4e0a\u5347\u901f\u5ea6\u5feb\u8fc7\u6b27\u5143\u533a\u653f\u5e9c\u503a\u6536\u76ca\u7387\u3002\u540c\u65f6\uff0c\u5e02\u573a\u5bf9\u6b27\u6d32\u592e\u884c\uff08ECB\uff0c\u8d1f\u8d23\u6b27\u5143\u533a\u5229\u7387\u7684\u592e\u884c\uff09\u7684\u5229\u7387\u9884\u671f\u8f83\u7a33\u5b9a\uff0c\u4ee4\u6b27\u7f8e\u6536\u76ca\u7387\u5dee\uff08\u4e24\u5730\u503a\u5238\u56de\u62a5\u5dee\u8ddd\uff09\u6269\u5927\uff0c\u77ed\u671f\u5185\u5bf9\u6b27\u5143\u5151\u7f8e\u5143\u9020\u6210\u538b\u529b\u3002<\/p>\n

\u8d27\u5e01\u653f\u7b56\u9884\u671f\u53d8\u5316<\/h3>\n

\u5e02\u573a\u5bf9\u7f8e\u56fd\u8d27\u5e01\u653f\u7b56\u7684\u9884\u671f\u4e5f\u5df2\u6539\u53d8\u3002\u5e02\u573a\u4e0d\u518d\u9884\u671f\u7f8e\u8054\u50a8\uff08Fed\uff0c\u7f8e\u56fd\u4e2d\u592e\u94f6\u884c\uff09\u4eca\u5e74\u6216\u660e\u5e74\u4f1a\u964d\u606f\uff1b\u5229\u7387\u5b9a\u4ef7\u663e\u793a\uff0c\u4eca\u5e74\u5e95\u53ef\u80fd\u52a0\u606f18\u4e2a\u57fa\u70b9\uff08basis points\uff0cbp\uff1b1\u4e2a\u57fa\u70b9=0.01\u4e2a\u767e\u5206\u70b9\uff0c\u537318bp=0.18\u4e2a\u767e\u5206\u70b9\uff09\u3002<\/p>\n

\u4e2d\u4e1c\u5c40\u52bf\u6301\u7eed\u5f71\u54cd\u80fd\u6e90\u5e02\u573a\uff0c\u8fdb\u800c\u5f71\u54cd\u503a\u5e02\u4e0e\u5229\u7387\u524d\u666f\u3002\u8fd9\u4e9b\u56e0\u7d20\u5171\u540c\u5bfc\u81f4\u6b27\u5143\u4e0e\u82f1\u9551\u8fd1\u671f\u5151\u7f8e\u5143\u8d70\u5f31\u3002<\/p>\n

\u56de\u987e2025\u5e74\u540c\u671f\uff0c\u56e0\u7f8e\u56fd\u503a\u5238\u6536\u76ca\u7387\u8dd1\u8d62\u6b27\u5143\u533a\uff0c\u6b27\u5143\u53d7\u632b\u3002\u5e02\u573a\u751a\u81f3\u5f00\u59cb\u8ba1\u5165\u7f8e\u8054\u50a8\u53ef\u80fd\u52a0\u606f\uff0c\u800c\u6b27\u6d32\u592e\u884c\u5c55\u671b\u4ecd\u76f8\u5bf9\u7a33\u5b9a\u3002\u7531\u80fd\u6e90\u4ef7\u683c\u62c5\u5fe7\u63a8\u52a8\u7684\u8fd9\u79cd\u5206\u5316\uff0c\u5bf9\u6b27\u5143\/\u7f8e\u5143\uff08EUR\/USD\uff0c\u6b27\u5143\u5151\u7f8e\u5143\u6c47\u7387\uff09\u9020\u6210\u660e\u663e\u4e0b\u884c\u538b\u529b\u3002<\/p>\n

