{"id":1449,"date":"2025-07-27T22:17:19","date_gmt":"2025-07-27T14:17:19","guid":{"rendered":"https:\/\/www.db-hk.com\/?p=1449"},"modified":"2025-07-27T22:17:19","modified_gmt":"2025-07-27T14:17:19","slug":"arthur-hayes%ef%bc%9a%e7%89%b9%e6%9c%97%e6%99%ae%e6%94%bf%e7%ad%96%e4%b8%8b%e6%9c%80%e4%bd%b3%e6%8a%95%e8%b5%84%e6%96%b9%e5%bc%8f%e6%98%af%e6%8c%81%e6%9c%89%e6%af%94%e7%89%b9%e5%b8%81%ef%bc%8c","status":"publish","type":"post","link":"http:\/\/www.fubairui.net\/?p=1449","title":{"rendered":"Arthur Hayes\uff1a\u7279\u6717\u666e\u653f\u7b56\u4e0b\u6700\u4f73\u6295\u8d44\u65b9\u5f0f\u662f\u6301\u6709\u6bd4\u7279\u5e01\uff0c\u725b\u5e02\u5e94\u9022\u4f4e\u4e70\u5165\u6293\u4f4f\u673a\u4f1a"},"content":{"rendered":"

\u5728\u79bb\u5899\u58c1\u56db\u6b65\u8fdc\u7684\u5730\u65b9\uff0c\u4e00\u5757\u6728\u677f\u5782\u76f4\u56fa\u5b9a\u5728\u4e00\u4e2a\u53ef\u79fb\u52a8\u7684\u652f\u67b6\u4e0a\u3002\u6211\u7684\u745c\u4f3d\u8001\u5e08\u8ba9\u6211\u5c06\u53cc\u624b\u7684\u638c\u6839\u5bf9\u9f50\u6728\u677f\u4e0e\u652f\u67b6\u7684\u4ea4\u754c\u70b9\uff0c\u7136\u540e\u50cf\u732b\u4e00\u6837\u5f2f\u4e0b\u8eab\uff0c\u786e\u4fdd\u540e\u8111\u52fa\u7d27\u8d34\u6728\u677f\u3002\u5982\u679c\u4f4d\u7f6e\u6b63\u786e\uff0c\u6211\u53ef\u4ee5\u5c06\u53cc\u811a\u6cbf\u7740\u5899\u58c1\u5411\u4e0a\u79fb\u52a8\uff0c\u4f7f\u8eab\u4f53\u5448\u73b0\u4e00\u4e2a L \u5f62\uff0c\u540c\u65f6\u540e\u8111\u52fa\u3001\u80cc\u90e8\u548c\u9ab6\u9aa8\u90fd\u8d34\u5728\u6728\u677f\u4e0a\u3002\u4e3a\u4e86\u907f\u514d\u808b\u9aa8\u5916\u6269\uff0c\u6211\u5fc5\u987b\u6536\u7d27\u8179\u90e8\u808c\u8089\u5e76\u5185\u6536\u5c3e\u9aa8\u3002\u54ce\u5440\u2014\u2014\u4ec5\u4ec5\u662f\u4fdd\u6301\u8fd9\u4e2a\u59ff\u52bf\uff0c\u6211\u5c31\u5df2\u7ecf\u6c57\u6d41\u6d43\u80cc\u4e86\u3002\u7136\u800c\uff0c\u771f\u6b63\u7684\u6311\u6218\u8fd8\u5728\u540e\u9762\uff1a\u6211\u8981\u5728\u4fdd\u6301\u5bf9\u9f50\u7684\u540c\u65f6\uff0c\u5c06\u4e00\u6761\u817f\u8e22\u81f3\u5b8c\u5168\u5782\u76f4\u7684\u4f4d\u7f6e\u3002<\/p>\n

\u8fd9\u5757\u6728\u677f\u5c31\u50cf\u4e00\u9762\u300c\u771f\u76f8\u4e4b\u955c\u300d\uff0c\u80fd\u7acb\u5373\u66b4\u9732\u51fa\u8eab\u4f53\u59ff\u52bf\u7684\u95ee\u9898\u3002\u5982\u679c\u59ff\u52bf\u4e0d\u5bf9\uff0c\u4f60\u4f1a\u9a6c\u4e0a\u611f\u89c9\u5230\u80cc\u90e8\u6216\u9acb\u90e8\u7684\u4e00\u4e9b\u90e8\u4f4d\u8131\u79bb\u4e86\u6728\u677f\u3002\u5f53\u6211\u62ac\u8d77\u5de6\u811a\u3001\u53f3\u811a\u4ecd\u8d34\u7740\u5899\u65f6\uff0c\u6211\u7684\u808c\u8089\u9aa8\u9abc\u95ee\u9898\u7acb\u523b\u663e\u73b0\u51fa\u6765\uff1a\u5de6\u4fa7\u80cc\u9614\u808c\u5916\u6269\uff0c\u5de6\u80a9\u5185\u5377\uff0c\u6574\u4e2a\u8eab\u4f53\u770b\u8d77\u6765\u50cf\u4e2a\u6b6a\u626d\u7684\u6bdb\u7403\u3002\u6211\u65e9\u77e5\u9053\u8fd9\u4e9b\u95ee\u9898\uff0c\u56e0\u4e3a\u6211\u7684\u8fd0\u52a8\u6559\u7ec3\u548c\u810a\u690e\u6cbb\u7597\u5e08\u90fd\u53d1\u73b0\uff0c\u6211\u7684\u5de6\u4fa7\u80cc\u90e8\u808c\u8089\u6bd4\u53f3\u4fa7\u5f31\uff0c\u8fd9\u5bfc\u81f4\u6211\u7684\u5de6\u80a9\u66f4\u9ad8\u4e14\u5411\u524d\u503e\u659c\u3002\u7528\u6728\u677f\u7ec3\u4e60\u5012\u7acb\uff0c\u53ea\u662f\u8ba9\u6211\u8eab\u4f53\u7684\u4e0d\u5e73\u8861\u95ee\u9898\u66f4\u52a0\u6e05\u6670\u5730\u5448\u73b0\u51fa\u6765\u3002\u89e3\u51b3\u8fd9\u4e9b\u95ee\u9898\u6ca1\u6709\u6377\u5f84\u53ef\u8d70\uff0c\u53ea\u6709\u901a\u8fc7\u4e00\u7cfb\u5217\u6709\u65f6\u4ee4\u4eba\u75bc\u75db\u7684\u7ec3\u4e60\uff0c\u6162\u6162\u8c03\u6574\u6539\u5584\u3002<\/p>\n

\u5982\u679c\u8fd9\u5757\u6728\u677f\u662f\u6211\u8eab\u4f53\u5bf9\u9f50\u7684\u300c\u771f\u76f8\u4e4b\u955c\u300d\uff0c\u90a3\u4e48\u7f8e\u56fd\u5f53\u9009\u603b\u7edf\u5510\u7eb3\u5fb7\u00b7\u7279\u6717\u666e\u5219\u662f\u5f53\u4eca\u4e16\u754c\u5404\u79cd\u5730\u7f18\u653f\u6cbb\u548c\u7ecf\u6d4e\u95ee\u9898\u7684\u300c\u771f\u76f8\u50ac\u5316\u5242\u300d\u3002\u5168\u7403\u7cbe\u82f1\u9636\u5c42\u5bf9\u7279\u6717\u666e\u7684\u538c\u6076\uff0c\u6b63\u662f\u56e0\u4e3a\u4ed6\u63ed\u793a\u4e86\u67d0\u4e9b\u771f\u76f8\u3002\u6211\u8fd9\u91cc\u6240\u8bf4\u7684\u300c\u7279\u6717\u666e\u771f\u76f8\u300d\uff0c\u5e76\u4e0d\u662f\u6307\u4ed6\u4f1a\u544a\u8bc9\u4f60\u5173\u4e8e\u81ea\u5df1\u7684\u4e2a\u4eba\u4fe1\u606f\uff0c\u6bd4\u5982\u4ed6\u7684\u8eab\u9ad8\u3001\u51c0\u8d44\u4ea7\u6216\u9ad8\u5c14\u592b\u6210\u7ee9\u3002\u800c\u662f\u6307\u7279\u6717\u666e\u63ed\u793a\u4e86\u56fd\u5bb6\u4e4b\u95f4\u771f\u5b9e\u7684\u5173\u7cfb\uff0c\u4ee5\u53ca\u666e\u901a\u7f8e\u56fd\u4eba\u5728\u8fdc\u79bb\u653f\u6cbb\u6b63\u786e\u538b\u529b\u65f6\u7684\u771f\u5b9e\u60f3\u6cd5\u3002<\/p>\n

\u4f5c\u4e3a\u4e00\u540d\u5b8f\u89c2\u7ecf\u6d4e\u5206\u6790\u5e08\uff0c\u6211\u8bd5\u56fe\u901a\u8fc7\u516c\u5f00\u6570\u636e\u548c\u5f53\u524d\u4e8b\u4ef6\u505a\u51fa\u9884\u6d4b\uff0c\u4e3a\u6211\u7684\u6295\u8d44\u7ec4\u5408\u63d0\u4f9b\u6307\u5bfc\u3002\u6211\u6b23\u8d4f\u300c\u7279\u6717\u666e\u771f\u76f8\u300d\uff0c\u56e0\u4e3a\u5b83\u662f\u4e00\u79cd\u50ac\u5316\u5242\uff0c\u8feb\u4f7f\u5404\u56fd\u9886\u5bfc\u4eba\u6b63\u89c6\u95ee\u9898\u5e76\u91c7\u53d6\u884c\u52a8\u3002\u8fd9\u4e9b\u884c\u52a8\u6700\u7ec8\u4f1a\u5851\u9020\u672a\u6765\u7684\u4e16\u754c\u683c\u5c40\uff0c\u800c\u6211\u5e0c\u671b\u4ece\u4e2d\u83b7\u5229\u3002\u5373\u4f7f\u5728\u7279\u6717\u666e\u6b63\u5f0f\u4e0a\u4efb\u4e4b\u524d\uff0c\u5404\u56fd\u5df2\u7ecf\u5f00\u59cb\u4ee5\u6211\u9884\u6d4b\u7684\u65b9\u5f0f\u884c\u52a8\uff0c\u8fd9\u66f4\u52a0\u575a\u5b9a\u4e86\u6211\u5bf9\u672a\u6765\u8d27\u5e01\u653f\u7b56\u548c\u91d1\u878d\u538b\u5236\u65b9\u5f0f\u7684\u5224\u65ad\u3002\u8fd9\u7bc7\u5e74\u7ec8\u6587\u7ae0\u5c06\u5206\u6790\u7f8e\u56fd\u3001\u6b27\u76df\u3001\u4e2d\u56fd\u548c\u65e5\u672c\u8fd9\u56db\u5927\u7ecf\u6d4e\u4f53\u5185\u5916\u6b63\u5728\u53d1\u751f\u7684\u91cd\u5927\u53d8\u5316\u3002\u5c24\u5176\u662f\uff0c\u6211\u9700\u8981\u8bc4\u4f30\u5728 2025 \u5e74 1 \u6708 20 \u65e5\u7279\u6717\u666e\u6b63\u5f0f\u5c31\u804c\u540e\uff0c\u8d27\u5e01\u653f\u7b56\u662f\u5426\u4f1a\u7ee7\u7eed\u5bbd\u677e\u751a\u81f3\u8fdb\u4e00\u6b65\u52a0\u901f\u3002\u8fd9\u4e00\u5224\u65ad\u5bf9\u6211\u7684\u77ed\u671f\u6295\u8d44\u7b56\u7565\u81f3\u5173\u91cd\u8981\u3002<\/p>\n

\u7136\u800c\uff0c\u6211\u8ba4\u4e3a\u5f53\u524d\u52a0\u5bc6\u8d27\u5e01\u5e02\u573a\u5bf9\u7279\u6717\u666e\u80fd\u591f\u8fc5\u901f\u6539\u53d8\u73b0\u72b6\u7684\u9884\u671f\u8fc7\u9ad8\u3002\u4e8b\u5b9e\u4e0a\uff0c\u7279\u6717\u666e\u51e0\u4e4e\u6ca1\u6709\u653f\u6cbb\u4e0a\u53ef\u884c\u7684\u5feb\u901f\u89e3\u51b3\u65b9\u6848\u3002\u5e02\u573a\u53ef\u80fd\u4f1a\u5728 2025 \u5e74 1 \u6708 20 \u65e5\u5de6\u53f3\u9192\u609f\u8fc7\u6765\uff0c\u610f\u8bc6\u5230\u7279\u6717\u666e\u6700\u591a\u53ea\u6709\u4e00\u5e74\u7684\u65f6\u95f4\u6765\u63a8\u52a8\u4efb\u4f55\u653f\u7b56\u53d8\u5316\u3002\u8fd9\u79cd\u73b0\u5b9e\u7684\u51b2\u51fb\u53ef\u80fd\u5f15\u53d1\u52a0\u5bc6\u8d27\u5e01\u548c\u5176\u4ed6\u300c\u7279\u6717\u666e 2.0\u300d\u76f8\u5173\u8d44\u4ea7\u7684\u5267\u70c8\u629b\u552e\u3002<\/p>\n

\u7279\u6717\u666e\u53ea\u6709\u4e00\u5e74\u7684\u65f6\u95f4\u91c7\u53d6\u884c\u52a8\uff0c\u56e0\u4e3a\u5927\u591a\u6570\u7f8e\u56fd\u8bae\u5458\u5c06\u5728 2025 \u5e74\u5e95\u5f00\u59cb\u4e3a 2026 \u5e74 11 \u6708\u7684\u4e2d\u671f\u9009\u4e3e\u5c55\u5f00\u7ade\u9009\u6d3b\u52a8\u3002\u5c4a\u65f6\uff0c\u4f17\u8bae\u9662\u7684\u6240\u6709\u5e2d\u4f4d\u548c\u5927\u91cf\u53c2\u8bae\u9662\u5e2d\u4f4d\u90fd\u9700\u8981\u91cd\u65b0\u9009\u4e3e\u3002\u800c\u5171\u548c\u515a\u76ee\u524d\u5728\u56fd\u4f1a\u7684\u591a\u6570\u5e2d\u4f4d\u975e\u5e38\u5fae\u5f31\uff0c\u4ed6\u4eec\u5f88\u53ef\u80fd\u5728 2026 \u5e74 11 \u6708\u540e\u5931\u53bb\u63a7\u5236\u6743\u3002\u7f8e\u56fd\u4eba\u6c11\u7684\u6124\u6012\u53ef\u4ee5\u7406\u89e3\uff0c\u4f46\u8981\u89e3\u51b3\u90a3\u4e9b\u6df1\u5c42\u6b21\u7684\u56fd\u5185\u5916\u95ee\u9898\uff0c\u5373\u4f7f\u662f\u6700\u6709\u80fd\u529b\u7684\u653f\u6cbb\u5bb6\u4e5f\u9700\u8981\u5341\u591a\u5e74\u65f6\u95f4\uff0c\u800c\u4e0d\u662f\u77ed\u77ed\u4e00\u5e74\u3002\u56e0\u6b64\uff0c\u8bb8\u591a\u6295\u8d44\u8005\u53ef\u80fd\u4f1a\u9762\u4e34\u4e25\u91cd\u7684\u300c\u4e70\u5bb6\u540e\u6094\u300d\u3002\u5c3d\u7ba1\u5982\u6b64\uff0c\u5370\u949e\u653f\u7b56\u548c\u9488\u5bf9\u50a8\u84c4\u8005\u7684\u91d1\u878d\u538b\u5236\u63aa\u65bd\u662f\u5426\u80fd\u591f\u63a8\u52a8\u52a0\u5bc6\u5e02\u573a\u6301\u7eed\u7e41\u8363\u5230 2025 \u5e74\u53ca\u4ee5\u540e\uff1f\u6211\u76f8\u4fe1\u7b54\u6848\u662f\u80af\u5b9a\u7684\uff0c\u4f46\u8fd9\u7bc7\u6587\u7ae0\u4e5f\u662f\u6211\u8bd5\u56fe\u8bf4\u670d\u81ea\u5df1\u8fd9\u4e00\u53ef\u80fd\u6027\u7684\u4e00\u79cd\u65b9\u5f0f\u3002<\/p>\n

\u8d27\u5e01\u9636\u6bb5\u6027\u53d8\u5316<\/strong><\/p>\n

\u6211\u5c06\u501f\u7528 Russell Napier \u7684\u89c2\u70b9\uff0c\u7b80\u5316\u63cf\u8ff0\u4e8c\u6218\u540e\u8d27\u5e01\u7ed3\u6784\u7684\u65f6\u95f4\u7ebf\u3002<\/p>\n

1944 \u2013 1971\uff1a\u5e03\u96f7\u987f\u68ee\u6797\u4f53\u7cfb<\/strong><\/p>\n

\u5404\u56fd\u5c06\u5176\u8d27\u5e01\u6c47\u7387\u56fa\u5b9a\u5728\u7f8e\u5143\u4e0a\uff0c\u800c\u7f8e\u5143\u5219\u4ee5\u6bcf\u76ce\u53f8 35 \u7f8e\u5143\u7684\u4ef7\u683c\u4e0e\u9ec4\u91d1\u6302\u94a9\u3002<\/p>\n

1971 \u2013 1994\uff1a\u77f3\u6cb9\u7f8e\u5143\u4f53\u7cfb<\/strong><\/p>\n

\u968f\u7740\u7f8e\u56fd\u603b\u7edf\u5c3c\u514b\u677e\u5ba3\u5e03\u653e\u5f03\u91d1\u672c\u4f4d\u5236\uff0c\u7f8e\u5143\u5f00\u59cb\u5bf9\u5176\u4ed6\u8d27\u5e01\u81ea\u7531\u6d6e\u52a8\u3002\u8fd9\u4e00\u8f6c\u53d8\u662f\u56e0\u4e3a\u7f8e\u56fd\u65e0\u6cd5\u540c\u65f6\u7ef4\u6301\u9ec4\u91d1\u6302\u94a9\u3001\u6269\u5927\u798f\u5229\u56fd\u5bb6\u548c\u8d44\u52a9\u8d8a\u5357\u6218\u4e89\u3002\u5c3c\u514b\u677e\u4e0e\u6c99\u7279\u963f\u62c9\u4f2f\u7b49\u6ce2\u65af\u6e7e\u4ea7\u6cb9\u56fd\u8fbe\u6210\u534f\u8bae\uff0c\u8981\u6c42\u8fd9\u4e9b\u56fd\u5bb6\u4ee5\u7f8e\u5143\u5b9a\u4ef7\u77f3\u6cb9\uff0c\u6309\u8981\u6c42\u5f00\u91c7\u5c3d\u53ef\u80fd\u591a\u7684\u77f3\u6cb9\uff0c\u5e76\u5c06\u8d38\u6613\u76c8\u4f59\u56de\u6536\u4e3a\u7f8e\u56fd\u91d1\u878d\u8d44\u4ea7\u3002\u5982\u679c\u4f60\u76f8\u4fe1\u67d0\u4e9b\u62a5\u9053\u7684\u8bdd\uff0c\u7f8e\u56fd\u64cd\u7eb5\u67d0\u4e9b\u6d77\u6e7e\u56fd\u5bb6\u63d0\u9ad8\u77f3\u6cb9\u4ef7\u683c\uff0c\u4ee5\u4fbf\u4e3a\u8fd9\u79cd\u65b0\u7684\u8d27\u5e01\u7ed3\u6784\u63d0\u4f9b\u652f\u6491\u3002<\/p>\n

