{"id":592346,"date":"2025-09-10T05:44:41","date_gmt":"2025-09-10T12:44:41","guid":{"rendered":"https:\/\/nai500.com\/blog\/2025\/09\/%e7%be%8e%e5%85%83%e8%84%ab%e9%80%83%e9%82%84%e6%98%af%e5%9c%a8%e5%9c%b0%e9%99%b7%e9%98%b1%ef%bc%9f%e6%96%b0%e8%88%88%e5%b8%82%e5%a0%b4%e5%82%b5%e5%8b%99%e7%9a%84%e8%84%86%e5%bc%b1%e6%80%a7%e8%80%83\/"},"modified":"2025-09-10T05:44:41","modified_gmt":"2025-09-10T12:44:41","slug":"%e7%be%8e%e5%85%83%e8%84%ab%e9%80%83%e9%82%84%e6%98%af%e5%9c%a8%e5%9c%b0%e9%99%b7%e9%98%b1%ef%bc%9f%e6%96%b0%e8%88%88%e5%b8%82%e5%a0%b4%e5%82%b5%e5%8b%99%e7%9a%84%e8%84%86%e5%bc%b1%e6%80%a7%e8%80%83","status":"publish","type":"post","link":"https:\/\/nai500.com\/zh-hant\/blog\/2025\/09\/%e7%be%8e%e5%85%83%e8%84%ab%e9%80%83%e9%82%84%e6%98%af%e5%9c%a8%e5%9c%b0%e9%99%b7%e9%98%b1%ef%bc%9f%e6%96%b0%e8%88%88%e5%b8%82%e5%a0%b4%e5%82%b5%e5%8b%99%e7%9a%84%e8%84%86%e5%bc%b1%e6%80%a7%e8%80%83\/","title":{"rendered":"\u7f8e\u5143\u812b\u9003\u9084\u662f\u5728\u5730\u9677\u9631\uff1f\u65b0\u8208\u5e02\u5834\u50b5\u52d9\u7684\u8106\u5f31\u6027\u8003\u9a57"},"content":{"rendered":"

\u65b0\u8208\u5e02\u5834\u6b63\u5728\u5f9e\u4e00\u7a2e\u4e3b\u5bb0\u8f49\u5411\u53e6\u4e00\u7a2e\u4e3b\u5bb0\u3002\u4ee5\u672c\u5e63\u767c\u884c\u627f\u8afe\u4e3b\u6b0a\uff0c\u4f46\u6c92\u6709\u6e1b\u9707\u5668\u7684\u4e3b\u6b0a\u53ea\u662f\u8868\u9762\u5de5\u592b\u3002\u5982\u679c\u7f8e\u5143\u662f\u5728\u98a8\u66b4\u4e2d\u62d6\u62fd\u7684\u9328\uff0c\u90a3\u9ebc\u672c\u5730\u5e02\u5834\u53ef\u80fd\u662f\u627f\u8f09\u672c\u5730\u6d41\u91cf\u6642\u5d29\u584c\u7684\u6a4b\u6a11\u3002\u554f\u984c\u4e0d\u662f\u5f9e\u7f8e\u5143\u8f49\u5411\u662f\u597d\u662f\u58de\uff0c\u800c\u662f\u54ea\u7a2e\u9ad4\u7cfb\u5728\u9006\u98a8\u4f86\u81e8\u6642\u8868\u73fe\u5f97\u8f03\u4e0d\u7cdf\u7cd5\u3002<\/p>\n