\u76ee\u524d\uff0c\u6536\u76ca\u7387\u5229\u5dee\u4ecd\u662f\u4e3b\u5bfc\u4e3b\u9898\uff0c\u4f46\u80cc\u666f\u6b63\u5728\u53d8\u5316\u3002\u7f8e\u56fd10\u5e74\u671f\u56fd\u503a\u6536\u76ca\u7387\u7ea64.6%\uff0c\u5fb7\u56fd10\u5e74\u671f\u56fd\u503a\uff08Bund\uff0c\u5fb7\u56fd\u653f\u5e9c\u503a\u5238\uff09\u6536\u76ca\u7387\u7ea62.7%\uff0c\u4f7f\u7f8e\u5143\u4ecd\u5177\u5438\u5f15\u529b\u3002\u4e0d\u8fc7\uff0cEUR\/USD\u57281.07\u9644\u8fd1\u4ea4\u6613\uff0c\u663e\u793a\u53bb\u5e74\u90a3\u79cd\u5f3a\u52bf\u7f8e\u5143\u5347\u503c\u52a8\u80fd\u53ef\u80fd\u6b63\u5728\u51cf\u5f31\u3002<\/p>\n

EUR\/USD\u4ea4\u6613\u542f\u793a<\/h3>\n

\u6700\u65b0\u901a\u80c0\u6570\u636e\u4ee4\u672a\u6765\u51e0\u5468\u7684\u8d70\u52bf\u66f4\u503c\u5f97\u5173\u6ce8\u3002\u7f8e\u56fdCPI\uff08\u6d88\u8d39\u8005\u7269\u4ef7\u6307\u6570\uff09\u5c0f\u5e45\u964d\u6e29\u81f33.1%\uff1b\u6b27\u5143\u533aHICP\uff08\u534f\u8c03\u6d88\u8d39\u8005\u7269\u4ef7\u6307\u6570\uff0c\u66f4\u9002\u5408\u8de8\u56fd\u6bd4\u8f83\u7684\u901a\u80c0\u6307\u6807\uff09\u4ecd\u7ef4\u6301\u57282.8%\uff0c\u4fc3\u4f7f\u6b27\u6d32\u592e\u884c\u5b98\u5458\u8bb2\u8bdd\u66f4\u504f\u201c\u9e70\u6d3e\u201d\uff08hawkish\uff0c\u503e\u5411\u52a0\u606f\u6216\u7ef4\u6301\u9ad8\u5229\u7387\u4ee5\u538b\u901a\u80c0\uff09\u3002\u8fd9\u4e0e\u53bb\u5e74\u76f8\u5bf9\u6e29\u548c\u7684\u6001\u5ea6\u4e0d\u540c\uff0c\u610f\u5473\u7740\u4e24\u8fb9\u653f\u7b56\u5206\u5316\u53ef\u80fd\u6536\u7a84\u3002<\/p>\n

\u5bf9\u671f\u6743\u4ea4\u6613\u8005\u800c\u8a00\uff0c\u53ef\u8003\u8651\u5728\u4e0b\u4e2a\u5b63\u5ea6\u4e70\u5165EUR\/USD\u770b\u6da8\u671f\u6743\uff08call options\uff0c\u62bc\u6ce8\u6c47\u7387\u4e0a\u5347\u7684\u5408\u7ea6\uff09\uff0c\u884c\u6743\u4ef7\uff08strike\uff0c\u89e6\u53d1\u4e70\u5165\u6c47\u7387\u7684\u4ef7\u683c\uff09\u7ea61.09\u3002\u82e5\u5e02\u573a\u5f00\u59cb\u8ba1\u5165\u6b27\u6d32\u592e\u884c\u76f8\u5bf9\u7f8e\u8054\u50a8\u66f4\u5f3a\u786c\uff0c\u8fd9\u7c7b\u4ed3\u4f4d\u53ef\u7528\u8f83\u5c0f\u8d44\u91d1\uff08\u6760\u6746\u5f0f\u66b4\u9732\uff09\u628a\u63e1\u6b27\u5143\u53cd\u5f39\u3002\u9690\u542b\u6ce2\u52a8\u7387\uff08implied volatility\uff0c\u671f\u6743\u5e02\u573a\u5bf9\u672a\u6765\u6ce2\u52a8\u5927\u5c0f\u7684\u5b9a\u4ef7\uff09\u4ecd\u5c5e\u4e2d\u7b49\uff0c\u4ee4\u7b56\u7565\u6210\u672c\u76f8\u5bf9\u5408\u7406\u3002<\/p>\n