1994 \u2013 2024\uff1a\u77f3\u6cb9\u4eba\u6c11\u5e01\u4f53\u7cfb<\/strong><\/p>\n

\u4e2d\u56fd\u5728 1994 \u5e74\u5927\u5e45\u8d2c\u503c\u4eba\u6c11\u5e01\uff0c\u4ee5\u5e94\u5bf9\u901a\u80c0\u3001\u94f6\u884c\u5371\u673a\u548c\u51fa\u53e3\u884c\u4e1a\u7684\u4f4e\u8ff7\u3002\u4e0e\u6b64\u540c\u65f6\uff0c\u4e2d\u56fd\u548c\u5176\u4ed6\u4e9a\u6d32\u7ecf\u6d4e\u4f53\u91c7\u53d6\u4e86\u91cd\u5546\u4e3b\u4e49\u653f\u7b56\uff0c\u901a\u8fc7\u5ec9\u4ef7\u51fa\u53e3\u5546\u54c1\u79ef\u7d2f\u7f8e\u5143\u50a8\u5907\uff0c\u7528\u4e8e\u652f\u4ed8\u80fd\u6e90\u548c\u9ad8\u7aef\u5236\u9020\u54c1\u7684\u8fdb\u53e3\u3002\u8fd9\u4e00\u653f\u7b56\u4e0d\u4ec5\u63a8\u52a8\u4e86\u5168\u7403\u5316\uff0c\u8fd8\u5c06\u5341\u4ebf\u4f4e\u85aa\u52b3\u52a8\u529b\u5f15\u5165\u56fd\u9645\u5e02\u573a\uff0c\u538b\u4f4e\u4e86\u53d1\u8fbe\u56fd\u5bb6\u7684\u901a\u80c0\u6c34\u5e73\uff0c\u4f7f\u5f97\u897f\u65b9\u592e\u884c\u80fd\u591f\u957f\u671f\u7ef4\u6301\u4f4e\u5229\u7387\u653f\u7b56\u3002<\/p>\n

\"Arthur\"Arthur<\/figure>\n

\u767d\u8272\u7ebf\u6761\u4ee3\u8868\u7f8e\u5143\u5151\u4eba\u6c11\u5e01\u6c47\u7387 (USDCNY)\uff0c\u9ec4\u8272\u7ebf\u6761\u4ee3\u8868\u4ee5\u6052\u5b9a\u7f8e\u5143\u8ba1\u7b97\u7684\u4e2d\u56fd GDP\u3002<\/p>\n

2024 \u2013 \u81f3\u4eca\uff1f<\/strong><\/p>\n

\u6211\u5c1a\u672a\u4e3a\u6b63\u5728\u5f62\u6210\u7684\u4f53\u7cfb\u547d\u540d\u3002\u7136\u800c\uff0c\u7279\u6717\u666e\u7684\u5f53\u9009\u662f\u6539\u53d8\u5168\u7403\u8d27\u5e01\u4f53\u7cfb\u7684\u50ac\u5316\u5242\u3002\u9700\u8981\u660e\u786e\u7684\u662f\uff0c\u7279\u6717\u666e\u5e76\u4e0d\u662f\u8fd9\u4e00\u91cd\u7ec4\u7684\u6839\u672c\u539f\u56e0\uff1b\u76f8\u53cd\uff0c\u4ed6\u76f4\u8a00\u4e0d\u8bb3\u5730\u6307\u51fa\u9700\u8981\u6539\u53d8\u7684\u4e0d\u5e73\u8861\uff0c\u5e76\u613f\u610f\u91c7\u53d6\u9ad8\u5ea6\u7834\u574f\u6027\u7684\u653f\u7b56\uff0c\u4ee5\u8fc5\u901f\u63a8\u52a8\u4ed6\u8ba4\u4e3a\u5bf9\u7f8e\u56fd\u4eba\u6700\u6709\u5229\u7684\u53d8\u5316\u3002\u8fd9\u4e9b\u6539\u53d8\u5c06\u7ec8\u7ed3\u77f3\u6cb9\u4eba\u6c11\u5e01\u4f53\u7cfb\u3002\u6b63\u5982\u6211\u5728\u672c\u6587\u4e2d\u8bba\u8ff0\u7684\uff0c\u8fd9\u4e9b\u53d8\u5316\u5c06\u5bfc\u81f4\u5168\u7403\u8303\u56f4\u5185\u6cd5\u5b9a\u8d27\u5e01\u4f9b\u5e94\u7684\u589e\u52a0\u4ee5\u53ca\u91d1\u878d\u538b\u5236\u7684\u52a0\u5267\u3002\u8fd9\u4e24\u8005\u5fc5\u7136\u53d1\u751f\uff0c\u56e0\u4e3a\u65e0\u8bba\u662f\u7f8e\u56fd\u3001\u6b27\u76df\u3001\u4e2d\u56fd\u8fd8\u662f\u65e5\u672c\u7684\u9886\u5bfc\u4eba\uff0c\u90fd\u4e0d\u613f\u901a\u8fc7\u53bb\u6760\u6746\u5316\u6765\u5b9e\u73b0\u65b0\u7684\u53ef\u6301\u7eed\u5e73\u8861\u3002\u76f8\u53cd\uff0c\u4ed6\u4eec\u5c06\u9009\u62e9\u5370\u949e\u5e76\u6467\u6bc1\u957f\u671f\u653f\u5e9c\u503a\u5238\u548c\u94f6\u884c\u50a8\u84c4\u5b58\u6b3e\u7684\u5b9e\u9645\u8d2d\u4e70\u529b\uff0c\u4ee5\u786e\u4fdd\u7cbe\u82f1\u9636\u5c42\u5728\u65b0\u4f53\u7cfb\u4e2d\u7684\u638c\u63a7\u529b\u3002<\/p>\n

\u63a5\u4e0b\u6765\uff0c\u6211\u5c06\u4ece\u7279\u6717\u666e\u7684\u76ee\u6807\u6982\u8ff0\u5f00\u59cb\uff0c\u7136\u540e\u8bc4\u4f30\u5404\u7ecf\u6d4e\u4f53\u6216\u56fd\u5bb6\u7684\u53cd\u5e94\u3002<\/p>\n

\u7279\u6717\u666e\u7684\u771f\u76f8<\/strong><\/p>\n

\u4e3a\u4e86\u7ef4\u6301\u77f3\u6cb9\u4eba\u6c11\u5e01\u4f53\u7cfb\uff0c\u7f8e\u56fd\u5fc5\u987b\u4fdd\u6301\u7ecf\u5e38\u8d26\u6237\u548c\u8d38\u6613\u8d26\u6237\u7684\u8d64\u5b57\u3002\u8fd9\u79cd\u7ed3\u679c\u5bfc\u81f4\u4e86\u7f8e\u56fd\u7ecf\u6d4e\u7684\u53bb\u5de5\u4e1a\u5316\u548c\u91d1\u878d\u5316\u3002\u5982\u679c\u4f60\u60f3\u4e86\u89e3\u5176\u673a\u5236\uff0c\u6211\u5efa\u8bae\u9605\u8bfb Michael Pettis \u7684\u5168\u90e8\u8457\u4f5c\u3002\u6211\u5e76\u4e0d\u662f\u8bf4\u8fd9\u5c31\u662f\u4e16\u754c\u5e94\u8be5\u6539\u53d8\u7ecf\u6d4e\u4f53\u7cfb\u7684\u539f\u56e0\uff0c\u4f46\u81ea 1970 \u5e74\u4ee3\u4ee5\u6765\uff0c\u6240\u8c13\u7684\u300c\u7f8e\u5f0f\u548c\u5e73\u300d\u670d\u52a1\u7684\u666e\u901a\u7f8e\u56fd\u767d\u4eba\u7537\u6027\u663e\u7136\u5df2\u7ecf\u5931\u53bb\u4e86\u5f88\u591a\u3002\u8fd9\u91cc\u7684\u5173\u952e\u662f\u300c\u666e\u901a\u300d\u4e00\u8bcd\uff1b\u6211\u5e76\u4e0d\u662f\u5728\u8c08\u8bba\u50cf JP Morgan \u7684 CEO Jamie Dimon \u548c Goldman Sachs \u7684 CEO David Solomon \u8fd9\u6837\u7684\u9ad8\u5c42\u4eba\u58eb\uff0c\u4e5f\u4e0d\u662f\u90a3\u4e9b\u4e3a\u4ed6\u4eec\u5de5\u4f5c\u7684\u666e\u901a\u767d\u9886\u3002\u6211\u6307\u7684\u662f\u90a3\u4e9b\u66fe\u7ecf\u5728 Bethlehem Steel \u6709\u4e00\u4efd\u5de5\u4f5c\u3001\u6709\u81ea\u5df1\u7684\u623f\u5b50\u548c\u4f34\u4fa3\u7684\u666e\u901a\u4eba\uff0c\u800c\u73b0\u5728\u4ed6\u4eec\u552f\u4e00\u63a5\u89e6\u7684\u5973\u6027\u53ef\u80fd\u662f\u7f8e\u6c99\u916e\u8bca\u6240\u7684\u62a4\u58eb\u3002\u8fd9\u4e00\u70b9\u663e\u800c\u6613\u89c1\uff0c\u56e0\u4e3a\u8fd9\u4e00\u7fa4\u4f53\u6b63\u5728\u901a\u8fc7\u9152\u7cbe\u548c\u5904\u65b9\u836f\u7f13\u6162\u81ea\u6740\u3002\u76f8\u8f83\u4e8e\u4e8c\u6218\u540e\u4ed6\u4eec\u66fe\u7ecf\u4eab\u6709\u7684\u9ad8\u751f\u6d3b\u6c34\u5e73\u548c\u5de5\u4f5c\u6ee1\u610f\u5ea6\uff0c\u5982\u4eca\u7684\u72b6\u51b5\u663e\u7136\u7cdf\u7cd5\u900f\u9876\u3002\u4f17\u6240\u5468\u77e5\uff0c\u8fd9\u6b63\u662f\u7279\u6717\u666e\u7684\u57fa\u672c\u76d8\uff0c\u4ed6\u4ee5\u4e00\u79cd\u5176\u4ed6\u653f\u6cbb\u5bb6\u4e0d\u6562\u7684\u65b9\u5f0f\u4e0e\u4ed6\u4eec\u5bf9\u8bdd\u3002\u7279\u6717\u666e\u627f\u8bfa\u5c06\u5de5\u4e1a\u5e26\u56de\u7f8e\u56fd\uff0c\u4e3a\u4ed6\u4eec\u60b2\u60e8\u7684\u751f\u6d3b\u91cd\u65b0\u6ce8\u5165\u610f\u4e49\u3002<\/p>\n

\n
\"Arthur\"Arthur<\/figure>\n<\/div>\n

\u5bf9\u4e8e\u90a3\u4e9b\u70ed\u8877\u4e8e\u300c\u7535\u5b50\u6e38\u620f\u6218\u4e89\u300d\u7684\u55dc\u8840\u7f8e\u56fd\u4eba\u6765\u8bf4\uff08\u8fd9\u662f\u4e00\u4e2a\u975e\u5e38\u5f3a\u5927\u7684\u653f\u6cbb\u7fa4\u4f53\uff09\uff0c\u5f53\u524d\u7f8e\u56fd\u519b\u961f\u7684\u72b6\u6001\u582a\u79f0\u4e00\u79cd\u803b\u8fb1\u3002\u7f8e\u56fd\u519b\u961f\u4e0e\u4efb\u4f55\u8fd1\u4e4e\u6216\u771f\u6b63\u7684\u5bf9\u624b\uff08\u76ee\u524d\u53ea\u6709\u4fc4\u7f57\u65af\u548c\u4e2d\u56fd\u7b26\u5408\u8fd9\u4e00\u6761\u4ef6\uff09\u7684\u4f18\u8d8a\u6027\u795e\u8bdd\uff0c\u8d77\u6e90\u4e8e\u7f8e\u56fd\u519b\u961f\u5728\u4e8c\u6218\u4e2d\u4ece\u5e0c\u7279\u52d2\u7684\u4fb5\u7565\u4e2d\u300c\u89e3\u653e\u300d\u4e86\u4e16\u754c\u3002\u4f46\u4e8b\u5b9e\u5e76\u975e\u5982\u6b64\uff1b\u82cf\u8054\u4ed8\u51fa\u4e86\u6570\u5343\u4e07\u4eba\u7684\u751f\u547d\u624d\u51fb\u8d25\u4e86\u5fb7\u56fd\u4eba\uff0c\u7f8e\u56fd\u53ea\u662f\u6536\u5c3e\u7684\u89d2\u8272\u3002\u65af\u5927\u6797\u5bf9\u7f8e\u56fd\u5728\u897f\u6b27\u6218\u573a\u4e0a\u5bf9\u5e0c\u7279\u52d2\u53d1\u52a8\u5927\u89c4\u6a21\u653b\u52bf\u7684\u62d6\u5ef6\u611f\u5230\u7edd\u671b\u3002\u7f8e\u56fd\u603b\u7edf\u7f57\u65af\u798f\u8ba9\u82cf\u8054\u6d41\u8840\uff0c\u4ee5\u51cf\u5c11\u7f8e\u56fd\u58eb\u5175\u7684\u4f24\u4ea1\u3002\u5728\u592a\u5e73\u6d0b\u6218\u573a\u4e0a\uff0c\u5c3d\u7ba1\u7f8e\u56fd\u51fb\u8d25\u4e86\u65e5\u672c\uff0c\u4f46\u4ed6\u4eec\u4ece\u672a\u9762\u5bf9\u65e5\u672c\u9646\u519b\u7684\u5168\u9762\u8fdb\u653b\uff0c\u56e0\u4e3a\u65e5\u672c\u5c06\u5176\u5927\u90e8\u5206\u5175\u529b\u6295\u5165\u5230\u4e86\u4e2d\u56fd\u5927\u9646\u3002\u597d\u83b1\u575e\u4e0e\u5176\u5728\u7535\u5f71\u4e2d\u795e\u5316\u8bfa\u66fc\u5e95\u767b\u9646\uff0c\u4e0d\u5982\u63cf\u7ed8\u65af\u5927\u6797\u683c\u52d2\u6218\u5f79\u548c\u6731\u53ef\u592b\u5c06\u519b\u7684\u82f1\u96c4\u4e3b\u4e49\uff0c\u4ee5\u53ca\u6570\u767e\u4e07\u727a\u7272\u7684\u4fc4\u7f57\u65af\u58eb\u5175\u3002<\/p>\n

\u4e8c\u6218\u540e\uff0c\u7f8e\u56fd\u519b\u961f\u5728\u671d\u9c9c\u6218\u4e89\u4e2d\u4e0e\u671d\u9c9c\u6253\u6210\u5e73\u624b\uff0c\u5728\u8d8a\u5357\u6218\u4e89\u4e2d\u8f93\u7ed9\u4e86\u5317\u8d8a\uff0c2021 \u5e74\u5728\u963f\u5bcc\u6c57\u7ecf\u5386\u4e86\u6df7\u4e71\u7684\u64a4\u519b\uff0c\u73b0\u5728\u53c8\u5728\u4e4c\u514b\u5170\u8f93\u7ed9\u4e86\u4fc4\u7f57\u65af\u3002\u7f8e\u56fd\u519b\u961f\u552f\u4e00\u53ef\u4ee5\u5f15\u4ee5\u4e3a\u50b2\u7684\uff0c\u662f\u5728\u4e24\u6b21\u6ce2\u65af\u6e7e\u6218\u4e89\u4e2d\u4f7f\u7528\u9ad8\u5ea6\u590d\u6742\u4e14\u8fc7\u4e8e\u6602\u8d35\u7684\u6b66\u5668\u5bf9\u4ed8\u7b2c\u4e09\u4e16\u754c\u56fd\u5bb6\u5982\u4f0a\u62c9\u514b\u3002<\/p>\n

\u6218\u4e89\u7684\u6210\u529f\u662f\u5de5\u4e1a\u7ecf\u6d4e\u5b9e\u529b\u7684\u4f53\u73b0\u3002\u5982\u679c\u4f60\u5173\u5fc3\u6218\u4e89\uff0c\u7f8e\u56fd\u7ecf\u6d4e\u5b9e\u9645\u4e0a\u662f\u300c\u865a\u5047\u7e41\u8363\u300d\u7684\u3002\u662f\u7684\uff0c\u7f8e\u56fd\u4eba\u53ef\u4ee5\u8fdb\u884c\u65e0\u4e0e\u4f26\u6bd4\u7684\u6760\u6746\u6536\u8d2d\uff0c\u4f46\u4ed6\u4eec\u7684\u6b66\u5668\u7cfb\u7edf\u662f\u4e2d\u56fd\u8fdb\u53e3\u96f6\u4ef6\u7684\u62fc\u51d1\u54c1\uff0c\u4ef7\u683c\u9ad8\u6602\uff0c\u5374\u88ab\u8feb\u5356\u7ed9\u50cf\u6c99\u7279\u963f\u62c9\u4f2f\u8fd9\u6837\u7684\u300c\u88ab\u7ed1\u67b6\u5ba2\u6237\u300d\uff0c\u8fd9\u4e9b\u5ba2\u6237\u5fc5\u987b\u6839\u636e\u5730\u7f18\u653f\u6cbb\u534f\u8bae\u8d2d\u4e70\u8fd9\u4e9b\u7cfb\u7edf\u3002\u800c\u4fc4\u7f57\u65af\uff0c\u5176\u7ecf\u6d4e\u89c4\u6a21\u4ec5\u4e3a\u7f8e\u56fd\u7684\u5341\u5206\u4e4b\u4e00\uff0c\u5374\u80fd\u4ee5\u8fdc\u4f4e\u4e8e\u7f8e\u56fd\u5e38\u89c4\u6b66\u5668\u7684\u6210\u672c\u751f\u4ea7\u51fa\u65e0\u6cd5\u62e6\u622a\u7684\u9ad8\u8d85\u97f3\u901f\u5bfc\u5f39\u3002<\/p>\n