\u672c\u5e63\u5e7b\u8c61<\/h3>\n

\u6558\u4e8b\u5f88\u4e7e\u6de8\uff1a\u539a\u5be6\u7684\u570b\u5167\u50b5\u5238\u5e02\u5834\u3001\u5f48\u6027\u7684\u532f\u7387\u3001\u592e\u884c\u53ca\u65e9\u884c\u52d5\uff0c\u4ee5\u53ca\u5c0d Fed \u7684\u4f9d\u8cf4\u6e1b\u5c11\u3002\u9019\u4e5f\u4e0d\u5b8c\u6574\u3002\u672c\u5e63\u767c\u884c\u6e1b\u5c11\u4e86\u4e00\u7a2e\u5df2\u77e5\u7684\u8106\u5f31\u6027\u2014\u2014\u4ee5\u7f8e\u5143\u501f\u6b3e\u7684\u539f\u7f6a\u3002\u4f46\u554f\u984c\u4e26\u672a\u6d88\u5931\uff1b\u5b83\u5011\u6703\u8f49\u79fb\u3002\u8ca8\u5e63\u98a8\u96aa\u8b8a\u6210\u901a\u81a8\u98a8\u96aa\u3002\u57fa\u5dee\u98a8\u96aa\u53d6\u4ee3\u4e86\u5229\u5dee\u98a8\u96aa\u3002\u6d41\u52d5\u6027\u662f\u672c\u5730\u7684\uff0c\u800c\u975e\u5168\u7403\u7684\u3002\u7576\u58d3\u529b\u4f86\u81e8\u6642\uff0c\u903c\u8feb\u62cb\u552e\u7684\u4e0d\u662f\u7d10\u7d04\u7684\u4fdd\u8b49\u91d1\u8077\u54e1\uff0c\u800c\u662f\u634d\u885b\u8cc7\u672c\u6bd4\u7387\u7684\u672c\u5730\u9280\u884c\u8207\u5438\u6536\u8ca1\u653f\u8d64\u5b57\u7684\u990a\u8001\u57fa\u91d1\u3002\u6295\u8cc7\u4eba\u8b9a\u8a31\u5df4\u897f\u5728 2021 \u5e74\u53ca\u65e9\u5347\u606f\uff0c\u4e5f\u8b9a\u8a31\u4f9d\u8a17 EU \u7684\u6ce2\u862d\u5efa\u7acb\u4fe1\u8b7d\u3002\u7136\u800c\uff0c\u540c\u6a23\u7684\u7d50\u69cb\u5728\u532f\u7387\u4e0b\u6ed1\u3001\u5de5\u8cc7\u639b\u9264\u8513\u5ef6\u53ca\u653f\u7b56\u5229\u7387\u6210\u70ba\u8ca1\u653f\u5de5\u5177\u6642\uff0c\u6703\u8b8a\u5f97\u8106\u5f31\u3002\u7cfb\u7d71\u53ef\u4ee5\u662f\u672c\u5730\u53ef\u63a7\u800c\u4ecd\u7136\u5c0d\u5168\u7403\u654f\u611f\u3002<\/p>\n