\u4e5f\u53ef\u5173\u6ce8\u5229\u7387\u671f\u8d27\uff08rate futures\uff0c\u7528\u671f\u8d27\u4ea4\u6613\u5229\u7387\/\u503a\u5238\u4ef7\u683c\u53d8\u5316\uff09\u6765\u76f4\u63a5\u4ea4\u6613\u6536\u76ca\u7387\u5229\u5dee\u3002\u4e00\u79cd\u601d\u8def\u662f\u505a\u591a\u5fb7\u56fdBund\u671f\u8d27\uff0c\u540c\u65f6\u505a\u7a7a\u7f8e\u56fd10\u5e74\u671f\u56fd\u503a\u671f\u8d27\uff08T-Note futures\uff0c\u7f8e\u56fd10\u5e74\u671f\u56fd\u503a\u671f\u8d27\uff09\uff0c\u82e5\u6b27\u5143\u533a\u6536\u76ca\u7387\u4e0b\u8dcc\u8f83\u6162\u6216\u4e0a\u5347\u8f83\u5feb\uff08\u76f8\u5bf9\u7f8e\u56fd\uff09\uff0c\u8be5\u7ec4\u5408\u53ef\u80fd\u53d7\u76ca\u3002\u8fd9\u662f\u5728\u62bc\u6ce8\u4e24\u5927\u592e\u884c\u653f\u7b56\u5dee\u8ddd\u6536\u7a84\u3002<\/p>\n

\u5386\u53f2\u4e0a\uff0c2014-2015\u5e74\u4e5f\u51fa\u73b0\u7c7b\u4f3c\u5f3a\u8d8b\u52bf\uff1a\u6b27\u6d32\u592e\u884c\u5bbd\u677e\uff08easing\uff0c\u964d\u606f\/\u4e70\u503a\uff09\u4e0e\u7f8e\u8054\u50a8\u6536\u7d27\uff08tightening\uff0c\u52a0\u606f\/\u51cf\u5c11\u5bbd\u677e\uff09\u660e\u663e\u5206\u5316\uff0c\u63a8\u52a8\u6b27\u5143\u51fa\u73b0\u5927\u5e45\u6ce2\u52a8\u3002\u5f53\u524d\u683c\u5c40\u663e\u793a\uff0c\u6211\u4eec\u53ef\u80fd\u63a5\u8fd1\u4e00\u4e2a\u8f6c\u6298\u70b9\uff0c\u6216\u5c06\u9006\u8f6c2025\u5e74\u5f00\u59cb\u7684\u8d8b\u52bf\u3002\u672a\u6765\u51e0\u5468\u9700\u5bc6\u5207\u7559\u610f\u592e\u884c\u5b98\u5458\u8bb2\u8bdd\uff0c\u4ee5\u628a\u63e1\u5165\u573a\u65f6\u673a\u3002<\/p>\n","protected":false},"excerpt":{"rendered":"

\u6b27\u5143\u3001\u82f1\u95515\u6708\u4e2d\u4ee5\u6765\u56de\u843d\uff0c\u4e3b\u56e0\u7f8e\u503a\u6536\u76ca\u7387\u8dd1\u8d62\u6b27\u503a\u3001\u6cb9\u6c14\u6270\u52a8\u63a8\u9ad8\u7f8e\u5143\u5438\u5f15\u529b\u3002\u901a\u80c0\u5206\u5316\u6216\u4ee4ECB\u66f4\u9e70\uff0c\u5229\u5dee\u6536\u7a84\u5728\u671b\uff1b\u53ef\u5173\u6ce8EUR\/USD 1.09\u770b\u6da8\u671f\u6743\u5e03\u5c40\u53cd\u5f39\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-47459","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\/47459","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=47459"}],"version-history":[{"count":0,"href":"https:\/\/www.vtmarketsmy.com\/cn\/wp-json\/wp\/v2\/posts\/47459\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.vtmarketsmy.com\/cn\/wp-json\/wp\/v2\/media?parent=47459"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.vtmarketsmy.com\/cn\/wp-json\/wp\/v2\/categories?post=47459"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.vtmarketsmy.com\/cn\/wp-json\/wp\/v2\/tags?post=47459"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}