\u7279\u6717\u666e\u5e76\u4e0d\u662f\u4e00\u4e2a\u300c\u548c\u5e73\u81f3\u4e0a\u300d\u7684\u5b09\u76ae\u58eb\uff1b\u4ed6\u5b8c\u5168\u76f8\u4fe1\u7f8e\u56fd\u7684\u519b\u4e8b\u4f18\u52bf\u548c\u4f8b\u5916\u4e3b\u4e49\uff0c\u5e76\u4e50\u4e8e\u5229\u7528\u8fd9\u79cd\u519b\u4e8b\u529b\u91cf\u5c60\u6740\u654c\u4eba\u3002\u8bb0\u5f97\u5728\u4ed6\u7684\u7b2c\u4e00\u4e2a\u4efb\u671f\u5185\uff0c\u4ed6\u5728\u4f0a\u62c9\u514b\u9886\u571f\u4e0a\u523a\u6740\u4e86\u4f0a\u6717\u5c06\u519b Qasem Soleimani\uff0c\u8fd9\u4e00\u884c\u4e3a\u8ba9\u8bb8\u591a\u7f8e\u56fd\u4eba\u6b22\u6b23\u9f13\u821e\u3002\u7279\u6717\u666e\u6beb\u4e0d\u5728\u610f\u4fb5\u72af\u4f0a\u62c9\u514b\u9886\u7a7a\uff0c\u4e5f\u65e0\u89c6\u7f8e\u56fd\u5e76\u672a\u6b63\u5f0f\u4e0e\u4f0a\u6717\u4ea4\u6218\u7684\u4e8b\u5b9e\uff0c\u5355\u65b9\u9762\u51b3\u5b9a\u523a\u6740\u53e6\u4e00\u56fd\u7684\u5c06\u519b\u3002\u56e0\u6b64\uff0c\u4ed6\u5e0c\u671b\u91cd\u65b0\u6b66\u88c5\u8fd9\u4e2a\u5e1d\u56fd\uff0c\u8ba9\u5176\u519b\u4e8b\u80fd\u529b\u4e0e\u5ba3\u4f20\u76f8\u5339\u914d\u3002<\/p>\n

\u7279\u6717\u666e\u4e3b\u5f20\u901a\u8fc7\u518d\u5de5\u4e1a\u5316\u91cd\u632f\u7f8e\u56fd\u7ecf\u6d4e\uff0c\u8fd9\u4e0d\u4ec5\u6709\u52a9\u4e8e\u90a3\u4e9b\u5e0c\u671b\u62e5\u6709\u4f18\u8d28\u5236\u9020\u4e1a\u5de5\u4f5c\u7684\u4eba\uff0c\u4e5f\u80fd\u652f\u6301\u90a3\u4e9b\u5e0c\u671b\u62e5\u6709\u5f3a\u5927\u519b\u961f\u7684\u4eba\u3002\u8981\u505a\u5230\u8fd9\u4e00\u70b9\uff0c\u5c31\u9700\u8981\u626d\u8f6c\u77f3\u6cb9\u4eba\u6c11\u5e01\u4f53\u7cfb\u4e0b\u5f62\u6210\u7684\u4e0d\u5e73\u8861\u3002\u8fd9\u5c06\u901a\u8fc7\u524a\u5f31\u7f8e\u5143\u3001\u63d0\u4f9b\u7a0e\u6536\u8865\u8d34\u548c\u751f\u4ea7\u8865\u52a9\u3001\u4ee5\u53ca\u653e\u677e\u76d1\u7ba1\u6765\u5b9e\u73b0\u3002\u6240\u6709\u8fd9\u4e9b\u63aa\u65bd\u5c06\u4f7f\u4f01\u4e1a\u5c06\u751f\u4ea7\u8f6c\u56de\u7f8e\u56fd\u53d8\u5f97\u7ecf\u6d4e\u4e0a\u53ef\u884c\uff0c\u56e0\u4e3a\u76ee\u524d\u4e2d\u56fd\u4ecd\u7136\u662f\u751f\u4ea7\u7684\u6700\u4f73\u573a\u6240\uff0c\u8fd9\u5f97\u76ca\u4e8e\u4e09\u5341\u5e74\u6765\u7684\u4eb2\u589e\u957f\u653f\u7b56\u3002<\/p>\n

\u5728\u6211\u7684\u6587\u7ae0 Black or White \u4e2d\uff0c\u6211\u8c08\u5230\u4e86\u4e3a\u7a77\u4eba\u5b9e\u65bd\u7684\u91cf\u5316\u5bbd\u677e (QE) \u5982\u4f55\u4e3a\u7f8e\u56fd\u7684\u518d\u5de5\u4e1a\u5316\u63d0\u4f9b\u8d44\u91d1\u3002\u6211\u76f8\u4fe1\u5373\u5c06\u4e0a\u4efb\u7684\u7f8e\u56fd\u8d22\u653f\u90e8\u957f\u8d1d\u68ee\u7279\u5c06\u63a8\u884c\u8fd9\u6837\u7684\u5de5\u4e1a\u653f\u7b56\u3002\u7136\u800c\uff0c\u8fd9\u9700\u8981\u65f6\u95f4\uff0c\u800c\u7279\u6717\u666e\u9700\u8981\u7acb\u5373\u5c55\u793a\u80fd\u591f\u5438\u5f15\u9009\u6c11\u7684\u6210\u679c\uff0c\u4f5c\u4e3a\u4ed6\u6267\u653f\u7b2c\u4e00\u5e74\u7684\u8fdb\u5c55\u5411\u9009\u6c11\u63a8\u9500\u3002\u56e0\u6b64\uff0c\u6211\u8ba4\u4e3a\u7279\u6717\u666e\u548c\u8d1d\u68ee\u7279\u5fc5\u987b\u7acb\u5373\u8ba9\u7f8e\u5143\u8d2c\u503c\u3002\u6211\u60f3\u8ba8\u8bba\u8fd9\u5982\u4f55\u662f\u53ef\u80fd\u7684\u4ee5\u53ca\u4e3a\u4ec0\u4e48\u5b83\u5fc5\u987b\u5728 2025 \u5e74\u4e0a\u534a\u5e74\u53d1\u751f\u3002<\/p>\n

\u6bd4\u7279\u5e01\u6218\u7565\u50a8\u5907<\/strong><\/p>\n

\u300c\u9ec4\u91d1\u662f\u8d27\u5e01\uff0c\u5176\u4ed6\u4e00\u5207\u90fd\u53ea\u662f\u4fe1\u7528\u3002\u300d \u2014\u2014J.P. Morgan<\/p>\n

\u7279\u6717\u666e\u548c\u8d1d\u68ee\u7279\u591a\u6b21\u5f3a\u8c03\uff0c\u4e3a\u4e86\u5b9e\u73b0\u7f8e\u56fd\u7684\u7ecf\u6d4e\u76ee\u6807\uff0c\u6709\u5fc5\u8981\u524a\u5f31\u7f8e\u5143\u3002\u90a3\u4e48\uff0c\u7f8e\u5143\u5e94\u8be5\u76f8\u5bf9\u4e8e\u4ec0\u4e48\u8d2c\u503c\uff1f\u53c8\u8be5\u5728\u4f55\u65f6\u8fdb\u884c\uff1f<\/p>\n

\u5168\u7403\u4e3b\u8981\u51fa\u53e3\u56fd\u4e2d\uff0c\u9664\u4e86\u7f8e\u56fd\u4e4b\u5916\uff0c\u4f9d\u6b21\u662f\u4e2d\u56fd\uff08\u4eba\u6c11\u5e01\uff09\u3001\u6b27\u76df\uff08\u6b27\u5143\uff09\u3001\u82f1\u56fd\uff08\u82f1\u9551\uff09\u548c\u65e5\u672c\uff08\u65e5\u5143\uff09\u3002\u5982\u679c\u5e0c\u671b\u5438\u5f15\u66f4\u591a\u4f01\u4e1a\u5c06\u751f\u4ea7\u8fc1\u56de\u7f8e\u56fd\uff0c\u7f8e\u5143\u5fc5\u987b\u5bf9\u8fd9\u4e9b\u8d27\u5e01\u8d2c\u503c\u3002\u4f01\u4e1a\u4e0d\u4e00\u5b9a\u9700\u8981\u5728\u7f8e\u56fd\u6ce8\u518c\uff1b\u7279\u6717\u666e\u4e5f\u63a5\u53d7\u4e2d\u56fd\u5236\u9020\u5546\u5728\u7f8e\u56fd\u8bbe\u5382\u5e76\u5728\u672c\u5730\u9500\u552e\u5546\u54c1\u3002\u4f46\u5173\u952e\u662f\uff0c\u7f8e\u56fd\u6d88\u8d39\u8005\u5fc5\u987b\u8d2d\u4e70\u300c\u7f8e\u56fd\u5236\u9020\u300d\u7684\u4ea7\u54c1\u3002<\/p>\n

\u8fc7\u53bb\u901a\u8fc7\u56fd\u9645\u534f\u8c03\u8c03\u6574\u6c47\u7387\u7684\u65b9\u5f0f\u5df2\u7ecf\u8fc7\u65f6\u3002\u5982\u4eca\uff0c\u65e0\u8bba\u5728\u7ecf\u6d4e\u8fd8\u662f\u519b\u4e8b\u4e0a\uff0c\u7f8e\u56fd\u76f8\u8f83\u4e8e\u5176\u4ed6\u56fd\u5bb6\u7684\u5b9e\u529b\u90fd\u4e0d\u5982\u4e0a\u4e16\u7eaa 80 \u5e74\u4ee3\u3002\u56e0\u6b64\uff0cBessent \u65e0\u6cd5\u5355\u65b9\u9762\u8981\u6c42\u5176\u4ed6\u56fd\u5bb6\u8c03\u6574\u5176\u8d27\u5e01\u5151\u7f8e\u5143\u7684\u6c47\u7387\u3002\u5f53\u7136\uff0c\u4ed6\u53ef\u4ee5\u901a\u8fc7\u5173\u7a0e\u6216\u5176\u4ed6\u624b\u6bb5\u65bd\u538b\uff0c\u4f46\u8fd9\u9700\u8981\u5927\u91cf\u65f6\u95f4\u548c\u5916\u4ea4\u52aa\u529b\u3002\u800c\u5b9e\u9645\u4e0a\uff0c\u8fd8\u6709\u4e00\u79cd\u66f4\u76f4\u63a5\u7684\u65b9\u5f0f\u3002<\/p>\n

\u7f8e\u56fd\u76ee\u524d\u62e5\u6709\u5168\u7403\u6700\u591a\u7684\u9ec4\u91d1\u50a8\u5907\uff0c\u7ea6 8,133.46 \u5428\uff0c\u8fd9\u4e3a\u5b9e\u73b0\u7f8e\u5143\u8d2c\u503c\u63d0\u4f9b\u4e86\u72ec\u7279\u4f18\u52bf\u3002\u4f17\u6240\u5468\u77e5\uff0c\u9ec4\u91d1\u662f\u5168\u7403\u8d38\u6613\u7684\u771f\u6b63\u8d27\u5e01\u3002\u867d\u7136\u7f8e\u56fd\u5df2\u7ecf\u8131\u79bb\u91d1\u672c\u4f4d\u5236 50 \u5e74\uff0c\u4f46\u5728\u5386\u53f2\u4e0a\uff0c\u91d1\u672c\u4f4d\u5236\u4e00\u76f4\u662f\u4e3b\u6d41\uff0c\u800c\u5f53\u524d\u7684\u6cd5\u5b9a\u8d27\u5e01\u4f53\u7cfb\u53cd\u800c\u662f\u4f8b\u5916\u3002\u56e0\u6b64\uff0c\u6700\u7b80\u5355\u7684\u8def\u5f84\u662f\u8ba9\u7f8e\u5143\u76f8\u5bf9\u4e8e\u9ec4\u91d1\u8d2c\u503c\u3002<\/p>\n

\u76ee\u524d\uff0c\u7f8e\u56fd\u8d22\u653f\u90e8\u5728\u8d44\u4ea7\u8d1f\u503a\u8868\u4e0a\u5c06\u9ec4\u91d1\u5b9a\u4ef7\u4e3a\u6bcf\u76ce\u53f8 42.22 \u7f8e\u5143\u3002\u5982\u679c\u8d1d\u68ee\u7279\u80fd\u8bf4\u670d\u56fd\u4f1a\u63d0\u9ad8\u9ec4\u91d1\u7684\u6cd5\u5b9a\u4ef7\u683c\uff0c\u7f8e\u5143\u76f8\u5bf9\u4e8e\u9ec4\u91d1\u7684\u8d2c\u503c\u5c06\u76f4\u63a5\u4e3a\u8d22\u653f\u90e8\u5728\u7f8e\u8054\u50a8\u7684\u8d26\u6237\u589e\u52a0\u4fe1\u7528\u989d\u5ea6\u3002\u8fd9\u4e9b\u65b0\u589e\u8d44\u91d1\u53ef\u4ee5\u76f4\u63a5\u7528\u4e8e\u7ecf\u6d4e\u652f\u51fa\u3002\u6bcf\u5f53\u9ec4\u91d1\u4ef7\u683c\u4e0a\u8c03 3,824 \u7f8e\u5143 \/ \u76ce\u53f8\uff0c\u5c31\u80fd\u4e3a\u8d22\u653f\u90e8\u5e26\u6765 1 \u4e07\u4ebf\u7f8e\u5143\u7684\u989d\u5916\u8d44\u91d1\u3002\u4f8b\u5982\uff0c\u5c06\u9ec4\u91d1\u4ef7\u683c\u8c03\u6574\u81f3\u5f53\u524d\u73b0\u8d27\u4ef7\u683c\uff0c\u5c31\u80fd\u589e\u52a0\u7ea6 6950 \u4ebf\u7f8e\u5143\u7684\u8d22\u653f\u50a8\u5907\u3002<\/p>\n

\u901a\u8fc7\u8fd9\u79cd\u65b9\u5f0f\uff0c\u7f8e\u56fd\u653f\u5e9c\u53ef\u4ee5\u901a\u8fc7\u8c03\u6574\u9ec4\u91d1\u4ef7\u683c\u300c\u51ed\u7a7a\u300d\u521b\u9020\u7f8e\u5143\uff0c\u5e76\u5c06\u5176\u7528\u4e8e\u8d2d\u4e70\u5546\u54c1\u548c\u670d\u52a1\u3002\u8fd9\u79cd\u64cd\u4f5c\u672c\u8d28\u4e0a\u5c31\u662f\u6cd5\u5b9a\u8d27\u5e01\u7684\u8d2c\u503c\u3002\u7531\u4e8e\u5176\u4ed6\u6cd5\u5b9a\u8d27\u5e01\u7684\u4ef7\u503c\u4e5f\u9690\u542b\u5730\u4e0e\u9ec4\u91d1\u6302\u94a9\uff0c\u8fd9\u4e9b\u8d27\u5e01\u5c06\u81ea\u52a8\u76f8\u5bf9\u7f8e\u5143\u5347\u503c\u3002\u7f8e\u56fd\u65e0\u9700\u4e0e\u5176\u4ed6\u56fd\u5bb6\u534f\u5546\uff0c\u5c31\u80fd\u8fc5\u901f\u5b9e\u73b0\u7f8e\u5143\u5bf9\u4e3b\u8981\u8d38\u6613\u4f19\u4f34\u8d27\u5e01\u7684\u5927\u5e45\u8d2c\u503c\u3002<\/p>\n

\u6709\u4eba\u53ef\u80fd\u4f1a\u95ee\uff0c\u5176\u4ed6\u51fa\u53e3\u56fd\u662f\u5426\u4f1a\u901a\u8fc7\u8ba9\u81ea\u5df1\u7684\u8d27\u5e01\u5bf9\u9ec4\u91d1\u8d2c\u503c\u66f4\u591a\u6765\u6062\u590d\u7ade\u4e89\u529b\uff1f\u7406\u8bba\u4e0a\u53ef\u4ee5\uff0c\u4f46\u7531\u4e8e\u7f8e\u5143\u7684\u5168\u7403\u50a8\u5907\u8d27\u5e01\u5730\u4f4d\uff0c\u8fd9\u4e9b\u56fd\u5bb6\u65e0\u6cd5\u6548\u4eff\u7f8e\u56fd\u7684\u9ec4\u91d1\u8d2c\u503c\u7b56\u7565\uff0c\u5426\u5219\u5c06\u9762\u4e34\u6076\u6027\u901a\u80c0\u7684\u98ce\u9669\u3002\u5c24\u5176\u662f\u56e0\u4e3a\u8fd9\u4e9b\u56fd\u5bb6\u5728\u80fd\u6e90\u548c\u98df\u54c1\u65b9\u9762\u65e0\u6cd5\u50cf\u7f8e\u56fd\u90a3\u6837\u5b9e\u73b0\u81ea\u7ed9\uff0c\u8fd9\u79cd\u901a\u80c0\u5c06\u5bfc\u81f4\u4e25\u91cd\u7684\u793e\u4f1a\u52a8\u8361\uff0c\u4ece\u800c\u5a01\u80c1\u6267\u653f\u8005\u7684\u5730\u4f4d\u3002<\/p>\n

