甯傚満鎷呭咖緹庤仈鍌ㄥ鏉炬斂絳栧皢鎻愬墠閫�鍦猴紝瀵艱嚧鏁翠釜涓婂懆姹囧競娉㈠姩鍓х儓錛屼絾鏁版嵁鏄劇ず緹庣粡嫻庝粛鍛堢幇鐤插急錛屾姇璧勮�呰瘎浼扮編鑱斿偍鏆傛椂浼?xì)缁存寔閲忓寲瀹芥澗鏀拷{栬妯★紝緹庡厓鍏戜富瑕佽揣甯佸叏綰垮洖鎾わ紝闈炵編璐у竵鍙嶅脊鍚戜笂銆?
灞曟湜鏈懆錛屽競鍦哄張灝嗚繋鏉ヨ澶氶噸紓呬簨浠訛紝鍏朵腑婢蟲床鑱斿偍(RBA)銆佽嫳鍥藉ぎ琛?BOE)鍜屾媧插ぎ琛?ECB)灝嗗厛鍚庡叕甯冭揣甯佹斂絳栧喅璁紝甯傚満鏅亶棰勬湡涓夊ぇ澶灝嗘寜鍏典笉鍔紝鍚屾椂緹庤仈鍌?Fed)涔熷叕甯冭鐨功銆傛澶栵紝緹庡浗5鏈堥潪鍐滃氨涓氭姤鍛婂皢鍦ㄥ懆浜旂櫥鍦猴紝灞婃椂鎶曡祫鑰呭睆鎭互寰咃紝榪涗竴姝ヨ瀵熺編鍥界粡嫻庣姸鍐碉紝浠ョ爺鍒ょ編鑱斿偍鏈潵鏄惁緙╁噺瀹芥澗瑙勬ā鎴栨彁鏃╅��鍦恒�?
婢蟲床鑱斿偍鍙紑璐у竵鏀跨瓥浼?xì)璁?
婢蟲床鑱斿偍灝嗗湪鍛ㄤ簩(6鏈?鏃?鍏竷璐у竵鏀跨瓥鍐寵錛岄壌浜?鏈堥檷鎭?5涓熀鐐瑰悗錛屽競鍦烘櫘閬嶈涓鴻鑱斿偍灝嗙淮鎸佸熀鍑嗗埄鐜?.75%涓嶅彉銆傛姇璧勮�呴噸鐐瑰叧娉ㄦ境媧茶仈鍌ㄨ揣甯佹斂絳栧０鏄庢帾杈炪�?
鎹竴浠借皟鏌ユ樉紺猴紝鍙楄鐨?2浣嶇粡嫻庡瀹墮璁℃境媧茶仈鍌ㄥ皢鍦ㄥ懆浜屼細(xì)璁笂緇存寔鍒╃巼2.75%涓嶅彉銆傛澶栵紝璇稿鏈烘瀯浠嶈涓烘境媧茶仈鍌ㄥ皢浼?xì)鍦ㄤ粖骞村墿涓嬫棄櫁撮噷鐟艟l斁鏉鵑摱鏍廣�?
鍏ㄧ悆鏈�澶у�哄埜鍩洪噾鈥斿お騫蟲磱(601099,鑲″惂)鎶曡祫綆＄悊鍏徃(Pimco)璁や負(fù)錛屾境媧茶仈鍌ㄥ皢鍐嶆涓嬭皟鍩哄噯鍒╃巼錛屼互闄嶄綆鍊熻捶鎴愭湰錛屽洜鐭夸笟鎶曡祫涓嬫粦椋庨櫓浠ょ粡嫻庨潰涓撮噸澶ч�嗛銆傛福鎵撻摱琛?Standard Chartered)鍒欒涓猴紝婢蟲床鑱斿偍鏈�鏃╁皢鍦ㄥ懆浜屽啀嬈￠檷鎭�傚競鍦虹洰鍓嶉鏈熸境媧茶仈鍌?鏈堥檷鎭嚑鐜囦粎涓?8%銆?
