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\u5468\u4e00\uff0c\u77ed\u7aef\u5229\u7387\uff08\u77ed\u671f\u5229\u7387\uff0c\u59821\u5e74\u4ee5\u5185\u7684\u5229\u7387\uff09\u8dcc\u81f3\u7eaa\u5f55\u4f4e\u4f4d\uff0c\u5f3a\u5316\u4e86\u201c\u901a\u80c0\u964d\u6e29\/\u7269\u4ef7\u6da8\u5e45\u653e\u7f13\u201d\u7684\u538b\u529b\u4ecd\u5728\u3001\u5e76\u7ee7\u7eed\u652f\u6491\u503a\u5e02\u7684\u770b\u6cd5\u3002\u5728\u8fd9\u79cd\u97e7\u6027\u4e4b\u4e0b\uff0c\u52a0\u4e0a\u672c\u6708\u4eba\u6c11\u5e01\uff08CNY\uff09\u4e70\u76d8\uff08\u4e70\u5165\u9700\u6c42\uff09\u6e29\u548c\u504f\u5f3a\uff0c\u5e02\u573a\u683c\u5c40\u610f\u5473\u7740\uff1a\u968f\u7740\u6295\u8d44\u7ec4\u5408\u901a\u8fc7\u589e\u51cf\u503a\u5238\u914d\u7f6e\u6765\u518d\u5e73\u8861\uff08\u8c03\u6574\u8d44\u4ea7\u6bd4\u4f8b\uff09\uff0c\u4eba\u6c11\u5e01\u53ef\u80fd\u9762\u4e34\u5356\u538b\uff1b\u4e0e\u6b64\u540c\u65f6\uff0c\u5176\u4ed6\u503a\u5e02\u5728\u901a\u80c0\u91cd\u65b0\u5b9a\u4ef7\uff08\u5e02\u573a\u4e0a\u8c03\u5bf9\u672a\u6765\u901a\u80c0\u4e0e\u5229\u7387\u7684\u9884\u671f\uff09\u540e\u53cd\u5e94\u66f4\u4e3a\u8d1f\u9762\u3002<\/p>\n

Divergence In Bond Markets And Pressure On The Yuan<\/h3>\n

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\u7528\u6570\u636e\u6765\u770b\uff1a\u4e2d\u56fd10\u5e74\u671f\u56fd\u503a\u6536\u76ca\u7387\uff08\u5230\u671f\u6536\u76ca\u7387\uff09\u672c\u5b63\u5927\u81f4\u7a33\u5b9a\u57282.4%\u9644\u8fd1\uff1b\u7f8e\u56fd10\u5e74\u671f\u56fd\u503a\u6536\u76ca\u7387\u4e0a\u5468\u5347\u81f34.9%\u3002\u5229\u5dee\u6269\u5927\u524a\u5f31\u4e86\u6301\u6709\u4eba\u6c11\u5e01\u8ba1\u4ef7\u8d44\u4ea7\uff08\u4ee5\u4eba\u6c11\u5e01\u5b9a\u4ef7\u4e0e\u7ed3\u7b97\u7684\u8d44\u4ea7\uff09\u7684\u5438\u5f15\u529b\u3002\u6211\u4eec\u8ba4\u4e3a\uff0c\u8fd9\u5c06\u5728\u672a\u6765\u6570\u5468\u89e6\u53d1\u8d44\u91d1\u4ece\u4eba\u6c11\u5e01\u8d44\u4ea7\u8f6c\u51fa\uff0c\u5e26\u52a8\u4eba\u6c11\u5e01\u8d70\u5f31\u3002<\/p>\n

\u57fa\u4e8e\u6b64\uff0c\u6211\u4eec\u5173\u6ce8\u4e70\u5165\u7f8e\u5143\u5151\u4eba\u6c11\u5e01\u7684\u770b\u6da8\u671f\u6743\uff08USD\/CNY call\uff1b\u671f\u6743=\u5728\u672a\u6765\u4ee5\u7ea6\u5b9a\u4ef7\u683c\u4e70\u5356\u7684\u5408\u7ea6\uff0c\u770b\u6da8=\u62bc\u6ce8\u6c47\u7387\u4e0a\u5347\u3001\u7f8e\u5143\u8d70\u5f3a\/\u4eba\u6c11\u5e01\u8d70\u5f31\uff09\u3002\u8be5\u7b56\u7565\u53ef\u5728\u98ce\u9669\u53ef\u63a7\uff08\u6700\u5927\u635f\u5931\u4e3a\u671f\u6743\u91d1\uff09\u7684\u524d\u63d0\u4e0b\u5e03\u5c40\u4eba\u6c11\u5e01\u8d70\u5f31\u3002\u6211\u4eec\u9884\u8ba1\uff0c\u8fd9\u7c7b\u518d\u5e73\u8861\u8d44\u91d1\u6d41\u5c06\u4ece6\u6708\u8d77\u63a8\u52a8USD\/CNY\u8d70\u9ad8\u3002<\/p>\n

Economic Weakness And Market Opportunities<\/h3>\n

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\u8fd9\u4e00\u73af\u5883\u7c7b\u4f3c2015\u5e74\u7684\u201c\u653f\u7b56\u5206\u5316\u201d\uff08\u4e0d\u540c\u56fd\u5bb6\u5229\u7387\u4e0e\u653f\u7b56\u65b9\u5411\u4e0d\u540c\uff09\uff0c\u5f53\u65f6\u66fe\u5f15\u53d1\u8f83\u957f\u65f6\u95f4\u7684\u8d44\u91d1\u5916\u6d41\u3002\u5728\u4e2d\u56fd\u77ed\u7aef\u5229\u7387\u4ecd\u63a5\u8fd1\u7eaa\u5f55\u4f4e\u4f4d\u7684\u60c5\u51b5\u4e0b\uff0c\u592e\u884c\u91cd\u70b9\u663e\u7136\u662f\u7a33\u589e\u957f\uff0c\u800c\u975e\u652f\u6491\u6c47\u7387\u3002\u6211\u4eec\u9884\u8ba1\uff0c\u8fd9\u5c06\u4fc3\u4f7f\u4e0a\u8ff0\u518d\u5e73\u8861\u52a0\u5feb\u3002<\/p>\n

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