\u5982\u679c\u95ee\u9700\u8981\u591a\u5927\u7684\u7f8e\u5143\u8d2c\u503c\u624d\u80fd\u63a8\u52a8\u7f8e\u56fd\u7ecf\u6d4e\u7684\u518d\u5de5\u4e1a\u5316\uff1f\u7b54\u6848\u5c31\u662f\u65b0\u7684\u9ec4\u91d1\u4ef7\u683c\u3002\u5982\u679c\u6211\u662f Bessent\uff0c\u6211\u4f1a\u91c7\u53d6\u5927\u80c6\u7684\u884c\u52a8\uff0c\u4f8b\u5982\u5c06\u9ec4\u91d1\u4ef7\u683c\u91cd\u65b0\u4f30\u503c\u81f3\u6bcf\u76ce\u53f8 10,000 \u81f3 20,000 \u7f8e\u5143\u3002\u6839\u636e Luke Gromen \u7684\u4f30\u7b97\uff0c\u5982\u679c\u56de\u5230 1980 \u5e74\u4ee3\u9ec4\u91d1\u4e0e\u7f8e\u8054\u50a8\u8d1f\u503a\u7684\u6bd4\u4f8b\uff0c\u9ec4\u91d1\u4ef7\u683c\u53ef\u80fd\u9700\u8981\u4e0a\u6da8 14 \u500d\uff0c\u8fbe\u5230\u6bcf\u76ce\u53f8\u7ea6 40,000 \u7f8e\u5143\u3002\u8fd9\u5e76\u975e\u6211\u7684\u9884\u6d4b\uff0c\u800c\u662f\u8bf4\u660e\u5f53\u524d\u7f8e\u5143\u76f8\u5bf9\u4e8e\u9ec4\u91d1\u7684\u9ad8\u4f30\u7a0b\u5ea6\u3002<\/p>\n

\u4f5c\u4e3a\u4e00\u540d\u9ec4\u91d1\u652f\u6301\u8005\uff0c\u6211\u6301\u6709\u5b9e\u7269\u91d1\u6761\u5e76\u6295\u8d44\u9ec4\u91d1\u77ff\u4e1a ETF\uff0c\u56e0\u4e3a\u7f8e\u5143\u6700\u5bb9\u6613\u7684\u8d2c\u503c\u65b9\u5f0f\u5c31\u662f\u76f8\u5bf9\u4e8e\u9ec4\u91d1\u3002\u800c\u8fd9\u4e00\u64cd\u4f5c\u4e5f\u5c06\u5bf9\u52a0\u5bc6\u8d27\u5e01\u5e02\u573a\u4ea7\u751f\u6df1\u8fdc\u5f71\u54cd\u3002<\/p>\n

\u6bd4\u7279\u5e01\u6218\u7565\u50a8\u5907\uff08BSR\uff09\u7684\u6982\u5ff5\u6b63\u662f\u57fa\u4e8e\u8fd9\u4e00\u903b\u8f91\u3002\u7f8e\u56fd\u53c2\u8bae\u5458 Lummis \u63d0\u8bae\u7acb\u6cd5\uff0c\u8981\u6c42\u8d22\u653f\u90e8\u5728\u4e94\u5e74\u5185\u6bcf\u5e74\u8d2d\u4e70 200,000 \u4e2a\u6bd4\u7279\u5e01\uff0c\u5e76\u901a\u8fc7\u63d0\u9ad8\u653f\u5e9c\u8d44\u4ea7\u8d1f\u503a\u8868\u4e0a\u9ec4\u91d1\u7684\u4ef7\u683c\u6765\u4e3a\u8fd9\u4e9b\u8d2d\u4e70\u63d0\u4f9b\u8d44\u91d1\u3002\u8fd9\u4e00\u63d0\u8bae\u7684\u6838\u5fc3\u5728\u4e8e\uff0c\u6bd4\u7279\u5e01\u4f5c\u4e3a\u300c\u6700\u786c\u7684\u8d27\u5e01\u300d\uff0c\u53ef\u4ee5\u5e2e\u52a9\u7f8e\u56fd\u5728\u6570\u5b57\u548c\u73b0\u5b9e\u7ecf\u6d4e\u4e2d\u4fdd\u6301\u91d1\u878d\u4e3b\u5bfc\u5730\u4f4d\u3002<\/p>\n

\u5982\u679c\u653f\u5e9c\u7684\u7ecf\u6d4e\u653f\u7b56\u4e0e\u6bd4\u7279\u5e01\u4ef7\u683c\u5bc6\u5207\u76f8\u5173\uff0c\u90a3\u4e48\u5b83\u5c06\u66f4\u503e\u5411\u4e8e\u652f\u6301\u6bd4\u7279\u5e01\u548c\u52a0\u5bc6\u8d27\u5e01\u751f\u6001\u7cfb\u7edf\u7684\u6269\u5c55\u3002\u8fd9\u79cd\u903b\u8f91\u4e0e\u653f\u5e9c\u652f\u6301\u56fd\u5185\u9ec4\u91d1\u5f00\u91c7\u548c\u9ec4\u91d1\u4ea4\u6613\u5e02\u573a\u7684\u65b9\u5f0f\u7c7b\u4f3c\u3002\u4f8b\u5982\uff0c\u4e2d\u56fd\u901a\u8fc7\u4e0a\u6d77\u9ec4\u91d1\u671f\u8d27\u4ea4\u6613\u6240\u9f13\u52b1\u56fd\u5185\u9ec4\u91d1\u6301\u6709\uff0c\u4fbf\u662f\u589e\u52a0\u56fd\u5bb6\u9ec4\u91d1\u50a8\u5907\u7684\u4e00\u79cd\u653f\u7b56\u5b9e\u8df5\u3002<\/p>\n

\u5982\u679c\u7f8e\u56fd\u653f\u5e9c\u901a\u8fc7\u9ec4\u91d1\u8d2c\u503c\u521b\u9020\u66f4\u591a\u7f8e\u5143\uff0c\u5e76\u7528\u5176\u4e2d\u4e00\u90e8\u5206\u8d44\u91d1\u8d2d\u4e70\u6bd4\u7279\u5e01\uff0c\u90a3\u4e48\u6bd4\u7279\u5e01\u7684\u6cd5\u5b9a\u8d27\u5e01\u4ef7\u683c\u5c06\u968f\u4e4b\u4e0a\u6da8\u3002\u8fd9\u79cd\u4e0a\u6da8\u5c06\u8fdb\u4e00\u6b65\u5f15\u53d1\u5176\u4ed6\u56fd\u5bb6\u7684\u7ade\u4e89\u6027\u4e3b\u6743\u8d2d\u4e70\uff0c\u56e0\u4e3a\u5b83\u4eec\u9700\u8981\u8d76\u4e0a\u7f8e\u56fd\u7684\u6b65\u4f10\u3002\u5728\u8fd9\u79cd\u60c5\u51b5\u4e0b\uff0c\u6bd4\u7279\u5e01\u7684\u4ef7\u683c\u53ef\u80fd\u4f1a\u5448\u6307\u6570\u7ea7\u589e\u957f\u3002\u6bd5\u7adf\uff0c\u5728\u653f\u5e9c\u4e3b\u52a8\u8d2c\u503c\u6cd5\u5e01\u7684\u80cc\u666f\u4e0b\uff0c\u8c01\u8fd8\u4f1a\u613f\u610f\u51fa\u552e\u6bd4\u7279\u5e01\u6362\u53d6\u8d2c\u503c\u7684\u6cd5\u5e01\u5462\uff1f\u5f53\u7136\uff0c\u957f\u671f\u6301\u6709\u8005\u6700\u7ec8\u4f1a\u5728\u67d0\u4e2a\u4ef7\u683c\u70b9\u51fa\u552e\u6bd4\u7279\u5e01\uff0c\u4f46\u8fd9\u4e2a\u4ef7\u683c\u7edd\u5bf9\u4e0d\u4f1a\u662f 10 \u4e07\u7f8e\u5143\u3002\u5c3d\u7ba1\u8fd9\u4e00\u903b\u8f91\u6e05\u6670\u5408\u7406\uff0c\u6211\u4ecd\u7136\u4e0d\u8ba4\u4e3a\u6bd4\u7279\u5e01\u6218\u7565\u50a8\u5907 (BSR) \u4f1a\u771f\u6b63\u5b9e\u65bd\u3002\u6211\u8ba4\u4e3a\uff0c\u653f\u6cbb\u5bb6\u4eec\u66f4\u503e\u5411\u4e8e\u5c06\u65b0\u521b\u9020\u7684\u7f8e\u5143\u7528\u4e8e\u6c11\u751f\u9879\u76ee\uff0c\u4ee5\u786e\u4fdd\u4ed6\u4eec\u5728\u5373\u5c06\u5230\u6765\u7684\u9009\u4e3e\u4e2d\u83b7\u5f97\u80dc\u5229\u3002\u7136\u800c\uff0c\u5373\u4f7f BSR \u4e0d\u4f1a\u53d1\u751f\uff0c\u4ec5\u4ec5\u662f\u8fd9\u4e00\u53ef\u80fd\u6027\u5c31\u8db3\u4ee5\u4ea7\u751f\u5e02\u573a\u7684\u8d2d\u4e70\u538b\u529b\u3002<\/p>\n

\u6211\u867d\u7136\u4e0d\u8ba4\u4e3a\u7f8e\u56fd\u653f\u5e9c\u4f1a\u8d2d\u4e70\u6bd4\u7279\u5e01\uff0c\u4f46\u8fd9\u5e76\u4e0d\u5f71\u54cd\u6211\u5bf9\u6bd4\u7279\u5e01\u4ef7\u683c\u7684\u4e50\u89c2\u9884\u671f\u3002\u9ec4\u91d1\u8d2c\u503c\u5c06\u521b\u9020\u5927\u91cf\u65b0\u7684\u7f8e\u5143\uff0c\u800c\u8fd9\u4e9b\u7f8e\u5143\u6700\u7ec8\u4f1a\u6d41\u5165\u5b9e\u9645\u5546\u54c1\u3001\u670d\u52a1\u548c\u91d1\u878d\u8d44\u4ea7\u4e2d\u3002\u6839\u636e\u5386\u53f2\u7ecf\u9a8c\uff0c\u6bd4\u7279\u5e01\u7684\u4ef7\u683c\u589e\u957f\u901f\u5ea6\u8fdc\u5feb\u4e8e\u5168\u7403\u7f8e\u5143\u4f9b\u5e94\u7684\u589e\u957f\u901f\u5ea6\uff0c\u8fd9\u662f\u56e0\u4e3a\u6bd4\u7279\u5e01\u7684\u603b\u91cf\u6709\u9650\uff0c\u4e14\u6d41\u901a\u91cf\u9010\u6e10\u51cf\u5c11\u3002<\/p>\n

\"Arthur\"Arthur<\/figure>\n

\u56fe\u4e2d\u767d\u7ebf\u4e3a\u7f8e\u8054\u50a8\u8d44\u4ea7\u8d1f\u503a\u8868\uff0c\u9ec4\u7ebf\u4e3a\u6bd4\u7279\u5e01\u4ef7\u683c\uff0c\u4e24\u8005\u5747\u4ee5 2011 \u5e74 1 \u6708 1 \u65e5\u7684\u6307\u6570\u503c 100 \u4e3a\u57fa\u51c6\u3002\u7f8e\u8054\u50a8\u8d44\u4ea7\u8d1f\u503a\u8868\u589e\u957f\u4e86 2.83 \u500d\uff0c\u800c\u6bd4\u7279\u5e01\u4ef7\u683c\u5219\u589e\u957f\u4e86 317,500 \u500d\u3002<\/p>\n

\u603b\u7ed3\u6765\u8bf4\uff0c\u5feb\u901f\u4e14\u663e\u8457\u5730\u524a\u5f31\u7f8e\u5143\u662f\u7279\u6717\u666e\u548c Bessent \u5b9e\u73b0\u5176\u7ecf\u6d4e\u76ee\u6807\u7684\u7b2c\u4e00\u6b65\u3002\u8fd9\u4e00\u63aa\u65bd\u53ef\u4ee5\u5728\u65e0\u9700\u4e0e\u56fd\u5185\u7acb\u6cd5\u8005\u6216\u5916\u56fd\u8d22\u653f\u90e8\u95e8\u534f\u5546\u7684\u60c5\u51b5\u4e0b\u8fc5\u901f\u5b8c\u6210\u3002\u8003\u8651\u5230\u7279\u6717\u666e\u9700\u8981\u5728\u4e00\u5e74\u5185\u5c55\u793a\u6210\u679c\uff0c\u4ee5\u5e2e\u52a9\u5171\u548c\u515a\u4fdd\u6301\u5bf9\u4f17\u8bae\u9662\u548c\u53c2\u8bae\u9662\u7684\u63a7\u5236\uff0c\u6211\u9884\u8ba1\u7f8e\u5143 \/ \u9ec4\u91d1\u7684\u8d2c\u503c\u5c06\u5728 2025 \u5e74\u4e0a\u534a\u5e74\u8fdb\u884c\u3002<\/p>\n

\u63a5\u4e0b\u6765\uff0c\u8ba9\u6211\u4eec\u805a\u7126\u4e2d\u56fd\uff0c\u63a2\u8ba8\u4ed6\u4eec\u5c06\u5982\u4f55\u5e94\u5bf9\u7279\u6717\u666e\u7684\u6838\u5fc3\u653f\u7b56\u3002<\/p>\n

\u4e2d\u56fd\u7684\u5e94\u5bf9\u63aa\u65bd<\/strong><\/p>\n

\u4e2d\u56fd\u76ee\u524d\u9762\u4e34\u4e24\u5927\u6311\u6218\uff1a\u4e00\u662f\u5c31\u4e1a\u95ee\u9898\uff0c\u4e8c\u662f\u623f\u5730\u4ea7\u95ee\u9898\u3002\u800c\u7279\u6717\u666e\u7684\u653f\u7b56\u65e0\u7591\u589e\u52a0\u4e86\u8fd9\u4e9b\u6311\u6218\uff0c\u56e0\u4e3a\u7f8e\u56fd\u540c\u6837\u9700\u8981\u4e3a\u666e\u901a\u6c11\u4f17\u521b\u9020\u66f4\u9ad8\u85aa\u7684\u5de5\u4f5c\uff0c\u5e76\u52a0\u5927\u5bf9\u751f\u4ea7\u80fd\u529b\u7684\u6295\u8d44\u3002\u7279\u6717\u666e\u53ca\u5176\u56e2\u961f\u7684\u4e3b\u8981\u6b66\u5668\u662f\u5f31\u52bf\u7f8e\u5143\u548c\u5173\u7a0e\uff0c\u90a3\u4e48\u4e2d\u56fd\u5e94\u5bf9\u7684\u63aa\u65bd\u662f\u4ec0\u4e48\uff1f<\/p>\n

\u6211\u8ba4\u4e3a\uff0c\u4e2d\u56fd\u5df2\u7ecf\u660e\u786e\u8868\u793a\uff0c\u5fc5\u987b\u4ece\u610f\u8bc6\u5f62\u6001\u4e0a\u63a5\u53d7\u91cf\u5316\u5bbd\u677e (QE)\uff0c\u5e76\u8fdb\u4e00\u6b65\u5141\u8bb8\u4eba\u6c11\u5e01\u81ea\u7531\u6d6e\u52a8\u3002\u5230\u76ee\u524d\u4e3a\u6b62\uff0c\u4e2d\u56fd\u51e0\u4e4e\u6ca1\u6709\u901a\u8fc7\u592e\u884c\u5370\u949e\u6765\u8fdb\u884c\u8d22\u653f\u523a\u6fc0\uff0c\u8fd9\u4e3b\u8981\u662f\u4e3a\u4e86\u907f\u514d\u52a0\u5267\u56fd\u5185\u7ecf\u6d4e\u7684\u4e0d\u5e73\u8861\u3002\u6b64\u5916\uff0c\u4e2d\u56fd\u4e00\u76f4\u5904\u4e8e\u89c2\u671b\u72b6\u6001\uff0c\u7b49\u5f85\u7f8e\u56fd\u65b0\u4e00\u5c4a\u653f\u5e9c\u7684\u653f\u7b56\u65b9\u5411\u3002\u7136\u800c\uff0c\u6700\u8fd1\u51e0\u5468\u7684\u8ff9\u8c61\u8868\u660e\uff0c\u4e2d\u56fd\u5c06\u901a\u8fc7\u4f20\u7edf\u7684 QE \u6e20\u9053\u8fdb\u884c\u5927\u89c4\u6a21\u7ecf\u6d4e\u523a\u6fc0\uff0c\u5e76\u5141\u8bb8\u4eba\u6c11\u5e01\u6309\u7167\u5e02\u573a\u9700\u6c42\u81ea\u7531\u4ea4\u6613\u3002<\/p>\n

\u5bf9\u4e8e\u4e3a\u4ec0\u4e48 QE \u4f1a\u5bfc\u81f4\u4eba\u6c11\u5e01\u8d2c\u503c\u7684\u7591\u95ee\uff0c\u53ef\u4ee5\u4ece\u4ee5\u4e0b\u903b\u8f91\u7406\u89e3\uff1aQE \u4f1a\u589e\u52a0\u4eba\u6c11\u5e01\u7684\u4f9b\u5e94\u91cf\u3002\u5982\u679c\u4eba\u6c11\u5e01\u4f9b\u5e94\u7684\u589e\u957f\u901f\u5ea6\u8d85\u8fc7\u5176\u4ed6\u8d27\u5e01\uff0c\u90a3\u4e48\u4eba\u6c11\u5e01\u76f8\u5bf9\u4e8e\u8fd9\u4e9b\u8d27\u5e01\u81ea\u7136\u4f1a\u8d2c\u503c\u3002\u6b64\u5916\uff0c\u4eba\u6c11\u5e01\u6301\u6709\u8005\u53ef\u80fd\u4f1a\u63d0\u524d\u884c\u52a8\uff0c\u5c06\u4eba\u6c11\u5e01\u5151\u6362\u6210\u6bd4\u7279\u5e01\u3001\u9ec4\u91d1\u6216\u7f8e\u56fd\u80a1\u7968\u7b49\u56fa\u5b9a\u4f9b\u5e94\u7684\u8d44\u4ea7\uff0c\u4ee5\u4fdd\u62a4\u81ea\u5df1\u7684\u8d2d\u4e70\u529b\u3002\u8fd9\u79cd\u884c\u4e3a\u4e5f\u4f1a\u8fdb\u4e00\u6b65\u52a0\u5267\u4eba\u6c11\u5e01\u7684\u8d2c\u503c\u3002<\/p>\n

\n
\"Arthur\"Arthur<\/figure>\n<\/div>\n

\u56fe\u4e3a\u6295\u8d44\u8005\u5f00\u59cb\u5c06\u8d44\u91d1\u64a4\u51fa\u4e2d\u56fd\u7684\u8d8b\u52bf\u3002<\/p>\n