婢蟲床鑱斿偍榪囧幓19涓湀鏉ョ瘡璁￠檷鎭?00涓熀鐐癸紝灝嗗熀鍑嗗埄鐜囪皟闄嶈嚦鍘嗗彶綰綍鏂頒綆2.75%錛屽姞鍏ュ叏鐞冨ぎ琛屾柊涓�杞鏉炬氮娼紝浠ュ鎶楁境鍏冩眹鐜囪蛋楂樺強(qiáng)鐭夸笟鎶曡祫鍐峰嵈銆?
鍦ㄥ婢沖厓褰卞搷鏂歸潰錛岃嫢婢蟲床鑱斿偍緇存寔鍒╃巼涓嶅彉錛屼笖澹版槑璁鴻皟涔愯錛屾境鍏冩枡鑾鋒敮鎾戣蛋楂橈紱鍙嶄箣錛岃嫢婢蟲床鑱斿偍鎰忓闄嶆伅鎴栧０鏄庡０鏄庤璋冨�懼悜楦芥淳錛屾境鍏冩亹鍙楁墦鍘嬨�?
緹庤仈鍌ㄥ叕甯冭鐨功
緹庤仈鍌ㄥ皢鍦ㄥ寳浜椂闂村懆鍥?6鏈?鏃?鍑屾櫒鍏竷瑜愮毊涔︼紝浠ユ彮紺?鏈堣揣甯佹斂絳栭闄┿�傚敖綆＄編鑱斿偍涓婃浼?xì)璁粛鍐冲畾璐�鴻妯′笉鍙橈紝浣嗚繖5鏈堟潵甯傚満鐪嬫硶鍗村凡澶у箙杞悜銆備笉浠呭浣嶇編鑱斿偍楣版淳瀹樺憳鍏堝悗鍏紑鍠婅瘽璁㏎E鎻愭棭閫�鍦猴紝鏃墮棿鐐規(guī)渶蹇彲鑳藉湪6鏈堛�?
灝辮繛緹庤仈鍌ㄤ富甯集鍗楀厠(Ben Bernanke)鍦ㄩ兘鍦ㄥ浗浼?xì)鏉惧彛鏆椊C猴紝濡傛灉緇忔祹鏁版嵁鎸佺畫濂借漿錛屾湁鍙兘鍦ㄦ帴涓嬫潵鍑犱釜璐у竵鏀跨瓥鍐寵涓緝鍑廞E瑙勬ā銆?
鏈懆鍗沖皢鍏竷鐨勮鐨功錛屾槸緹庤仈鍌ㄥ湪姣忔璐у竵鍐崇瓥浼?xì)璁墠锛岀壒鍦版眹鏁村叏缇庡悇鍦熬l忔祹鐜板喌淇℃伅錛屼互浣滀負(fù)鍒╃巼鍐崇瓥鍙傝�冿紝鑷劧涔熸槸澶栫晫瑙傚療緹庤仈鍌ㄥ喅絳栭鍚戠殑閲嶈渚濇嵁銆?
鑻卞浗澶鍙紑璐у竵鏀跨瓥浼?xì)璁?
鑻卞浗澶灝嗗湪鍛ㄥ洓鍏竷璐у竵鏀跨瓥鍐寵錛屽競鍦洪鏈熷湪鐜頒換琛岄暱閲戞仼(Mervyn King)鍗鎬換涔嬪墠錛岃嫳閾跺皢緇х畫緇存寔鍒╃巼0.5%鍙?,750浜胯嫳闀戣祫浜ц喘涔拌妯′笉鍙樸�?
灝界鑻卞浗浠婂勾涓�瀛ｅ害緇忔祹閬垮厤闄峰叆琛伴��錛屼絾澧為暱鍔ㄨ兘渚濇棫涔忓姏銆備粠鑻卞浗澶5鏈堜細(xì)璁邯瑕佸彲浠ョ鎺竴涓濈鍊紝鍦ㄩ�氳儉姘村鉤涓嬫粦涔嬮檯錛岃嫳閾跺喅絳栬�呬粛鍊懼悜鎵╁ぇ璧勪駭璐拱瑙勬ā銆?