\u50b5\u5238\u7fa9\u8b66\u6216\u50b5\u5238\u5fb5\u53ec\u8005<\/h3>\n

\u6559\u79d1\u66f8\u4e0a\uff0c\u50b5\u5238\u7fa9\u8b66\u6703\u61f2\u6212\u63ee\u970d\u7684\u570b\u5bb6\u3002\u5728\u8a31\u591a\u65b0\u8208\u5e02\u5834\u4e2d\uff0c\u8cb7\u65b9\u4e0d\u662f\u7fa9\u8b66\uff1b\u4ed6\u5011\u662f\u88ab\u5fb5\u53ec\u7684\u3002\u6cd5\u5b9a\u6d41\u52d5\u6027\u6bd4\u7387\u3001\u5b8f\u89c0\u5be9\u614e\u898f\u5247\u8207\u76e3\u7ba1\u63a8\u52d5\u628a\u9280\u884c\u548c\u4fdd\u96aa\u516c\u53f8\u64e0\u5411\u6301\u6709\u516c\u50b5\u3002\u9019\u53ef\u4ee5\u7a69\u5b9a\u6b96\u5229\u7387\uff0c\u6b63\u5982\u4e2d\u570b\u7684\u5167\u9700\u6240\u505a\u7684\uff0c\u5373\u4f7f\u786c\u901a\u8ca8\u5229\u5dee\u64f4\u5927\u4e5f\u4f7f\u672c\u5730\u66f2\u7dda\u7a69\u5b9a\u3002\u5b83\u4e5f\u80fd\u63a9\u84cb\u8106\u5f31\u6027\u3002\u4e00\u500b\u88ab\u4fd8\u7684\u8cb7\u65b9\u57fa\u790e\u964d\u4f4e\u4e86\u6ce2\u52d5\u6027\uff0c\u76f4\u5230\u58d3\u529b\u8f49\u5411\u5916\u532f\u7ba1\u9053\u3002\u571f\u8033\u5176\u7684\u672c\u5e63\u5316\u63a8\u52d5\u5c31\u662f\u4e00\u500b\u6848\u4f8b\u7814\u7a76\uff1a\u672c\u5730\u66f2\u7dda\u4fdd\u6301\u6709\u5e8f\uff0c\u800c\u532f\u7387\u627f\u64d4\u8abf\u6574\u3002\u52a0\u7d0d\u8207\u65af\u91cc\u862d\u5361\u986f\u793a\u4e86\u66f4\u56b4\u9177\u7684\u7248\u672c\u3002\u672c\u5730\u91cd\u7d44\u628a\u640d\u5931\u52a0\u65bc\u672c\u5730\u6301\u6709\u8005\uff0c\u8b49\u660e\u300c\u672c\u5730\u300d\u4e26\u4e0d\u7b49\u65bc\u5b89\u5168\u3002\u7576\u8ca1\u653f\u4e3b\u5c0e\u6210\u5f62\uff0c\u50b5\u5238\u6578\u5b78\u8b8a\u6210\u653f\u6cbb\u3002\u5c0d\u672c\u5730\u4eba\u7684\u907f\u96aa\u5f80\u5f80\u662f\u532f\u7387\uff0c\u800c\u975e\u606f\u7968\u3002<\/p>\n

\u539f\u7f6a\u6c92\u6709\u88ab\u6cbb\u7652\uff0c\u53ea\u662f\u8b8a\u7570<\/h3>\n

\u7d93\u6fdf\u5b78\u5bb6\u66fe\u628a\u65b0\u8208\u5e02\u5834\u7684\u5169\u96e3\u6846\u6210\u539f\u7f6a\uff1a\u7121\u6cd5\u4ee5\u672c\u5e63\u9577\u671f\u501f\u6b3e\u3002\u904e\u53bb\u5341\u5e74\u6539\u5584\u4e86\u672c\u5730\u66f2\u7dda\u7684\u671f\u9650\u8207\u6df1\u5ea6\u3002\u9019\u7a2e\u9032\u5c55\u662f\u771f\u5be6\u7684\u3002\u4f46\u539f\u7f6a\u8b8a\u7570\u6210\u65b0\u5f62\u5f0f\u3002\u53ef\u514c\u63db\u6027\u6210\u70ba\u73fe\u5728\u96b1\u85cf\u7684\u689d\u6b3e\u3002\u4f60\u80fd\u5728\u60f3\u96e2\u958b\u6642\u3001\u4ee5\u4f60\u8a8d\u70ba\u7684\u50f9\u683c\u96e2\u958b\u55ce\uff1f\u8cc7\u672c\u7ba1\u5236\u3001\u8cc7\u91d1\u6d41\u7a05\u3001\u7d50\u7b97\u6469\u64e6\u8207\u57fa\u5dee\u7206\u70b8\u6070\u5728\u6700\u9700\u8981\u6642\u51fa\u73fe\u30022013 \u5e74\u7684\u7e2e\u6e1b\u6050\u614c\u662f\u500b\u7c97\u7cd9\u7684\u5916\u90e8\u885d\u64ca\u3002\u4e0b\u4e00\u6b21\u5371\u6a5f\u66f4\u53ef\u80fd\u662f\u5167\u751f\u7684\u3002\u60f3\u60f3 Minsky \u529b\u5b78\uff1a\u7a69\u5b9a\u7684\u5957\u606f\u9ad4\u5236\u3001\u88ab\u58d3\u6291\u7684\u6ce2\u52d5\u3001\u5730\u65b9\u8cc7\u91d1\u5e02\u5834\u7684\u69d3\u687f\uff0c\u7136\u5f8c\u4e00\u500b\u8ca8\u5e63\u6416\u64fa\u8feb\u4f7f\u653f\u7b56\u904e\u5ea6\u8abf\u6574\u3002\u8cc7\u672c\u7ba1\u5236\u662f\u4e00\u6b21\u6027\u6709\u6548\u7684\u6e1b\u9707\u5668\u3002\u518d\u6b21\u4f7f\u7528\u6703\u6c38\u4e45\u63d0\u9ad8\u8cc7\u672c\u6210\u672c\u3002\u5354\u8abf\u535a\u5f08\u63a5\u7ba1\u3002\u4e00\u65e6\u8db3\u5920\u591a\u6295\u8cc7\u4eba\u76f8\u4fe1\u51fa\u53e3\u9580\u7a84\uff0c\u8e29\u8e0f\u5c31\u662f\u7406\u6027\u7684\u3002<\/p>\n