\u6b63\u5982\u6211\u4e4b\u524d\u6240\u63d0\u5230\u7684\uff0c\u7531\u4e8e\u4e2d\u56fd\u5728\u7cae\u98df\u548c\u80fd\u6e90\u65b9\u9762\u7684\u4f9d\u8d56\u6027\uff0c\u4ed6\u4eec\u65e0\u6cd5\u901a\u8fc7\u8ba9\u4eba\u6c11\u5e01\u76f8\u5bf9\u4e8e\u9ec4\u91d1\u8d2c\u503c\u6765\u4e0e\u7f8e\u56fd\u6297\u8861\u3002\u8fd9\u5c06\u5bfc\u81f4\u6076\u6027\u901a\u80c0\uff0c\u5e76\u6700\u7ec8\u5a01\u80c1\u4e2d\u56fd\u5171\u4ea7\u515a\u7684\u6267\u653f\u5730\u4f4d\u3002\u7136\u800c\uff0c\u4e2d\u56fd\u53ef\u4ee5\u901a\u8fc7\u5927\u5e45\u589e\u52a0\u4eba\u6c11\u5e01\u4f9b\u5e94\u6765\u7f13\u89e3\u623f\u5730\u4ea7\u5371\u673a\uff0c\u907f\u514d\u901a\u8d27\u7d27\u7f29\u3002\u6700\u8fd1\u7684\u4e00\u5219\u65b0\u95fb\u8868\u660e\uff0c\u4e2d\u56fd\u4eba\u6c11\u94f6\u884c (PBOC) \u5df2\u7ecf\u51c6\u5907\u597d\u56e0\u5e94\u7279\u6717\u666e\u7684\u5173\u7a0e\u5a01\u80c1\uff0c\u5141\u8bb8\u4eba\u6c11\u5e01\u8d2c\u503c\uff0c\u8fd9\u6807\u5fd7\u7740\u4e2d\u56fd\u53ef\u80fd\u5168\u9762\u542f\u52a8 QE \u653f\u7b56\u3002<\/p>\n

\u300c\u968f\u7740\u7279\u6717\u666e\u91cd\u8fd4\u767d\u5bab\uff0c\u4e2d\u56fd\u7684\u6700\u9ad8\u9886\u5bfc\u4eba\u548c\u653f\u7b56\u5236\u5b9a\u8005\u6b63\u5728\u8003\u8651\u5141\u8bb8\u4eba\u6c11\u5e01\u5728 2025 \u5e74\u8fdb\u4e00\u6b65\u8d2c\u503c\uff0c\u4ee5\u5e94\u5bf9\u66f4\u9ad8\u7684\u7f8e\u56fd\u8d38\u6613\u5173\u7a0e\u3002\u300d\u2014\u2014\u8def\u900f\u793e\uff0c2024 \u5e74 12 \u6708 11 \u65e5<\/p>\n

\u4eba\u6c11\u94f6\u884c\u5e76\u672a\u660e\u786e\u8bf4\u660e\u5176\u5141\u8bb8\u4eba\u6c11\u5e01\u81ea\u7531\u6d6e\u52a8\u7684\u771f\u6b63\u539f\u56e0\uff0c\u8fd9\u53ef\u80fd\u662f\u4e3a\u4e86\u907f\u514d\u8fdb\u4e00\u6b65\u52a0\u5267\u8d44\u672c\u5916\u6d41\u3002\u5982\u679c\u76f4\u63a5\u544a\u8bc9\u5bcc\u88d5\u9636\u5c42\uff0c\u4eba\u6c11\u94f6\u884c\u7684\u653f\u7b56\u5c06\u96c6\u4e2d\u5728\u5370\u949e\u548c\u8d2d\u4e70\u653f\u5e9c\u503a\u5238\u4e0a\uff0c\u53ef\u80fd\u4f1a\u5f15\u53d1\u6295\u8d44\u8005\u7684\u6050\u614c\uff0c\u5bfc\u81f4\u8d44\u672c\u8fc5\u901f\u5916\u9003\u3002\u8d44\u91d1\u53ef\u80fd\u4f1a\u5148\u6d41\u5165\u9999\u6e2f\uff0c\u7136\u540e\u518d\u8f6c\u79fb\u5230\u4e16\u754c\u5176\u4ed6\u5730\u533a\u3002\u56e0\u6b64\uff0c\u4eba\u6c11\u94f6\u884c\u66f4\u5e0c\u671b\u901a\u8fc7\u6697\u793a\u7684\u65b9\u5f0f\uff0c\u5f15\u5bfc\u6295\u8d44\u8005\u5c06\u8d44\u91d1\u6295\u5165\u56fd\u5185\u80a1\u7968\u548c\u623f\u5730\u4ea7\u5e02\u573a\uff0c\u800c\u975e\u8f6c\u79fb\u5230\u6d77\u5916\u3002<\/p>\n

\u6b63\u5982\u6211\u5728\u6587\u7ae0 Let’s Go Bitcoin \u4e2d\u9884\u6d4b\u7684\uff0c\u4e2d\u56fd\u4eba\u6c11\u94f6\u884c (PBOC) \u5c06\u901a\u8fc7\u5927\u89c4\u6a21\u7684\u91cf\u5316\u5bbd\u677e (QE) \u548c\u8d27\u5e01\u523a\u6fc0\u653f\u7b56\u6765\u904f\u5236\u901a\u8d27\u7d27\u7f29\u3002\u6211\u4eec\u53ef\u4ee5\u901a\u8fc7\u89c2\u5bdf\u4e2d\u56fd\u653f\u5e9c\u503a\u5238 (CGB) \u7684\u6536\u76ca\u7387\u662f\u5426\u4e0a\u5347\u6765\u5224\u65ad\u8fd9\u4e9b\u653f\u7b56\u7684\u6548\u679c\u3002\u76ee\u524d\uff0cCGB \u7684\u6536\u76ca\u7387\u5904\u4e8e\u5386\u53f2\u6700\u4f4e\u6c34\u5e73\uff0c\u56e0\u4e3a\u6295\u8d44\u8005\u66f4\u503e\u5411\u4e8e\u9009\u62e9\u672c\u91d1\u53d7\u4fdd\u62a4\u7684\u653f\u5e9c\u503a\u5238\uff0c\u800c\u4e0d\u662f\u5192\u9669\u6295\u8d44\u4e8e\u6ce2\u52a8\u8f83\u5927\u7684\u80a1\u7968\u548c\u623f\u5730\u4ea7\u5e02\u573a\u3002\u8fd9\u79cd\u9009\u62e9\u53cd\u6620\u4e86\u5e02\u573a\u5bf9\u4e2d\u56fd\u7ecf\u6d4e\u4e2d\u671f\u524d\u666f\u7684\u60b2\u89c2\u60c5\u7eea\u3002\u8981\u626d\u8f6c\u8fd9\u79cd\u60c5\u7eea\u5e76\u4e0d\u590d\u6742\uff1a\u53ea\u9700\u5927\u89c4\u6a21\u5370\u949e\uff0c\u5e76\u901a\u8fc7\u592e\u884c\u7684\u516c\u5f00\u5e02\u573a\u64cd\u4f5c\u5c06\u653f\u5e9c\u503a\u5238\u4ece\u6295\u8d44\u8005\u624b\u4e2d\u56de\u8d2d\u3002\u8fd9\u6b63\u662f\u91cf\u5316\u5bbd\u677e\u7684\u5b9a\u4e49\u3002\u6709\u5173\u8fd9\u4e00\u8fc7\u7a0b\u7684\u8be6\u7ec6\u8bf4\u660e\uff0c\u8bf7\u53c2\u8003\u6211\u5728 Black and White \u4e00\u6587\u4e2d\u7684\u56fe\u8868\u5206\u6790\u3002<\/p>\n

\u4ece\u5b8f\u89c2\u5c42\u9762\u770b\uff0c\u5370\u949e\u7684\u4e3b\u8981\u95ee\u9898\u5728\u4e8e\u4eba\u6c11\u5e01\u7684\u5916\u90e8\u4ef7\u503c\u3002\u867d\u7136\u5f3a\u52bf\u4eba\u6c11\u5e01\u6709\u4e00\u4e9b\u597d\u5904\uff0c\u6bd4\u5982\u8ba9\u4e2d\u56fd\u6d88\u8d39\u8005\u66f4\u4fbf\u5b9c\u5730\u8d2d\u4e70\u8fdb\u53e3\u5546\u54c1\u3001\u589e\u52a0\u8d38\u6613\u4f19\u4f34\u4f7f\u7528\u4eba\u6c11\u5e01\u7ed3\u7b97\u7684\u53ef\u80fd\u6027\uff0c\u4ee5\u53ca\u5e2e\u52a9\u4f01\u4e1a\u4ee5\u66f4\u4f4e\u7684\u5229\u7387\u501f\u8d37\u4eba\u6c11\u5e01\uff0c\u4f46\u5728\u7279\u6717\u666e\u7684\u653f\u7b56\u538b\u529b\u4e0b\uff0c\u8fd9\u4e9b\u597d\u5904\u663e\u5f97\u5fae\u4e0d\u8db3\u9053\u3002\u7f8e\u56fd\u53ef\u4ee5\u6bd4\u4e2d\u56fd\u66f4\u5927\u80c6\u5730\u5370\u949e\u800c\u4e0d\u5f15\u53d1\u6076\u6027\u901a\u80c0\uff0c\u8fd9\u4e00\u70b9\u7279\u6717\u666e\u548c\u8d1d\u68ee\u7279\u5df2\u7ecf\u8868\u660e\u3002\u56e0\u6b64\uff0c\u4eba\u6c11\u5e01\u5151\u7f8e\u5143\u7684\u6c47\u7387\u53ef\u80fd\u4f1a\u6d6e\u52a8\uff0c\u77ed\u671f\u5185\u8fd9\u610f\u5473\u7740\u4eba\u6c11\u5e01\u5c06\u8d2c\u503c\u3002<\/p>\n

\u5728\u8d1d\u68ee\u7279\u63a8\u52a8\u7f8e\u5143\u5bf9\u9ec4\u91d1\u5927\u5e45\u8d2c\u503c\u4e4b\u524d\uff0c\u4eba\u6c11\u5e01\u7684\u8d2c\u503c\u5c06\u5e2e\u52a9\u4e2d\u56fd\u5236\u9020\u5546\u51fa\u53e3\u66f4\u591a\u5546\u54c1\u3002\u8fd9\u79cd\u77ed\u671f\u7684\u4f18\u52bf\u5c06\u6709\u52a9\u4e8e\u4e2d\u56fd\u5728\u4e0e\u7279\u6717\u666e\u56e2\u961f\u8c08\u5224\u65f6\u4e89\u53d6\u66f4\u6709\u5229\u6761\u4ef6\uff0c\u6bd4\u5982\u8ba9\u4e2d\u56fd\u4f01\u4e1a\u66f4\u5bb9\u6613\u8fdb\u5165\u7f8e\u56fd\u5e02\u573a\u3002<\/p>\n

\u5bf9\u4e8e\u52a0\u5bc6\u8d27\u5e01\u6295\u8d44\u8005\u6765\u8bf4\uff0c\u91cd\u8981\u7684\u95ee\u9898\u662f\uff1a\u9762\u5bf9\u4eba\u6c11\u5e01\u4f9b\u5e94\u589e\u957f\u7684\u4fe1\u53f7\uff0c\u4e2d\u56fd\u7684\u6295\u8d44\u8005\u4f1a\u5982\u4f55\u53cd\u5e94\uff1f\u6fb3\u95e8\u7684\u535a\u5f69\u548c\u9999\u6e2f\u7684\u4f01\u4e1a\u7b49\u5408\u6cd5\u8d44\u672c\u5916\u6d41\u6e20\u9053\u662f\u5426\u4f1a\u88ab\u5141\u8bb8\u7ee7\u7eed\u8fd0\u4f5c\uff0c\u8fd8\u662f\u4f1a\u88ab\u5173\u95ed\u4ee5\u9650\u5236\u8d44\u672c\u5916\u9003\uff1f\u8003\u8651\u5230\u7f8e\u56fd\u6b63\u5728\u9650\u5236\u67d0\u4e9b\u8d44\u91d1\uff08\uff08\u4f8b\u5982\u5fb7\u514b\u8428\u65af\u5dde\u516c\u7acb\u5927\u5b66\u6350\u8d60\u57fa\u91d1\uff09\u6295\u8d44\u4e2d\u56fd\u8d44\u4ea7\uff0c\u90a3\u4e48\u4e2d\u56fd\u4e5f\u53ef\u80fd\u91c7\u53d6\u7c7b\u4f3c\u63aa\u65bd\uff0c\u9632\u6b62\u65b0\u5370\u7684\u4eba\u6c11\u5e01\u901a\u8fc7\u9999\u6e2f\u6d41\u5411\u7f8e\u56fd\u3002\u8fd9\u4e9b\u4eba\u6c11\u5e01\u5fc5\u987b\u88ab\u5f15\u5bfc\u81f3\u4e2d\u56fd\u672c\u571f\u7684\u80a1\u7968\u548c\u623f\u5730\u4ea7\u5e02\u573a\u3002\u56e0\u6b64\uff0c\u5728\u653f\u7b56\u7a97\u53e3\u5173\u95ed\u4e4b\u524d\uff0c\u4eba\u6c11\u5e01\u5bf9\u7f8e\u5143\u7684\u8d44\u672c\u5916\u6d41\u53ef\u80fd\u4f1a\u52a0\u901f\u3002<\/p>\n

\u5bf9\u4e8e\u52a0\u5bc6\u8d27\u5e01\u5e02\u573a\u800c\u8a00\uff0c\u77ed\u671f\u5185\uff0c\u4e2d\u56fd\u8d44\u672c\u53ef\u80fd\u901a\u8fc7\u9999\u6e2f\u6d41\u5411\u7f8e\u5143\uff0c\u5e76\u8d2d\u4e70\u6bd4\u7279\u5e01\u548c\u5176\u4ed6\u52a0\u5bc6\u8d27\u5e01\u3002\u5728\u4e2d\u671f\uff0c\u4e00\u65e6\u4e2d\u56fd\u653f\u5e9c\u7981\u6b62\u901a\u8fc7\u660e\u663e\u6e20\u9053\u5c06\u8d44\u672c\u8f6c\u79fb\u5230\u6d77\u5916\uff0c\u95ee\u9898\u5c06\u53d8\u6210\u9999\u6e2f\u7684\u52a0\u5bc6\u8d27\u5e01 ETF \u662f\u5426\u4f1a\u88ab\u5141\u8bb8\u63a5\u53d7\u6765\u81ea\u4e2d\u56fd\u5927\u9646\u7684\u8d44\u91d1\u3002\u5982\u679c\u901a\u8fc7\u9999\u6e2f\u7684\u56fd\u6709\u8d44\u4ea7\u7ba1\u7406\u516c\u53f8\u63a7\u5236\u52a0\u5bc6\u8d27\u5e01\u53ef\u4ee5\u63d0\u5347\u4e2d\u56fd\u7684\u7ade\u4e89\u529b\uff0c\u6216\u81f3\u5c11\u8ba9\u4e2d\u56fd\u5728\u52a0\u5bc6\u9886\u57df\u4e0e\u7f8e\u56fd\u5e73\u8d77\u5e73\u5750\uff0c\u90a3\u4e48\u9999\u6e2f\u7684\u52a0\u5bc6\u8d27\u5e01 ETF \u5c06\u8fc5\u901f\u5438\u5f15\u5927\u91cf\u8d44\u91d1\u3002\u8fd9\u5c06\u4e3a\u52a0\u5bc6\u8d27\u5e01\u5e02\u573a\u5e26\u6765\u65b0\u7684\u63a8\u52a8\u529b\uff0c\u56e0\u4e3a\u8fd9\u4e9b ETF \u5c06\u9700\u8981\u5728\u5168\u7403\u5e02\u573a\u4e0a\u8d2d\u4e70\u73b0\u8d27\u52a0\u5bc6\u8d27\u5e01\u3002<\/p>\n

\u65e5\u672c\uff1a\u843d\u65e5\u5e1d\u56fd\u7684\u6289\u62e9<\/strong><\/p>\n

\u5c3d\u7ba1\u65e5\u672c\u7684\u653f\u6cbb\u7cbe\u82f1\u4e3a\u5176\u6587\u5316\u548c\u5386\u53f2\u611f\u5230\u81ea\u8c6a\uff0c\u4f46\u4ed6\u4eec\u4ecd\u7136\u5728\u5f88\u5927\u7a0b\u5ea6\u4e0a\u4f9d\u8d56\u7f8e\u56fd\u7684\u652f\u6301\u3002\u4e8c\u6218\u540e\uff0c\u65e5\u672c\u5728\u7f8e\u5143\u8d37\u6b3e\u548c\u514d\u5173\u7a0e\u8fdb\u5165\u7f8e\u56fd\u5e02\u573a\u7684\u5e2e\u52a9\u4e0b\u8fc5\u901f\u91cd\u5efa\uff0c\u5e76\u5728 1990 \u5e74\u4ee3\u521d\u6210\u4e3a\u4e16\u754c\u7b2c\u4e8c\u5927\u7ecf\u6d4e\u4f53\u3002\u4e0e\u6b64\u540c\u65f6\uff0c\u65e5\u672c\u8fd8\u5efa\u9020\u4e86\u5168\u7403\u6700\u591a\u7684\u6ed1\u96ea\u573a\uff0c\u8fd9\u5bf9\u6211\u7684\u751f\u6d3b\u65b9\u5f0f\u81f3\u5173\u91cd\u8981\u3002<\/p>\n

\u7136\u800c\uff0c\u6b63\u5982 1980 \u5e74\u4ee3\u4e00\u6837\uff0c\u5982\u4eca\u65e5\u672c\u4e0e\u7f8e\u56fd\u4e4b\u95f4\u7684\u8d38\u6613\u548c\u91d1\u878d\u5931\u8861\u518d\u6b21\u6210\u4e3a\u7126\u70b9\u3002\u5f53\u65f6\u7684\u8d27\u5e01\u534f\u8bae\u5bfc\u81f4\u7f8e\u5143\u8d70\u5f31\u3001\u65e5\u5143\u8d70\u5f3a\uff0c\u6700\u7ec8\u5f15\u53d1\u4e86 1989 \u5e74\u65e5\u672c\u80a1\u7968\u548c\u623f\u5730\u4ea7\u5e02\u573a\u7684\u6ce1\u6cab\u7834\u88c2\u3002\u4e3a\u4e86\u52a0\u5f3a\u65e5\u5143\uff0c\u65e5\u672c\u592e\u884c\u4e0d\u5f97\u4e0d\u6536\u7d27\u8d27\u5e01\u653f\u7b56\uff0c\u8fd9\u76f4\u63a5\u5bfc\u81f4\u4e86\u6ce1\u6cab\u7684\u5d29\u6e83\u3002\u8fd9\u4e5f\u8bf4\u660e\uff0c\u5bbd\u677e\u7684\u8d27\u5e01\u653f\u7b56\u5f80\u5f80\u4f1a\u5439\u5927\u8d44\u4ea7\u6ce1\u6cab\uff0c\u800c\u4e00\u65e6\u653f\u7b56\u6536\u7d27\uff0c\u6ce1\u6cab\u5c31\u4f1a\u7834\u88c2\u3002\u4eca\u5929\uff0c\u65e5\u672c\u7684\u653f\u6cbb\u5bb6\u53ef\u80fd\u518d\u6b21\u4e3a\u4e86\u8fce\u5408\u7f8e\u56fd\u7684\u9700\u6c42\u800c\u91c7\u53d6\u7c7b\u4f3c\u7684\u300c\u91d1\u878d\u5207\u8179\u300d\u884c\u52a8\u3002<\/p>\n