5鏈堜喚鐨勪細(xì)璁笂浠?:0鐨勬姇紲ㄧ粨鏋滃喅瀹氱淮鎸佸埄鐜囦笉鍙橈紝浠?:3鐨勬姇紲ㄧ粨鏋滃喅瀹氱淮鎸丵E瑙勬ā涓嶅彉銆傚叾涓紝閲戞仼銆佽垂鑸嶅皵(Paul Fisher)銆佽繄灝?dāng)鏂?David Miles)鍐嶆瑕佹眰灝哘E瑙勬ā鎵╁ぇ250浜胯嫳闀戙�傚悓鏃訛紝灝戞暟濮斿憳璁や負(fù)鎵╁ぇQE灝嗘彁鎸粡嫻庡闀褲�侀檷浣庡け涓氱巼鍙?qiáng)鍔犲揩璐у竵鐨勬甯稿寲銆?
鍦ㄥ鑻遍晳褰卞搷鏂歸潰錛岃嫢鑻卞浗澶瀹ｅ竷緇存寔鍩哄噯鍒╃巼鍙?qiáng)QE瑙勬ā涓嶅彉錛岃嫳闀戞枡璧伴珮鎴栨寔紼籌紱鍙嶄箣錛岃嫢鑻卞浗澶鎰忓鎵╁ぇ閲忓寲瀹芥澗瑙勬ā錛岃嫳闀戞亹閬亣鎵撳帇銆?
嬈ф床澶鍙紑璐у竵鏀跨瓥浼?xì)璁?
嬈ф床澶灝嗗湪鍛ㄥ洓鍏竷鏈�鏂板埄鐜囧喅璁紝琛岄暱寰鋒媺鍩?Mario Draghi)浜﹀皢鍦ㄤ細(xì)鍚庡彫寮�璁拌�呬細(xì)銆傞壌浜庢閾?鏈堝皢鍩哄噯鍒╃巼闄嶈嚦鍘嗗彶綰綍鏂頒綆0.50%錛屽競鍦烘櫘閬嶈涓烘閾舵湰嬈′細(xì)璁皢鎸夊叺涓嶅姩銆?
涓婂懆鍏竷鐨勬鍏冨尯鏁版嵁鏄劇ず錛屾暟欏規(guī)寚鏍囧潎鍛堢幇娓╁拰鍥炲崌榪硅薄錛岃繖鎵撴秷浜嗘姇璧勮�呭嬈ф床澶鏈懆鍥涘啀嬈￠檷鎭殑棰勬湡錛屾鍏冩眹鐜囧憟鐜板弽寮癸紝鍏戠編鍏冧竴搴﹁Е鍙?鍛ㄩ珮鐐?.3060錛屾鍏冧笂鍛ㄧ瘡璁′笂鍗?.76%銆?
灝界嬈ф床澶琛岄暱寰鋒媺鍩虹О蹇呰鏃跺噯澶囪礋鍒╃巼宸ュ叿錛屼絾鍦ㄨ繎鏈熻澶氭媧插ぎ琛屽畼鍛樿璇濅腑寰楃煡錛岃揣甯佹斂絳栧鍛樹滑瀵硅礋鍒╃巼瀛樺湪杈冨ぇ鍒嗘銆傝澶氫笟鍐呬漢澹兘寮�濮嬭涓烘媧插ぎ琛屾鍚庡皢鍐嶅害閫夋嫨鍧愬涓婅錛岃�岄潪鎺ㄥ嚭榪涗竴姝ョ殑瀹芥澗鏀跨瓥鎺柦銆?
楂樼洓(Goldman Sachs)鎸囧嚭錛岀敱浜庢鍏冨尯浼佷笟淇″績鐘跺喌榪戞潵瓚嬩簬濂借漿錛屾媧插ぎ琛屽湪6鏈堜喚鏃墮噰鍙栬繘涓�姝ユ帾鏂芥潵鎸佺ǔ緇忔祹鐨勫彲鑳芥�у凡緇忛檷浣庯紝鍥犺�岋紝鍦ㄥ彲棰勮鐨勬椂闂存鍐咃紝嬈ф床澶灝嗕細(xì)鎶婂熀鍑嗗埄鐜囩戶緇淮鎸佸湪褰撳墠0.5%鐨勬按騫充笉鍙樸�?