\u98a8\u96aa\u6ea2\u916c\u5728\u8b1b\u5371\u96aa\u7684\u6545\u4e8b<\/h3>\n

\u50f9\u683c\u5728\u5927\u8072\u558a\u4e4b\u524d\u6703\u4f4e\u8072\u8033\u8a9e\u30022023 \u5e74\uff0cBloomberg \u6307\u51fa\u65b0\u8208\u5e02\u5834\u672c\u5730\u6b96\u5229\u7387\u8dcc\u7834 US Treasuries \u7684\u7570\u5e38\u3002\u7576\u7121\u98a8\u96aa\u5229\u7387\u6bd4\u6709\u98a8\u96aa\u5229\u7387\u9084\u9ad8\u6642\uff0c\u5faa\u74b0\u6613\u65bc\u5012\u639b\u3002\u5957\u606f\u770b\u4f3c\u514d\u8cbb\uff0c\u76f4\u5230\u5371\u5bb3\u5f9e\u53e6\u4e00\u500b\u7ba1\u9053\u986f\u73fe\u3002Financial Times \u8a18\u9304\u6295\u8cc7\u4eba\u6e67\u5165\u50cf\u80af\u4e9e\u8207\u5df4\u57fa\u65af\u5766\u9019\u985e\u9ad8\u672c\u5e63\u5229\u7387\u7684\u5e02\u5834\uff0c\u88ab\u6539\u9769\u6558\u4e8b\u8207\u96d9\u4f4d\u6578\u6b96\u5229\u7387\u5438\u5f15\u3002\u90a3\u662f\u5e02\u5834\u7684\u81ea\u7136\u7bc0\u594f\u3002\u4e5f\u662f\u98a8\u96aa\u6ea2\u916c\u6d88\u5931\u7136\u5f8c\u4e00\u6b21\u6027\u56de\u6b78\u7684\u65b9\u5f0f\u3002JPMorgan \u5f8c\u4f86\u5c0d EM \u672c\u5e63\u50b5\u5238\u7684\u8b39\u614e\uff0c\u5f15\u7528\u8ca1\u653f\u7684\u963f\u57fa\u91cc\u65af\u4e4b\u8e35\u8207\u964d\u606f\u7a7a\u9593\u7e2e\u7a84\uff0c\u53cd\u6620\u4e00\u500b\u7c21\u55ae\u7684\u6982\u7387\u9ede\uff1a\u96a8\u8457\u7f8e\u570b\u8ca1\u653f\u64f4\u5f35\u8207\u95dc\u7a05\u8ac7\u8ad6\u63a8\u9ad8\u7f8e\u5143\uff0cEM \u5fc5\u9808\u5728\u8ca8\u5e63\u5c64\u9762\u6216\u5229\u7387\u5c64\u9762\u4ed8\u51fa\u4ee3\u50f9\u3002\u7576\u50cf\u53ef\u514c\u63db\u6027\u8207\u8ca1\u653f\u80fd\u529b\u7684\u98a8\u96aa\u6ea2\u916c\u58d3\u7e2e\u5230\u96f6\u6642\uff0c\u5269\u4e0b\u552f\u4e00\u7684\u907f\u96aa\u662f\u4f60\u80fd\u4fe1\u4efb\u7684\u6d41\u52d5\u6027\u3002<\/p>\n