\u76ee\u524d\uff0c\u65e5\u672c\u662f\u7f8e\u56fd\u56fd\u503a\u7684\u6700\u5927\u6301\u6709\u56fd\uff0c\u5e76\u5b9e\u65bd\u4e86\u6fc0\u8fdb\u7684\u91cf\u5316\u5bbd\u677e\u653f\u7b56\uff0c\u968f\u540e\u53d1\u5c55\u4e3a\u6536\u76ca\u7387\u66f2\u7ebf\u63a7\u5236 (YCC)\uff0c\u8fd9\u5bfc\u81f4\u7f8e\u5143\u5151\u65e5\u5143\u7684\u6c47\u7387\u6781\u5ea6\u75b2\u8f6f\u3002\u6211\u5728 Shikata Ga Nai \u548c Spirited Away \u4e24\u7bc7\u6587\u7ae0\u4e2d\u8be6\u7ec6\u63a2\u8ba8\u4e86\u7f8e\u5143\u5151\u65e5\u5143\u6c47\u7387\u7684\u91cd\u8981\u6027\u3002<\/p>\n

\u7279\u6717\u666e\u7684\u7ecf\u6d4e\u7b56\u7565\u660e\u786e\u6307\u51fa\uff0c\u7f8e\u5143\u9700\u8981\u76f8\u5bf9\u4e8e\u65e5\u5143\u5347\u503c\u3002\u7279\u6717\u666e\u548c\u8d1d\u68ee\u7279\u6e05\u695a\u5730\u8868\u660e\uff0c\u8fd9\u4e00\u8c03\u6574\u52bf\u5728\u5fc5\u884c\u3002\u4e0e\u4e2d\u56fd\u4e0d\u540c\uff0c\u65e5\u672c\u7684\u8d27\u5e01\u8c03\u6574\u5e76\u975e\u5bf9\u6297\u6027\u7684\uff0c\u800c\u662f\u7531\u8d1d\u68ee\u7279\u76f4\u63a5\u51b3\u5b9a\u7f8e\u5143\u5151\u65e5\u5143\u7684\u6c47\u7387\uff0c\u800c\u65e5\u672c\u5c06\u88ab\u8feb\u9075\u4ece\u3002<\/p>\n

\u7136\u800c\uff0c\u8ba9\u65e5\u5143\u5347\u503c\u7684\u5173\u952e\u95ee\u9898\u5728\u4e8e\uff0c\u65e5\u672c\u592e\u884c (BOJ) \u5fc5\u987b\u63d0\u9ad8\u5229\u7387\u3002\u5982\u679c\u6ca1\u6709\u653f\u5e9c\u7684\u5e72\u9884\uff0c\u4ee5\u4e0b\u60c5\u51b5\u53ef\u80fd\u4f1a\u53d1\u751f\uff1a<\/p>\n

    \n
  • \u968f\u7740\u5229\u7387\u4e0a\u5347\uff0c\u65e5\u672c\u653f\u5e9c\u503a\u5238 (JGB) \u7684\u5438\u5f15\u529b\u589e\u5f3a\uff0c\u65e5\u672c\u7684\u4f01\u4e1a\u3001\u5bb6\u5ead\u548c\u9000\u4f11\u57fa\u91d1\u53ef\u80fd\u4f1a\u629b\u552e\u5916\u56fd\u8d44\u4ea7\uff08\u4e3b\u8981\u662f\u7f8e\u56fd\u56fd\u503a\u548c\u80a1\u7968\uff09\uff0c\u5c06\u6240\u5f97\u5916\u5e01\u5151\u6362\u4e3a\u65e5\u5143\uff0c\u5e76\u8f6c\u800c\u8d2d\u4e70 JGB\u3002<\/li>\n
  • JGB \u6536\u76ca\u7387\u7684\u4e0a\u5347\u610f\u5473\u7740\u5176\u4ef7\u683c\u4e0b\u964d\uff0c\u8fd9\u5c06\u5bf9\u65e5\u672c\u592e\u884c\u7684\u8d44\u4ea7\u8d1f\u503a\u8868\u9020\u6210\u4e25\u91cd\u51b2\u51fb\u3002\u6b64\u5916\uff0c\u65e5\u672c\u592e\u884c\u6301\u6709\u5927\u91cf\u7684\u7f8e\u56fd\u56fd\u503a\u548c\u80a1\u7968\uff0c\u968f\u7740\u65e5\u672c\u6295\u8d44\u8005\u629b\u552e\u8fd9\u4e9b\u8d44\u4ea7\u4ee5\u56de\u6d41\u8d44\u91d1\uff0c\u5176\u4ef7\u683c\u4e5f\u53ef\u80fd\u4e0b\u8dcc\u3002\u540c\u65f6\uff0c\u65e5\u672c\u592e\u884c\u8fd8\u9700\u8981\u4e3a\u65e5\u5143\u94f6\u884c\u50a8\u5907\u652f\u4ed8\u66f4\u9ad8\u7684\u5229\u606f\u3002\u8fd9\u4e9b\u53d8\u5316\u6700\u7ec8\u53ef\u80fd\u8ba9\u65e5\u672c\u592e\u884c\u7684\u507f\u4ed8\u80fd\u529b\u9762\u4e34\u5de8\u5927\u538b\u529b\u3002<\/li>\n<\/ul>\n

    \u7279\u6717\u666e\u663e\u7136\u4e0d\u5e0c\u671b\u65e5\u672c\u7684\u91d1\u878d\u4f53\u7cfb\u5d29\u6e83\u3002\u7f8e\u56fd\u5728\u65e5\u672c\u7684\u6d77\u519b\u57fa\u5730\u5bf9\u4e8e\u904f\u5236\u4e2d\u56fd\u7684\u6d77\u4e0a\u6269\u5f20\u81f3\u5173\u91cd\u8981\uff0c\u800c\u65e5\u672c\u751f\u4ea7\u7684\u534a\u5bfc\u4f53\u7b49\u5173\u952e\u4ea7\u54c1\u4e5f\u786e\u4fdd\u4e86\u7f8e\u56fd\u80fd\u591f\u83b7\u5f97\u7a33\u5b9a\u7684\u4f9b\u5e94\u3002\u56e0\u6b64\uff0c\u7279\u6717\u666e\u53ef\u80fd\u4f1a\u6307\u793a\u8d1d\u68ee\u7279\u91c7\u53d6\u4e00\u5207\u5fc5\u8981\u63aa\u65bd\uff0c\u786e\u4fdd\u65e5\u672c\u7684\u91d1\u878d\u7a33\u5b9a\u3002\u4f8b\u5982\uff0c\u8d1d\u68ee\u7279\u53ef\u80fd\u4f1a\u5229\u7528\u7f8e\u56fd\u8d22\u653f\u90e8\u7684\u6743\u529b\uff0c\u4e0e\u65e5\u672c\u592e\u884c\u8fdb\u884c\u7f8e\u5143\u5151\u65e5\u5143\u7684\u8d27\u5e01\u4e92\u6362 (CSWAP)\uff0c\u4ee5\u4fbf\u573a\u5916\u5438\u6536\u65e5\u672c\u629b\u552e\u7684\u7f8e\u56fd\u56fd\u503a\u548c\u80a1\u7968\u3002\u8fd9\u79cd\u673a\u5236\u7684\u5177\u4f53\u6d41\u7a0b\u53ef\u4ee5\u53c2\u8003\u6211\u5728 Spirited Away \u4e00\u6587\u4e2d\u7684\u63cf\u8ff0\uff1a<\/p>\n

    \"Arthur\"Arthur<\/figure>\n

    \u7f8e\u8054\u50a8\u901a\u8fc7\u589e\u52a0\u7f8e\u5143\u4f9b\u5e94\uff0c\u6362\u53d6\u4e4b\u524d\u56e0\u5957\u5229\u4ea4\u6613\u589e\u957f\u800c\u4ea7\u751f\u7684\u65e5\u5143\u3002<\/p>\n

    \u5728\u8d27\u5e01\u4e92\u6362\u4e2d\uff0c\u7f8e\u8054\u50a8\u5411\u65e5\u672c\u592e\u884c\u63d0\u4f9b\u7f8e\u5143\uff0c\u800c\u65e5\u672c\u592e\u884c\u5219\u5411\u7f8e\u8054\u50a8\u63d0\u4f9b\u65e5\u5143\u3002<\/p>\n

    \u65e5\u672c\u592e\u884c\u56e0\u6b64\u6301\u6709\u66f4\u591a\u7684\u7f8e\u56fd\u80a1\u7968\u548c\u503a\u5238\uff0c\u968f\u7740\u7f8e\u5143\u4f9b\u5e94\u91cf\u7684\u589e\u52a0\uff0c\u8fd9\u4e9b\u8d44\u4ea7\u7684\u4ef7\u683c\u5c06\u4e0a\u6da8\u3002<\/p>\n

    \u65e5\u672c\u94f6\u884c\u5219\u6301\u6709\u66f4\u591a\u7684\u65e5\u672c\u653f\u5e9c\u503a\u5238 (JGB)\u3002<\/p>\n

    \u8fd9\u4e00\u673a\u5236\u5bf9\u52a0\u5bc6\u8d27\u5e01\u5e02\u573a\u81f3\u5173\u91cd\u8981\uff0c\u56e0\u4e3a\u4e3a\u4e86\u89e3\u51b3\u65e5\u5143 – \u7f8e\u5143\u5957\u5229\u4ea4\u6613\u7684\u5e73\u4ed3\u95ee\u9898\uff0c\u7f8e\u5143\u7684\u4f9b\u5e94\u91cf\u5c06\u5927\u5e45\u589e\u52a0\u3002\u867d\u7136\u8fd9\u4e00\u8fc7\u7a0b\u5c06\u7f13\u6162\u5c55\u5f00\uff0c\u4f46\u4e3a\u4e86\u7ef4\u6301\u65e5\u672c\u91d1\u878d\u4f53\u7cfb\u7684\u7a33\u5b9a\uff0c\u6570\u4e07\u4ebf\u7f8e\u5143\u53ef\u80fd\u4f1a\u88ab\u5370\u5236\u51fa\u6765\u3002<\/p>\n

    \u89e3\u51b3\u65e5\u7f8e\u4e4b\u95f4\u7684\u8d38\u6613\u548c\u91d1\u878d\u5931\u8861\u5176\u5b9e\u5e76\u4e0d\u590d\u6742\uff0c\u56e0\u4e3a\u65e5\u672c\u5728\u8fd9\u4e00\u95ee\u9898\u4e0a\u51e0\u4e4e\u6ca1\u6709\u53d1\u8a00\u6743\u3002\u76ee\u524d\uff0c\u65e5\u672c\u7684\u653f\u6cbb\u5730\u4f4d\u6781\u4e3a\u8106\u5f31\uff0c\u6267\u653f\u7684\u81ea\u7531\u6c11\u4e3b\u515a (LDP) \u5df2\u5931\u53bb\u8bae\u4f1a\u591a\u6570\u5e2d\u4f4d\uff0c\u5bfc\u81f4\u65e5\u672c\u7684\u6cbb\u7406\u9677\u5165\u52a8\u8361\u3002\u5c3d\u7ba1\u65e5\u672c\u7684\u7cbe\u82f1\u4eec\u5185\u5fc3\u5bf9\u7f8e\u56fd\u7684\u7c97\u91ce\u884c\u4e3a\u5145\u6ee1\u538c\u6076\uff0c\u4f46\u4ed6\u4eec\u5e76\u6ca1\u6709\u8db3\u591f\u7684\u653f\u6cbb\u529b\u91cf\u6765\u53cd\u5bf9\u7279\u6717\u666e\u7684\u7ecf\u6d4e\u7b56\u7565\u3002<\/p>\n

    \u6b27\u76df\uff1a\u6700\u540e\u7684\u5c06\u6c38\u8fdc\u662f\u6700\u540e<\/strong><\/p>\n

    \u5c3d\u7ba1\u8bb8\u591a\u6b27\u6d32\u4eba\uff08\u81f3\u5c11\u4e0d\u662f\u7a46\u7f55\u9ed8\u5fb7\u8fd9\u6837\u7684\u540d\u5b57\uff09\u8fd8\u4fdd\u6301\u7740\u4e00\u5b9a\u7684\u57fa\u7763\u6559\u4f20\u7edf\uff0c\u4f46\u300c\u6700\u540e\u7684\u5c06\u6210\u4e3a\u7b2c\u4e00\u300d\u8fd9\u4e00\u5723\u7ecf\u77ed\u8bed\u5728\u7ecf\u6d4e\u4e0a\u663e\u7136\u4e0d\u9002\u7528\u4e8e\u6b27\u76df\u3002\u6700\u540e\u7684\u5c06\u6c38\u8fdc\u662f\u6700\u540e\u3002\u51fa\u4e8e\u67d0\u79cd\u539f\u56e0\uff0c\u6b27\u6d32\u7684\u7cbe\u82f1\u653f\u6cbb\u5bb6\u4f3c\u4e4e\u603b\u662f\u7518\u613f\u63a5\u53d7\u6765\u81ea\u7f8e\u56fd\u7684\u65e0\u60c5\u538b\u5236\u3002<\/p>\n

    \u4e8b\u5b9e\u4e0a\uff0c\u6b27\u6d32\u672c\u5e94\u5c3d\u5168\u529b\u52a0\u5f3a\u4e0e\u4fc4\u7f57\u65af\u548c\u4e2d\u56fd\u7684\u5408\u4f5c\u3002\u4fc4\u7f57\u65af\u80fd\u591f\u901a\u8fc7\u7ba1\u9053\u63d0\u4f9b\u5ec9\u4ef7\u80fd\u6e90\uff0c\u5e76\u4e3a\u6b27\u6d32\u63d0\u4f9b\u4e30\u5bcc\u7684\u7cae\u98df\u4f9b\u5e94\u3002\u4e2d\u56fd\u5219\u80fd\u63d0\u4f9b\u9ad8\u8d28\u91cf\u3001\u4f4e\u6210\u672c\u7684\u5236\u9020\u5546\u54c1\uff0c\u540c\u65f6\u613f\u610f\u4ee5\u60ca\u4eba\u7684\u6570\u91cf\u8d2d\u4e70\u6b27\u6d32\u7684\u5962\u4f88\u54c1\u3002\u7136\u800c\uff0c\u6b27\u6d32\u5927\u9646\u5374\u4e00\u76f4\u53d7\u5236\u4e8e\u4e24\u4e2a\u5c9b\u56fd\u2014\u2014\u82f1\u56fd\u548c\u7f8e\u56fd\uff0c\u800c\u672a\u80fd\u878d\u5165\u4e00\u4e2a\u5e9e\u5927\u4e14\u4e0d\u53ef\u963b\u6321\u7684\u6b27\u4e9a\u5171\u540c\u7e41\u8363\u5708\u3002<\/p>\n

    \u7531\u4e8e\u6b27\u6d32\u4e0d\u613f\u8d2d\u4e70\u5ec9\u4ef7\u7684\u4fc4\u7f57\u65af\u5929\u7136\u6c14\uff0c\u4e5f\u62d2\u7edd\u653e\u5f03\u7eff\u8272\u80fd\u6e90\u8f6c\u578b\u7684\u865a\u5047\u627f\u8bfa\uff0c\u66f4\u4e0d\u613f\u4e0e\u4e2d\u56fd\u8fdb\u884c\u4e92\u60e0\u4e92\u5229\u7684\u8d38\u6613\uff0c\u5fb7\u56fd\u548c\u6cd5\u56fd\u7684\u7ecf\u6d4e\u6b63\u9677\u5165\u56f0\u5883\u3002\u4f5c\u4e3a\u6b27\u6d32\u7ecf\u6d4e\u7684\u4e24\u5927\u5f15\u64ce\uff0c\u5fb7\u56fd\u548c\u6cd5\u56fd\u7684\u8870\u9000\u4e5f\u8ba9\u6574\u4e2a\u6b27\u6d32\u5927\u9646\u663e\u5f97\u66f4\u52a0\u75b2\u8f6f\uff0c\u51e0\u4e4e\u6ca6\u4e3a\u963f\u62c9\u4f2f\u4eba\u3001\u4fc4\u7f57\u65af\u4eba\uff08\u5c3d\u7ba1\u73b0\u5728\u53ef\u80fd\u6709\u6240\u51cf\u5c11\uff09\u548c\u7f8e\u56fd\u4eba\u7684\u5ea6\u5047\u80dc\u5730\u3002\u8fd9\u4e00\u5207\u5145\u6ee1\u8bbd\u523a\uff0c\u56e0\u4e3a\u6b27\u6d32\u7cbe\u82f1\u4eec\u5bf9\u8fd9\u4e9b\u5730\u533a\u7684\u4eba\u6c11\u5f80\u5f80\u62b1\u6709\u6df1\u6df1\u7684\u504f\u89c1\u3002<\/p>\n