鍦ㄥ獎(jiǎng)鍝嶆鍏冩柟闈紝鑻ユ媧插ぎ琛岀淮鎸佸埄鐜囦笉鍙橈紝涓斿痙鎷夊熀璦�璁轟繚鎸佷箰瑙傝璋冿紝嬈у厓鏂欏己鍔茶蛋楂橈紱鍙嶄箣錛岃嫢嬈ф床澶瀹ｅ竷闄嶆伅鎴栧痙鎷夊熀璦�杈炶璋冩俯鍜岋紝嬈у厓姹囩巼鏂欓伃閬囨柊涓�杞墦鍘嬨�?
緹庡浗5鏈堥潪鍐滃氨涓氭姤鍛?
緹庡浗鍔沖伐閮ㄥ皢鍦ㄥ寳浜椂闂村懆浜?6鏈?鏃?20:30鍏竷5鏈堟柊澧為潪鍐滃氨涓氫漢鍙ｅ強(qiáng)澶變笟鐜囥�傜編鍥?鏈堥潪鍐滄柊澧炰漢鍙ｅ鍔?6.5涓囦漢錛屽け涓氱巼闄嶈嚦7.5%銆傚湪緹庤仈鍌ㄦ湁鍏沖墛鍑忛噺鍖栧鏉捐妯￠鏈熷崌楂樹箣闄咃紝鏈闈炲啘涓姤鍛婂甯傚満褰卞搷杈冨ぇ銆?
鎹帴鍙楁潈濞佸獟浣撹皟鏌ョ殑緇忔祹瀛﹀鐨勯鏈熶腑鍊兼樉紺猴紝緹庡浗5鏈堝璋冨悗闈炲啘灝變笟浜哄彛鏂欏鍔?6.5涓囦漢錛屽騫呬笌涓婃湀鐩稿悓錛涙澶?鏈堝け涓氱巼鏂欐寔騫充簬7.5%銆?
浠庢鍓嶅垵璇峰け涓氶噾浜烘暟鏉ョ湅錛岀洰鍓嶄紒涓氭嫑鑱樹粛鐩稿綋璋ㄦ厧銆傚湪姝ｅ父澶嶈嫃涔嬩笅錛屼竴鏃︾姸鍐靛紑濮嬪ソ杞紝灝卞彲浠ョ湅鍒板氨涓氭湁鐖嗙偢鎬х殑澧炲箙錛屼絾鐩墠灝氭湭鐪嬪埌榪欎竴鐜拌薄銆?
緇忔祹瀛﹀縐幫紝浼佷笟瑁佸憳浜烘暟鍦ㄩ�愭鍑忓皯錛屼竴鏃︿紒涓氱湅鍒伴渶姹傚姞閫燂紝灝嗚兘甯姪灝變笟閾鴻礬銆傚氨涓氫漢鏁頒笂鍗囬�熷害鍔犲揩錛屽彲緙撳啿钖祫紼庣殑澧炲箙錛屼笖鏈夊姪浜庡搴淮鎸佸崰緇忔祹鏈�澶ф瘮閲嶇殑娑堣垂鏀嚭銆?
鍦ㄧ編鍏冨獎(jiǎng)鍝嶆柟闈紝鑻ュ叕甯冪殑鏁版嵁涓嶅強(qiáng)甯傚満棰勬湡鎴栧け涓氱巼涓婂崌錛屾枡鏆楃ず灝變笟甯傚満浠嶉渶瑕佺編鑱斿偍浣庡埄鐜囧強(qiáng)閲忓寲瀹芥澗鐜鏀拺錛岀編鍏冩枡鎵垮帇錛涘弽涔嬶紝鑻ユ暟鎹〃鐜板己鍔詫紝澶變笟鐜囩戶緇笅婊戯紝甯傚満瀵圭編鑱斿偍鎻愭棭緇撴潫瀹芥澗鏀跨瓥鐨勯鏈熸枡璧伴珮錛岀編鍏冧害灝嗚幏寰楁敮鎾戙�傦紙杞嚜鍜岃緗戯級(jí)
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