\u6d41\u52d5\u6027\u3001\u53ef\u514c\u63db\u6027\u3001\u6cd5\u57df<\/h3>\n

\u5de5\u7a0b\u5b78\u6559\u6211\u5011\uff0c\u5197\u9918\u6703\u6cbf\u8457\u6700\u8106\u5f31\u7684\u74b0\u7bc0\u800c\u4e0d\u662f\u5e73\u5747\u5f37\u5ea6\u5931\u6548\u3002EM \u672c\u5e63\u50b5\u6709\u4e09\u500b\u6295\u8cc7\u4eba\u5e38\u4f4e\u4f30\u7684\u5f31\u74b0\u7bc0\u3002\u6d41\u52d5\u6027\u662f\u672c\u5730\u4e14\u53d7\u6642\u9593\u5f71\u97ff\uff1b\u7576\u64c1\u64e0\u4ea4\u6613\u53cd\u8f49\u6642\u5b83\u6703\u6d88\u5931\u3002\u53ef\u514c\u63db\u6027\u662f\u8def\u5f91\u4f9d\u8cf4\u7684\uff1b\u5b83\u5b58\u5728\u76f4\u5230\u67d0\u5929\u4e0d\u518d\u5b58\u5728\u3002\u6cd5\u57df\u98a8\u96aa\u88ab\u8aa4\u89e3\uff1b\u672c\u5730\u6cd5\u4e0b\u7684\u50b5\u52d9\u53ef\u4ee5\u88ab\u672c\u5730\u6cd5\u6539\u8b8a\u30022023 \u5e74\u7684\u52a0\u7d0d\u672c\u5730\u50b5\u52d9\u4ea4\u63db\u8207\u65af\u91cc\u862d\u5361\u7684\u672c\u5730\u512a\u5316\u8a08\u756b\u662f\u8b66\u544a\u3002\u6cd5\u5f8b\u8207\u64cd\u4f5c\u98a8\u96aa\u4e0d\u540c\u65bc\u7d10\u7d04\u6cd5\u4e0b\u7684\u6b50\u5143\u50b5\u3002\u5373\u4f7f\u4eca\u5929\u6b96\u5229\u7387\u88dc\u511f\u4f60\uff0c\u56de\u5831\u5206\u914d\u4ecd\u662f\u539a\u5c3e\u4e14\u570b\u5bb6\u72c0\u614b\u4f9d\u8cf4\u7684\u3002\u5982\u679c\u4f60\u4ee5\u540d\u7fa9\u672c\u5e63\u88ab\u652f\u4ed8\uff0c\u800c\u91cb\u653e\u95a5\u662f\u5916\u532f\uff0c\u4f60\u7684\u5be6\u969b\u771f\u5be6\u6536\u76ca\u662f\u5c0d\u58d3\u529b\u4e0b\u653f\u7b56\u4fe1\u8b7d\u7684\u8ced\u6ce8\uff0c\u800c\u4e0d\u50c5\u50c5\u662f\u4eca\u5929\u7684\u901a\u81a8\u6578\u5b57\u3002\u907f\u96aa\u4e5f\u4e0d\u662f\u514d\u8cbb\u7684\uff1b\u8de8\u8ca8\u5e63\u6389\u671f\u57fa\u5dee\u5728\u4f60\u6700\u9700\u8981\u6642\u6703\u64f4\u5927\u3002<\/p>\n