    \u4eca\u5e74\uff0cSuper Mario Draghi\uff082024 \u5e74 9 \u6708\u53d1\u8868\u300a\u6b27\u6d32\u7ade\u4e89\u529b\u7684\u672a\u6765\u300b\u6f14\u8bb2\uff09\u548c Emmanuel Macron\uff082024 \u5e74 4 \u6708\u53d1\u8868\u300a\u6b27\u6d32\u6f14\u8bb2\u300b\uff09\u5206\u522b\u53d1\u8868\u4e86\u4e24\u573a\u5173\u952e\u6f14\u8bb2\u3002\u5bf9\u6b27\u6d32\u4eba\u6765\u8bf4\uff0c\u8fd9\u4e9b\u6f14\u8bb2\u4ee4\u4eba\u611f\u5230\u6cae\u4e27\uff0c\u56e0\u4e3a\u5c3d\u7ba1\u4e24\u4f4d\u653f\u6cbb\u5bb6\u51c6\u786e\u6307\u51fa\u4e86\u6b27\u6d32\u9762\u4e34\u7684\u6838\u5fc3\u95ee\u9898\u2014\u2014\u9ad8\u6602\u7684\u80fd\u6e90\u6210\u672c\u548c\u56fd\u5185\u6295\u8d44\u4e0d\u8db3\uff0c\u4f46\u4ed6\u4eec\u7684\u89e3\u51b3\u65b9\u6848\u5374\u5f52\u7ed3\u4e3a\u300c\u901a\u8fc7\u5370\u66f4\u591a\u7684\u94b1\u6765\u8d44\u52a9\u7eff\u8272\u80fd\u6e90\u8f6c\u578b\uff0c\u5e76\u91c7\u53d6\u66f4\u591a\u91d1\u878d\u538b\u5236\u63aa\u65bd\u300d\u3002<\/p>\n

    \u4e8b\u5b9e\u4e0a\uff0c\u66f4\u6709\u6548\u7684\u89e3\u51b3\u65b9\u6848\u5e94\u5f53\u662f\uff1a\u653e\u5f03\u5bf9\u7f8e\u56fd\u653f\u7b56\u7684\u76f2\u76ee\u652f\u6301\uff0c\u4e0e\u4fc4\u7f57\u65af\u8fbe\u6210\u548c\u89e3\u4ee5\u83b7\u53d6\u5ec9\u4ef7\u5929\u7136\u6c14\uff0c\u53d1\u5c55\u6838\u80fd\uff0c\u52a0\u5f3a\u4e0e\u4e2d\u56fd\u7684\u8d38\u6613\uff0c\u5e76\u5f7b\u5e95\u653e\u677e\u5bf9\u91d1\u878d\u5e02\u573a\u7684\u76d1\u7ba1\u3002\u7136\u800c\uff0c\u4ee4\u4eba\u5931\u671b\u7684\u662f\uff0c\u5c3d\u7ba1\u8bb8\u591a\u6b27\u6d32\u9009\u6c11\u5df2\u7ecf\u610f\u8bc6\u5230\u5f53\u524d\u653f\u7b56\u7ec4\u5408\u5e76\u4e0d\u7b26\u5408\u4ed6\u4eec\u7684\u5229\u76ca\uff0c\u5e76\u6295\u7968\u652f\u6301\u5e0c\u671b\u63a8\u52a8\u8fd9\u4e9b\u6539\u53d8\u7684\u653f\u515a\uff0c\u4f46\u638c\u6743\u7684\u7cbe\u82f1\u4eec\u4ecd\u901a\u8fc7\u5404\u79cd\u975e\u6c11\u4e3b\u624b\u6bb5\u524a\u5f31\u591a\u6570\u4eba\u7684\u610f\u613f\u3002\u5f53\u524d\u7684\u653f\u6cbb\u52a8\u8361\u4ecd\u5728\u6301\u7eed\uff0c\u6cd5\u56fd\u548c\u5fb7\u56fd\u5b9e\u9645\u4e0a\u90fd\u5904\u4e8e\u6ca1\u6709\u7a33\u5b9a\u6267\u653f\u653f\u5e9c\u7684\u72b6\u6001\u3002<\/p>\n

    \u7279\u6717\u666e\u7684\u6218\u7565\u610f\u56fe\u975e\u5e38\u660e\u786e\uff1a\u7f8e\u56fd\u9700\u8981\u6b27\u6d32\u7ee7\u7eed\u758f\u8fdc\u4fc4\u7f57\u65af\u3001\u9650\u5236\u4e0e\u4e2d\u56fd\u7684\u8d38\u6613\uff0c\u5e76\u8d2d\u4e70\u7f8e\u56fd\u5236\u9020\u7684\u6b66\u5668\uff0c\u4ee5\u9632\u5fa1\u4fc4\u7f57\u65af\u548c\u4e2d\u56fd\uff0c\u4ece\u800c\u963b\u6b62\u4e00\u4e2a\u5f3a\u5927\u7684\u3001\u6574\u5408\u7684\u6b27\u4e9a\u7ecf\u6d4e\u4f53\u7684\u5f62\u6210\u3002\u7136\u800c\uff0c\u8fd9\u4e9b\u653f\u7b56\u7ed9\u6b27\u6d32\u7ecf\u6d4e\u5e26\u6765\u7684\u8d1f\u9762\u5f71\u54cd\u8feb\u4f7f\u6b27\u76df\u4e0d\u5f97\u4e0d\u4f9d\u8d56\u91d1\u878d\u538b\u5236\u548c\u5927\u89c4\u6a21\u5370\u949e\u6765\u7ef4\u6301\u8fd0\u8425\u3002\u6211\u5c06\u5f15\u7528 Macron \u7684\u4e00\u4e9b\u8a00\u8bba\u6765\u8bf4\u660e\u6b27\u6d32\u672a\u6765\u7684\u91d1\u878d\u653f\u7b56\uff0c\u5e76\u89e3\u91ca\u4e3a\u4ec0\u4e48\u5982\u679c\u4f60\u5728\u6b27\u6d32\u6301\u6709\u8d44\u672c\uff0c\u4f60\u5e94\u5f53\u611f\u5230\u62c5\u5fe7\u3002\u4f60\u9700\u8981\u8b66\u60d5\u7684\u662f\uff0c\u672a\u6765\u53ef\u80fd\u4f1a\u5931\u53bb\u5c06\u8d44\u672c\u8f6c\u79fb\u51fa\u6b27\u6d32\u7684\u81ea\u7531\uff0c\u800c\u4f60\u7684\u9000\u4f11\u8d26\u6237\u6216\u94f6\u884c\u5b58\u6b3e\u53ef\u80fd\u53ea\u80fd\u6295\u8d44\u4e8e\u8868\u73b0\u4e0d\u4f73\u7684\u957f\u671f\u6b27\u76df\u653f\u5e9c\u503a\u5238\u3002<\/p>\n

    \u5728\u5f15\u7528 Macron \u4e4b\u524d\uff0c\u5148\u6765\u770b\u4e00\u6bb5\u610f\u5927\u5229\u524d\u603b\u7406\u3001\u73b0\u4efb Jacques Delors Institute \u4e3b\u5e2d Enrico Letta \u7684\u53d1\u8a00\uff1a\u300c\u6b27\u76df\u62e5\u6709\u9ad8\u8fbe 33 \u4e07\u4ebf\u6b27\u5143\u7684\u79c1\u4eba\u50a8\u84c4\uff0c\u5176\u4e2d 34.1% \u5b58\u653e\u5728\u6d3b\u671f\u8d26\u6237\u4e2d\u3002\u7136\u800c\uff0c\u8fd9\u4e9b\u8d44\u91d1\u5e76\u672a\u88ab\u5145\u5206\u5229\u7528\u6765\u6ee1\u8db3\u6b27\u76df\u7684\u6218\u7565\u9700\u6c42\u3002\u4ee4\u4eba\u62c5\u5fe7\u7684\u662f\uff0c\u6bcf\u5e74\u90fd\u6709\u5927\u91cf\u6b27\u6d32\u8d44\u672c\u6d41\u5411\u7f8e\u56fd\u7ecf\u6d4e\u548c\u7f8e\u56fd\u8d44\u4ea7\u7ba1\u7406\u516c\u53f8\u3002\u8fd9\u79cd\u73b0\u8c61\u53cd\u6620\u4e86\u6b27\u76df\u5728\u50a8\u84c4\u5229\u7528\u65b9\u9762\u7684\u6548\u7387\u4f4e\u4e0b\u3002\u5982\u679c\u8fd9\u4e9b\u8d44\u6e90\u80fd\u591f\u6709\u6548\u5730\u5728\u6b27\u76df\u5185\u90e8\u7ecf\u6d4e\u4e2d\u91cd\u65b0\u5206\u914d\uff0c\u5c06\u80fd\u591f\u663e\u8457\u63a8\u52a8\u5176\u6218\u7565\u76ee\u6807\u7684\u5b9e\u73b0\u3002\u300d \u2014\u2014\u6458\u81ea\u300a\u4e0d\u4ec5\u4ec5\u662f\u4e00\u4e2a\u5e02\u573a\u300b<\/p>\n

    Letta \u7684\u89c2\u70b9\u975e\u5e38\u6e05\u6670\uff1a\u6b27\u6d32\u7684\u8d44\u672c\u4e0d\u5e94\u88ab\u7f8e\u56fd\u4f01\u4e1a\u5229\u7528\uff0c\u800c\u5e94\u670d\u52a1\u4e8e\u6b27\u6d32\u81ea\u8eab\u7684\u53d1\u5c55\u3002\u6b27\u76df\u5f53\u5c40\u6709\u591a\u79cd\u624b\u6bb5\u6765\u8feb\u4f7f\u6295\u8d44\u8005\u5c06\u8d44\u91d1\u6295\u5411\u8868\u73b0\u6b20\u4f73\u7684\u6b27\u6d32\u8d44\u4ea7\u3002\u4f8b\u5982\uff0c\u5bf9\u4e8e\u901a\u8fc7\u517b\u8001\u91d1\u6216\u9000\u4f11\u8d26\u6237\u8fdb\u884c\u6295\u8d44\u7684\u8d44\u91d1\uff0c\u6b27\u76df\u76d1\u7ba1\u673a\u6784\u53ef\u4ee5\u89c4\u5b9a\u300c\u5408\u9002\u7684\u6295\u8d44\u8303\u56f4\u300d\uff0c\u4f7f\u6295\u8d44\u7ecf\u7406\u53ea\u80fd\u5408\u6cd5\u5730\u6295\u8d44\u6b27\u76df\u80a1\u7968\u548c\u503a\u5238\u3002\u800c\u5bf9\u4e8e\u94f6\u884c\u8d26\u6237\u4e2d\u7684\u8d44\u91d1\uff0c\u76d1\u7ba1\u673a\u6784\u53ef\u4ee5\u7981\u6b62\u94f6\u884c\u63d0\u4f9b\u975e\u6b27\u76df\u8d44\u4ea7\u7684\u6295\u8d44\u9009\u9879\uff0c\u7406\u7531\u662f\u8fd9\u4e9b\u9009\u9879\u300c\u4e0d\u9002\u5408\u300d\u50a8\u6237\u3002\u4efb\u4f55\u8d44\u91d1\u53ea\u8981\u5b58\u653e\u5728\u6b27\u76df\u76d1\u7ba1\u7684\u91d1\u878d\u673a\u6784\u4e2d\uff0c\u5c31\u53ef\u80fd\u53d7\u5230\u7c7b\u4f3c Christine Lagarde \u8fd9\u6837\u7684\u653f\u7b56\u5236\u5b9a\u8005\u7684\u63a7\u5236\u3002\u4f5c\u4e3a\u6b27\u6d32\u592e\u884c (ECB) \u884c\u957f\uff0c\u5979\u7684\u9996\u8981\u804c\u8d23\u662f\u786e\u4fdd\u6b27\u76df\u91d1\u878d\u4f53\u7cfb\u7684\u751f\u5b58\uff0c\u800c\u4e0d\u662f\u8ba9\u4f60\u7684\u50a8\u84c4\u8dd1\u8d62\u901a\u80c0\u3002<\/p>\n

    \u5982\u679c\u4f60\u4ee5\u4e3a\u53ea\u6709\u8fbe\u6c83\u65af\u4e16\u754c\u7ecf\u6d4e\u8bba\u575b\u7684\u7cbe\u82f1\u4eec\u652f\u6301\u8fd9\u6837\u7684\u653f\u7b56\uff0c\u90a3\u4e48\u8fd9\u91cc\u8fd8\u6709 Marine Le Pen \u7684\u4e00\u53e5\u8bdd\uff1a\u300c\u6b27\u6d32\u5fc5\u987b\u6e05\u9192\u8fc7\u6765\u2026\u2026\u56e0\u4e3a\u7f8e\u56fd\u5c06\u66f4\u52a0\u79ef\u6781\u5730\u634d\u536b\u5176\u81ea\u8eab\u5229\u76ca\u3002\u300d<\/p>\n

    \u7279\u6717\u666e\u7684\u653f\u7b56\u5728\u6b27\u6d32\u7684\u5de6\u53f3\u4e24\u7ffc\u653f\u6cbb\u5149\u8c31\u4e2d\u90fd\u5f15\u53d1\u4e86\u5f3a\u70c8\u53cd\u5e94\u3002<\/p>\n

    \u56de\u5230\u6b27\u76df\u653f\u6cbb\u5bb6\u62d2\u7edd\u91c7\u53d6\u66f4\u7b80\u5355\u3001\u66f4\u5c11\u7ecf\u6d4e\u7834\u574f\u6027\u7684\u65b9\u6cd5\u89e3\u51b3\u95ee\u9898\u8fd9\u4e00\u70b9\uff0c\u4ee5\u4e0b\u662f Macron \u5bf9\u666e\u901a\u6c11\u4f17\u7684\u76f4\u63a5\u8868\u8ff0\uff1a\u300c\u662f\u7684\uff0c\u6b27\u6d32\u4f9d\u8d56\u4fc4\u7f57\u65af\u80fd\u6e90\u548c\u5316\u80a5\u3001\u5c06\u751f\u4ea7\u5916\u5305\u7ed9\u4e2d\u56fd\u5e76\u4f9d\u8d56\u7f8e\u56fd\u786e\u4fdd\u5b89\u5168\u7684\u65e5\u5b50\u5df2\u7ecf\u7ed3\u675f\u4e86\u3002\u300d<\/p>\n

    Macron \u5f3a\u8c03\uff0c\u6b27\u76df\u7684\u8d44\u672c\u4e0d\u5e94\u6d41\u5411\u8868\u73b0\u6700\u4f73\u7684\u91d1\u878d\u4ea7\u54c1\uff0c\u800c\u5e94\u66f4\u591a\u5730\u670d\u52a1\u4e8e\u6b27\u6d32\u5185\u90e8\u7ecf\u6d4e\u53d1\u5c55\u3002\u4ed6\u8bf4\u9053\uff1a\u300c\u7b2c\u4e09\u4e2a\u95ee\u9898\u662f\uff1a\u6bcf\u5e74\u6211\u4eec\u7ea6 3000 \u4ebf\u6b27\u5143\u7684\u50a8\u84c4\u90fd\u88ab\u7528\u6765\u8d44\u52a9\u7f8e\u56fd\uff0c\u65e0\u8bba\u662f\u8d2d\u4e70\u7f8e\u56fd\u56fd\u503a\u8fd8\u662f\u53c2\u4e0e\u98ce\u9669\u6295\u8d44\u3002\u8fd9\u662f\u6781\u5176\u8352\u8c2c\u7684\u3002\u300d<\/p>\n

    \u6b64\u5916\uff0cMacron \u63d0\u8bae\u6682\u505c Basel III \u94f6\u884c\u76d1\u7ba1\u89c4\u5219\u3002\u8fd9\u4e00\u4e3e\u63aa\u5c06\u5141\u8bb8\u94f6\u884c\u4ee5\u65e0\u9650\u6760\u6746\u8d2d\u4e70\u4ef7\u683c\u9ad8\u6602\u3001\u6536\u76ca\u7387\u4f4e\u7684\u6b27\u76df\u653f\u5e9c\u503a\u5238\uff0c\u800c\u6700\u7ec8\u53d7\u635f\u7684\u5c06\u662f\u6301\u6709\u6b27\u5143\u8d44\u4ea7\u7684\u6295\u8d44\u8005\uff0c\u56e0\u4e3a\u8fd9\u610f\u5473\u7740\u6b27\u5143\u4f9b\u5e94\u91cf\u5c06\u65e0\u9650\u589e\u52a0\u3002\u4ed6\u8fdb\u4e00\u6b65\u6307\u51fa\uff1a\u300c\u5176\u6b21\uff0c\u6211\u4eec\u9700\u8981\u91cd\u65b0\u5ba1\u89c6 Basel \u548c Solvency \u7684\u9002\u7528\u65b9\u5f0f\u3002\u6211\u4eec\u4e0d\u80fd\u6210\u4e3a\u4e16\u754c\u4e0a\u552f\u4e00\u4e25\u683c\u9075\u5b88\u8fd9\u4e9b\u89c4\u5219\u7684\u7ecf\u6d4e\u4f53\u3002\u7f8e\u56fd\uff0c\u4f5c\u4e3a 2008-2010 \u5e74\u91d1\u878d\u5371\u673a\u7684\u6e90\u5934\uff0c\u5374\u9009\u62e9\u4e0d\u9075\u5b88\u8fd9\u4e9b\u89c4\u5219\u3002\u300d<\/p>\n

    Macron \u8ba4\u4e3a\uff0c\u65e2\u7136\u7f8e\u56fd\u4e0d\u9075\u5faa\u8fd9\u4e9b\u5168\u7403\u94f6\u884c\u89c4\u5219\uff0c\u6b27\u6d32\u4e5f\u6ca1\u6709\u5fc5\u8981\u5b8c\u5168\u9075\u5b88\u3002\u4f46\u8fd9\u6837\u7684\u653f\u7b56\u53ef\u80fd\u4f1a\u5f15\u53d1\u6cd5\u5e01\u4f53\u7cfb\u7684\u5d29\u6e83\uff0c\u52a0\u901f\u6bd4\u7279\u5e01\u548c\u9ec4\u91d1\u7684\u5d1b\u8d77\u3002<\/p>\n

    Draghi \u5728\u6700\u8fd1\u7684\u62a5\u544a\u4e2d\u4e5f\u63d0\u5230\uff0c\u4e3a\u4e86\u7ef4\u6301\u5e9e\u5927\u7684\u798f\u5229\u4f53\u7cfb\uff08\u4f8b\u5982\u6cd5\u56fd\u7684\u653f\u5e9c\u652f\u51fa\u5360 GDP \u6bd4\u4f8b\u9ad8\u8fbe 57%\uff0c\u5728\u53d1\u8fbe\u56fd\u5bb6\u4e2d\u5c45\u9996\uff09\uff0c\u6b27\u76df\u6bcf\u5e74\u8fd8\u9700\u8981\u989d\u5916\u6295\u8d44 8000 \u4ebf\u6b27\u5143\u3002\u8fd9\u7b14\u8d44\u91d1\u7684\u6765\u6e90\u5c06\u662f\u6b27\u6d32\u592e\u884c\u7684\u5370\u949e\u64cd\u4f5c\uff0c\u540c\u65f6\u901a\u8fc7\u91d1\u878d\u538b\u5236\u8feb\u4f7f\u50a8\u6237\u8d2d\u4e70\u957f\u671f\u6b27\u76df\u653f\u5e9c\u503a\u5238\u3002<\/p>\n