\u8ca1\u653f\u4e3b\u5c0e\u8207\u88ab\u4fd8\u66f2\u7dda<\/h3>\n

\u8ca8\u5e63\u81ea\u4e3b\u6027\u53ea\u6709\u5728\u8ca1\u653f\u7d00\u5f8b\u5141\u8a31\u4e0b\u624d\u5805\u56fa\u3002\u7576\u8d64\u5b57\u9f90\u5927\u4e14\u672c\u5730\u5132\u84c4\u6709\u9650\u6642\uff0c\u672c\u5730\u66f2\u7dda\u6210\u70ba\u653f\u7b56\u5de5\u5177\u3002\u770b\u4f3c\u7368\u7acb\u7684\u964d\u606f\uff0c\u5728\u901a\u81a8\u9ecf\u6027\u4e14\u8cb7\u65b9\u57fa\u790e\u88ab\u4fd8\u6642\uff0c\u53ef\u80fd\u662f\u4e00\u7a2e\u91d1\u878d\u58d3\u8feb\u3002\u9019\u4e26\u4e0d\u610f\u5473\u81ea\u4e3b\u6027\u5f92\u52de\u3002\u610f\u5473\u8457\u56de\u5831\u975e\u7dda\u6027\u3002\u5efa\u7acb\u53ef\u4fe1\u6846\u67b6\u8207\u5ee3\u6cdb\u8cb7\u65b9\u57fa\u790e\u7684\u570b\u5bb6\u64c1\u6709\u9078\u64c7\u6027\u3002\u6ce2\u862d\u7684\u672c\u5730\u66f2\u7dda\u76f8\u5c0d\u786c\u901a\u8ca8\u50b5\u5238\u8d70\u9ad8\uff0c\u8207 EU \u5236\u5ea6\u652f\u67f1\u53ca\u8f03\u77ed\u7684\u672c\u5730\u5230\u671f\u7d50\u69cb\u76f8\u4e00\u81f4\u3002\u5df4\u897f\u8f03\u9ad8\u7684\u672c\u5730\u6b96\u5229\u7387\u53cd\u6620\u901a\u81a8\u8207\u532f\u7387\u98a8\u96aa\uff0c\u4e5f\u53cd\u6620\u5438\u5f15\u6709\u7d00\u5f8b\u5957\u606f\u7684\u900f\u660e\u653f\u7b56\u56de\u61c9\u3002\u5c0d\u6bd4\u90a3\u4e9b\u628a\u5916\u532f\u5b58\u5e95\u7576\u4f5c\u672c\u5730\u7a69\u5b9a\u7684\u6b0a\u5b9c\u88dc\u8cbc\u7684\u570b\u5bb6\u3002\u4e00\u65e6\u5916\u5132\u8dcc\u7834\u8212\u9069\u7dda\uff0c\u672c\u5730\u5e02\u5834\u5fc5\u9808\u5728\u6b96\u5229\u7387\u3001\u8ca8\u5e63\u6216\u63a7\u5236\u4e4b\u9593\u505a\u9078\u64c7\u3002\u4f60\u5f88\u5c11\u80fd\u540c\u6642\u5f97\u5230\u4e09\u8005\u3002<\/p>\n

\u771f\u6b63\u7684\u53cd\u8106\u5f31\u6703\u662f\u4ec0\u9ebc\u6a23<\/h3>\n

\u65b0\u8208\u5e02\u5834\u50b5\u52d9\u7684\u771f\u5be6\u53cd\u8106\u5f31\u4e0d\u662f\u6539\u8b8a\u8ca8\u5e63\u8a08\u50f9\u3002\u5b83\u662f\u95dc\u65bc\u7d93\u904e\u58d3\u529b\u6e2c\u8a66\u7684\u914d\u5957\u7cfb\u7d71\u3002\u5177\u6709\u5f48\u6027\u4efb\u52d9\u7684\u6df1\u539a\u672c\u5730\u990a\u8001\u8207\u4fdd\u96aa\u6c60\u3002\u80fd\u5728\u9078\u8209\u4e2d\u5b58\u7e8c\u7684\u900f\u660e\u4e14\u898f\u5247\u5316\u7684\u8ca1\u653f\u9328\u3002\u7576\u6210\u9577\u653e\u7de9\u6642\u4ecd\u80fd\u6301\u5b88\u7684\u53ef\u4fe1\u901a\u81a8\u76ee\u6a19\u5236\u3002\u58d3\u529b\u4e0b\u4ecd\u4fdd\u6301\u904b\u4f5c\u7684\u907f\u96aa\u57fa\u790e\u8a2d\u65bd\u3002\u5916\u90e8\u8ca0\u50b5\u8db3\u5920\u5c0f\uff0c\u4f7f\u5916\u5132\u6210\u70ba\u7de9\u885d\u800c\u975e\u751f\u547d\u7dda\u3002\u5370\u5c3c\u5f9e\u786c\u901a\u8ca8\u9010\u6b65\u8f49\u5411\u672c\u5e63\u767c\u884c\uff0c\u4e26\u4fdd\u6301\u5be9\u614e\u7684\u5916\u50b5\u7d50\u69cb\uff0c\u8f03\u63a5\u8fd1\u9019\u7a2e\u8a2d\u8a08\u3002\u4e2d\u570b\u7684\u6a21\u5f0f\u986f\u793a\u5728\u6c92\u6709\u5b8c\u5168\u53ef\u514c\u63db\u6027\u7684\u60c5\u6cc1\u4e0b\u653f\u7b56\u63a7\u5236\u7684\u6975\u9650\u3002\u5df4\u897f\u7684\u53ca\u65e9\u5347\u606f\u9031\u671f\u986f\u793a\u6062\u5fa9\u7684\u4fe1\u8b7d\uff0c\u4f46\u53ef\u6301\u7e8c\u6027\u4f9d\u8cf4\u65bc\u8ca1\u653f\u6578\u5b78\uff0c\u800c\u4e0d\u50c5\u662f\u6642\u5e8f\u3002\u50cf\u5730\u9707\u5efa\u7bc9\u6cd5\u5247\u90a3\u6a23\u5efa\u7acb\u5197\u9918\uff1a\u63a5\u53d7\u8f03\u5c0f\u7684\u885d\u64ca\u4ee5\u907f\u514d\u65e5\u5f8c\u7684\u707d\u96e3\u6027\u5931\u6548\u3002\u8b93\u8ca8\u5e63\u79fb\u52d5\u3002\u907f\u514d\u628a\u6b96\u5229\u7387\u58d3\u5f97\u5982\u6b64\u4e4b\u7dca\u4ee5\u81f4\u58d3\u529b\u9077\u79fb\u5230\u6697\u8655\u3002<\/p>\n