    \u6211\u5e76\u4e0d\u662f\u5728\u80e1\u7f16\u4e71\u9020\u3002\u8fd9\u4e9b\u5185\u5bb9\u6765\u81ea\u6b27\u76df\u653f\u6cbb\u5149\u8c31\u4e2d\u5de6\u53f3\u4e24\u7ffc\u7684\u76f4\u63a5\u8868\u6001\u3002\u4ed6\u4eec\u58f0\u79f0\u81ea\u5df1\u6700\u4e86\u89e3\u5982\u4f55\u6295\u8d44\u6b27\u76df\u7684\u50a8\u84c4\u3002\u4ed6\u4eec\u544a\u8bc9\u4f60\uff0c\u94f6\u884c\u5e94\u8be5\u88ab\u5141\u8bb8\u4f7f\u7528\u65e0\u9650\u6760\u6746\u6765\u8d2d\u4e70\u6b27\u76df\u6210\u5458\u56fd\u7684\u503a\u5238\uff0c\u5e76\u6700\u7ec8\u5728\u6cdb\u6b27\u5143\u503a\u5238\u63a8\u51fa\u540e\uff0c\u7531\u6b27\u6d32\u592e\u884c\u7edf\u4e00\u53d1\u884c\u8fd9\u4e9b\u503a\u5238\u3002\u5176\u80cc\u540e\u7684\u7406\u7531\u662f\u6240\u8c13\u7684\u300c\u7279\u6717\u666e\u6218\u7565\u610f\u56fe\u300d\u3002\u5982\u679c\u7279\u6717\u666e\u9886\u5bfc\u4e0b\u7684\u7f8e\u56fd\u524a\u5f31\u7f8e\u5143\u3001\u6682\u505c\u94f6\u884c\u76d1\u7ba1\uff0c\u5e76\u8feb\u4f7f\u6b27\u6d32\u5207\u65ad\u4e0e\u4fc4\u7f57\u65af\u548c\u4e2d\u56fd\u7684\u8054\u7cfb\uff0c\u90a3\u4e48\u6b27\u76df\u50a8\u6237\u5c31\u5fc5\u987b\u63a5\u53d7\u4f4e\u56de\u62a5\u548c\u91d1\u878d\u538b\u5236\u3002\u6b27\u76df\u7684\u300c\u987a\u4ece\u8005\u300d\u9700\u8981\u727a\u7272\u81ea\u5df1\u7684\u8d44\u672c\u548c\u751f\u6d3b\u6c34\u5e73\uff0c\u4ee5\u7ef4\u6301\u6b27\u76df\u9879\u76ee\u7684\u5ef6\u7eed\u3002<\/p>\n

    \u6211\u76f8\u4fe1\u4f60\u5df2\u7ecf\u6ce8\u610f\u5230\u8fd9\u6bb5\u8bdd\u4e2d\u5e26\u6709\u660e\u663e\u7684\u8bbd\u523a\u610f\u5473\u3002\u4f46\u5982\u679c\u4f60\u613f\u610f\u4e3a\u4e86\u300c\u6b27\u6d32\u2122\u300d\u800c\u964d\u4f4e\u81ea\u5df1\u7684\u751f\u6d3b\u6c34\u5e73\uff0c\u6211\u4e0d\u4f1a\u8d23\u602a\u4f60\u3002\u6211\u6562\u6253\u8d4c\uff0c\u4f60\u4eec\u4e2d\u7684\u8bb8\u591a\u4eba\u53ef\u80fd\u5728\u516c\u4f17\u573a\u5408\u9ad8\u4e3e\u6b27\u76df\u7684\u65d7\u5e1c\uff0c\u4f46\u5728\u79c1\u4e0b\u5374\u4f1a\u6025\u5fd9\u6253\u5f00\u7535\u8111\uff0c\u8bd5\u56fe\u5c3d\u5feb\u627e\u5230\u6446\u8131\u56f0\u5883\u7684\u65b9\u6cd5\u3002\u4f60\u77e5\u9053\uff0c\u9003\u79bb\u7684\u65b9\u6cd5\u5c31\u662f\u5728\u6bd4\u7279\u5e01\u88ab\u7981\u6b62\u4e4b\u524d\u8d2d\u4e70\u5e76\u81ea\u884c\u4fdd\u7ba1\u3002\u4f46\u6b27\u76df\u7684\u8bfb\u8005\u4eec\uff0c\u8fd9\u4e00\u5207\u53d6\u51b3\u4e8e\u4f60\u4eec\u81ea\u5df1\u7684\u9009\u62e9\u3002<\/p>\n

    \u4ece\u5168\u7403\u6765\u770b\uff0c\u968f\u7740\u6b27\u5143\u7684\u6d41\u901a\u91cf\u4e0d\u65ad\u589e\u52a0\uff0c\u4ee5\u53ca\u6b27\u76df\u5bf9\u672c\u5730\u8d44\u672c\u7684\u7ba1\u63a7\u65e5\u76ca\u6536\u7d27\uff0c\u6bd4\u7279\u5e01\u7684\u4ef7\u683c\u5c06\u6301\u7eed\u98d9\u5347\u3002\u8fd9\u79cd\u8d8b\u52bf\u5176\u5b9e\u662f\u5f53\u524d\u653f\u7b56\u7684\u5fc5\u7136\u7ed3\u679c\u3002\u7136\u800c\uff0c\u6211\u76f8\u4fe1\uff0c\u8fd9\u5c06\u662f\u4e00\u4e2a\u300c\u8bf4\u4e00\u5957\uff0c\u505a\u4e00\u5957\u300d\u7684\u5c40\u9762\u3002\u90a3\u4e9b\u638c\u63e1\u6743\u529b\u7684\u4eba\u53ef\u80fd\u4f1a\u6084\u6084\u5c06\u8d44\u4ea7\u8f6c\u79fb\u5230\u745e\u58eb\u6216\u5217\u652f\u6566\u58eb\u767b\uff0c\u5e76\u75af\u72c2\u5730\u8d2d\u4e70\u52a0\u5bc6\u8d27\u5e01\u3002\u800c\u4e0e\u6b64\u540c\u65f6\uff0c\u90a3\u4e9b\u666e\u901a\u6c11\u4f17\u5982\u679c\u4e0d\u91c7\u53d6\u884c\u52a8\u4fdd\u62a4\u81ea\u5df1\u7684\u50a8\u84c4\uff0c\u5c06\u5728\u56fd\u5bb6\u652f\u6301\u7684\u901a\u80c0\u653f\u7b56\u4e0b\u906d\u53d7\u635f\u5931\u3002\u8fd9\u6b63\u662f\u6b27\u6d32\u5f53\u524d\u7684\u65e0\u5948\u73b0\u5b9e\u3002<\/p>\n

    \u52a0\u5bc6\u7684 Truth Terminal<\/strong><\/p>\n

    \u6211\u4eec\u7684 Truth Terminal \u662f\u4e00\u4e2a\u5168\u5929\u5019\u8fd0\u884c\u7684\u52a0\u5bc6\u81ea\u7531\u5e02\u573a\u3002\u6bd4\u7279\u5e01\u5728 11 \u6708\u521d\u7279\u6717\u666e\u80dc\u9009\u540e\u7684\u4e0a\u6da8\uff0c\u5df2\u7ecf\u6210\u4e3a\u6cd5\u5b9a\u8d27\u5e01\u4f9b\u5e94\u91cf\u52a0\u901f\u589e\u957f\u7684\u9886\u5148\u6307\u6807\u3002\u9762\u5bf9\u300c\u7279\u6717\u666e\u653f\u7b56\u300d\u7684\u5f71\u54cd\uff0c\u6bcf\u4e2a\u4e3b\u8981\u7ecf\u6d4e\u4f53\u6216\u56fd\u5bb6\u90fd\u5fc5\u987b\u8fc5\u901f\u505a\u51fa\u53cd\u5e94\uff0c\u800c\u901a\u5e38\u7684\u5e94\u5bf9\u65b9\u5f0f\u662f\u8d27\u5e01\u8d2c\u503c\u548c\u52a0\u5f3a\u91d1\u878d\u538b\u5236\u3002<\/p>\n

    \"Arthur\"Arthur<\/figure>\n

    \u6bd4\u7279\u5e01\uff08\u9ec4\u8272\u7ebf\uff09\u6b63\u5728\u63a8\u52a8\u7f8e\u56fd\u94f6\u884c\u4fe1\u8d37\uff08\u767d\u8272\u7ebf\uff09\u7684\u589e\u957f\u3002<\/p>\n

    \u8fd9\u662f\u5426\u610f\u5473\u7740\u6bd4\u7279\u5e01\u4f1a\u4e00\u8def\u4e0a\u6da8\u5230 100 \u4e07\u7f8e\u5143\u800c\u6ca1\u6709\u4efb\u4f55\u5927\u7684\u56de\u8c03\uff1f\u5f53\u7136\u4e0d\u662f\u3002<\/p>\n

    \u6211\u8ba4\u4e3a\u5e02\u573a\u5e76\u6ca1\u6709\u610f\u8bc6\u5230\u7279\u6717\u666e\u5b9e\u9645\u4e0a\u80fd\u591f\u5b8c\u6210\u4e8b\u60c5\u7684\u65f6\u95f4\u975e\u5e38\u6709\u9650\u3002\u5e02\u573a\u76ee\u524d\u5bf9\u7279\u6717\u666e\u53ca\u5176\u56e2\u961f\u62b1\u6709\u8fc7\u9ad8\u671f\u671b\uff0c\u8ba4\u4e3a\u4ed6\u4eec\u80fd\u591f\u8fc5\u901f\u5b9e\u73b0\u7ecf\u6d4e\u548c\u653f\u6cbb\u4e0a\u7684\u5947\u8ff9\u3002\u7136\u800c\uff0c\u5bfc\u81f4\u7279\u6717\u666e\u53d7\u6b22\u8fce\u7684\u95ee\u9898\u5df2\u7ecf\u79ef\u7d2f\u4e86\u51e0\u5341\u5e74\u4e4b\u4e45\uff0c\u4e0d\u53ef\u80fd\u5728\u77ed\u65f6\u95f4\u5185\u5f97\u5230\u89e3\u51b3\u3002\u65e0\u8bba Elon Musk \u5728 X \u5e73\u53f0\u4e0a\u5982\u4f55\u5ba3\u4f20\uff0c\u90fd\u4e0d\u5b58\u5728\u7acb\u7aff\u89c1\u5f71\u7684\u89e3\u51b3\u65b9\u6848\u3002\u56e0\u6b64\uff0c\u7279\u6717\u666e\u51e0\u4e4e\u4e0d\u53ef\u80fd\u5b8c\u5168\u6ee1\u8db3\u4ed6\u7684\u652f\u6301\u8005\u7684\u671f\u5f85\uff0c\u4ece\u800c\u963b\u6b62\u6c11\u4e3b\u515a\u5728 2026 \u5e74\u91cd\u65b0\u638c\u63a7\u53c2\u4f17\u4e24\u9662\u3002\u4eba\u4eec\u7684\u4e0d\u8010\u70e6\u6e90\u4e8e\u4ed6\u4eec\u7684\u7edd\u671b\uff0c\u800c\u7279\u6717\u666e\u4f5c\u4e3a\u4e00\u540d\u7cbe\u660e\u7684\u653f\u6cbb\u5bb6\uff0c\u6df1\u77e5\u8fd9\u4e00\u70b9\u3002\u5728\u6211\u770b\u6765\uff0c\u8fd9\u610f\u5473\u7740\u4ed6\u5fc5\u987b\u5728\u4e0a\u4efb\u521d\u671f\u91c7\u53d6\u5927\u52a8\u4f5c\uff0c\u8fd9\u4e5f\u662f\u4e3a\u4ec0\u4e48\u6211\u62bc\u6ce8\u4ed6\u4f1a\u5728\u4e0a\u4efb\u7684\u5934 100 \u5929\u5185\u63a8\u52a8\u7f8e\u5143\u5151\u9ec4\u91d1\u7684\u5927\u5e45\u8d2c\u503c\u3002\u8fd9\u662f\u4e00\u79cd\u5feb\u901f\u63d0\u5347\u7f8e\u56fd\u751f\u4ea7\u6210\u672c\u7ade\u4e89\u529b\u7684\u7b80\u5355\u65b9\u6cd5\u3002\u901a\u8fc7\u8fd9\u4e00\u653f\u7b56\uff0c\u7f8e\u56fd\u7684\u751f\u4ea7\u80fd\u529b\u5c06\u8fc5\u901f\u56de\u6d41\uff0c\u4ece\u800c\u5b9e\u73b0\u5373\u65f6\u7684\u5c31\u4e1a\u589e\u957f\uff0c\u800c\u4e0d\u662f\u7b49\u5f85\u4e94\u5e74\u540e\u7684\u6548\u679c\u3002<\/p>\n

    \u5728\u8fd9\u8f6e\u52a0\u5bc6\u725b\u5e02\u8fdb\u5165\u300c\u5e02\u573a\u6ce1\u6cab\u7834\u88c2\u5f0f\u7e41\u8363\u300d\u9636\u6bb5\u4e4b\u524d\uff0c\u6211\u9884\u8ba1\u5e02\u573a\u5c06\u5728 2025 \u5e74 1 \u6708 20 \u65e5\u7279\u6717\u666e\u5c31\u804c\u5178\u793c\u524d\u540e\u7ecf\u5386\u4e00\u6b21\u5267\u70c8\u7684\u4e0b\u8dcc\u3002Maelstrom \u56e2\u961f\u8ba1\u5212\u63d0\u524d\u51cf\u6301\u90e8\u5206\u4ed3\u4f4d\uff0c\u5e76\u5e0c\u671b\u5728 2025 \u5e74\u4e0a\u534a\u5e74\u4ee5\u66f4\u4f4e\u7684\u4ef7\u683c\u91cd\u65b0\u4e70\u5165\u4e00\u4e9b\u6838\u5fc3\u8d44\u4ea7\u3002\u5f53\u7136\uff0c\u6bcf\u4f4d\u4ea4\u6613\u8005\u90fd\u4f1a\u8fd9\u4e48\u8bf4\uff0c\u5e76\u76f8\u4fe1\u81ea\u5df1\u80fd\u591f\u7cbe\u51c6\u628a\u63e1\u5e02\u573a\u65f6\u673a\u3002\u4f46\u5728\u5927\u591a\u6570\u60c5\u51b5\u4e0b\uff0c\u4ed6\u4eec\u5f80\u5f80\u5356\u5f97\u592a\u65e9\uff0c\u4e4b\u540e\u53c8\u56e0\u7f3a\u4e4f\u4fe1\u5fc3\u800c\u65e0\u6cd5\u4ee5\u66f4\u9ad8\u7684\u4ef7\u683c\u91cd\u65b0\u5165\u573a\uff0c\u4ece\u800c\u9519\u8fc7\u725b\u5e02\u7684\u4e3b\u8981\u6da8\u5e45\u3002\u8003\u8651\u5230\u8fd9\u4e00\u70b9\uff0c\u6211\u4eec\u627f\u8bfa\uff0c\u5982\u679c\u725b\u5e02\u5728 1 \u6708 20 \u65e5\u540e\u7ee7\u7eed\u5f3a\u52b2\uff0c\u6211\u4eec\u5c06\u8fc5\u901f\u8c03\u6574\u7b56\u7565\uff0c\u63a5\u53d7\u77ed\u671f\u7684\u635f\u5931\uff0c\u5e76\u91cd\u65b0\u6295\u5165\u5e02\u573a\u3002<\/p>\n

    \u300c\u7279\u6717\u666e\u653f\u7b56\u300d\u8ba9\u6211\u770b\u6e05\u4e86\u5168\u7403\u7ecf\u6d4e\u79e9\u5e8f\u7684\u7ed3\u6784\u6027\u7f3a\u9677\uff0c\u4e5f\u8ba9\u6211\u660e\u767d\uff0c\u5f53\u524d\u73af\u5883\u4e0b\u6700\u5927\u5316\u6295\u8d44\u56de\u62a5\u7684\u6700\u4f73\u65b9\u5f0f\u662f\u6301\u6709\u6bd4\u7279\u5e01\u548c\u52a0\u5bc6\u8d27\u5e01\u3002\u56e0\u6b64\uff0c\u6211\u5c06\u7ee7\u7eed\u5728\u5e02\u573a\u56de\u8c03\u548c\u53cd\u5f39\u65f6\u9022\u4f4e\u4e70\u5165\uff0c\u6293\u4f4f\u8fd9\u4e00\u8f6e\u725b\u5e02\u7684\u673a\u4f1a\u3002<\/p>\n

    \u672a\u6765\u5df2\u6765\uff0c\u9009\u62e9\u5728\u4f60\u3002<\/p>\n","protected":false},"excerpt":{"rendered":"

    \u5728\u79bb\u5899\u58c1\u56db\u6b65\u8fdc\u7684\u5730\u65b9\uff0c\u4e00\u5757\u6728\u677f\u5782\u76f4\u56fa\u5b9a\u5728\u4e00\u4e2a\u53ef\u79fb\u52a8\u7684\u652f\u67b6\u4e0a\u3002\u6211\u7684\u745c\u4f3d\u8001\u5e08\u8ba9\u6211\u5c06\u53cc\u624b\u7684\u638c\u6839\u5bf9\u9f50\u6728\u677f\u4e0e\u652f\u67b6\u7684\u4ea4\u754c\u70b9 […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-1449","post","type-post","status-publish","format-standard","hentry","category-news"],"_links":{"self":[{"href":"http:\/\/www.fubairui.net\/index.php?rest_route=\/wp\/v2\/posts\/1449","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/www.fubairui.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.fubairui.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.fubairui.net\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"http:\/\/www.fubairui.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1449"}],"version-history":[{"count":1,"href":"http:\/\/www.fubairui.net\/index.php?rest_route=\/wp\/v2\/posts\/1449\/revisions"}],"predecessor-version":[{"id":3103,"href":"http:\/\/www.fubairui.net\/index.php?rest_route=\/wp\/v2\/posts\/1449\/revisions\/3103"}],"wp:attachment":[{"href":"http:\/\/www.fubairui.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1449"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.fubairui.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1449"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.fubairui.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1449"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}