\u985b\u5012\u8ad6\u9ede<\/h3>\n

\u5e02\u5834\u559c\u6b61\u4e7e\u6de8\u7684\u6558\u4e8b\u3002\u7f8e\u5143\u5c08\u5236\uff0c\u6240\u4ee5\u672c\u5730\u66f4\u597d\u3002\u9019\u662f\u932f\u8aa4\u7684\u6846\u67b6\u3002\u6b63\u78ba\u7684\u554f\u984c\u662f\uff1a\u54ea\u7a2e\u8ca0\u50b5\u7d50\u69cb\u80fd\u5728\u7f8e\u5143\u8d70\u5f37\u3001\u6210\u9577\u885d\u64ca\u8207\u570b\u5167\u653f\u6cbb\u9031\u671f\u540c\u6642\u767c\u751f\u6642\u5b58\u6d3b\uff1f\u7b54\u6848\u5f88\u5c11\u662f\u4e8c\u5143\u7684\u3002\u5c0d\u67d0\u4e9b\u4e3b\u6b0a\u570b\u5bb6\u800c\u8a00\uff0c\u672c\u5730\u767c\u884c\u662f\u771f\u6b63\u7684\u5347\u7d1a\u3002\u5c0d\u53e6\u4e00\u4e9b\uff0c\u5247\u53ea\u662f\u63db\u4e86\u4e00\u7a2e\u5931\u6557\u6a21\u5f0f\u4f46\u5305\u88dd\u8f03\u597d\u3002\u6295\u8cc7\u4eba\u7684\u512a\u52e2\u4f86\u81ea\u70ba\u98a8\u96aa\u9077\u79fb\u5b9a\u50f9\uff0c\u800c\u4e0d\u662f\u5176\u66ab\u6642\u6d88\u5931\u3002\u5982\u679c EM \u672c\u5e63\u6b96\u5229\u7387\u7a7f\u900f Treasuries\uff0c\u5982\u679c\u653f\u7b56\u5728\u63a8\u52d5\u88ab\u4fd8\u8005\u589e\u52a0\u5b58\u7e8c\u671f\u9593\uff0c\u5982\u679c\u6d41\u52d5\u6027\u8207\u53ef\u514c\u63db\u6027\u6ea2\u916c\u58d3\u7e2e\u5230\u7121\uff0c\u4e0d\u8981\u53bb\u606d\u559c\u767c\u884c\u8005\u3002\u554f\u554f\u58d3\u529b\u4e0b\u4e00\u6b65\u6703\u5728\u54ea\u88e1\u986f\u73fe\u3002\u5728\u5e02\u5834\u4e2d\uff0c\u770b\u4f3c\u81ea\u7531\u7684\u5f80\u5f80\u662f\u6709\u5ef6\u9072\u7684\u7d04\u675f\u3002\u8003\u9a57\u6703\u5728\u7f8e\u5143\u518d\u6b21\u6536\u7dca\u6642\u5230\u4f86\u3002\u90a3\u6642\u672c\u5730\u8f49\u5411\u624d\u80fd\u8b49\u660e\u5b83\u5011\u662f\u53cd\u8106\u5f31\u7684\u8606\u8466\uff0c\u9084\u662f\u8106\u5f31\u7684\u6a61\u6a39\u3002<\/p>\n","protected":false},"excerpt":{"rendered":"

\u65b0\u8208\u5e02\u5834\u5728\u5f9e\u7f8e\u5143\u8f49\u5411\u4ee5\u672c\u5e63\u767c\u884c\u7684\u904e\u7a0b\u4e2d\u8fce\u4f86\u95dc\u9375\u8003\u9a57\uff0c\u6838\u5fc3\u554f\u984c\u662f\uff1a\u5728\u9762\u81e8\u7d93\u6fdf\u885d\u64ca\u6642\uff0c\u54ea\u7a2e\u9ad4\u7cfb\u80fd\u66f4\u70ba\u6297\u58d3\u3002<\/p>\n","protected":false},"author":52,"featured_media":587487,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":"","_links_to":"","_links_to_target":""},"categories":[426],"tags":[793,671,1122],"class_list":["post-592346","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market-news-zh-hant","tag-793","tag-671","tag-1122"],"acf":[],"_links":{"self":[{"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/posts\/592346","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/users\/52"}],"replies":[{"embeddable":true,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/comments?post=592346"}],"version-history":[{"count":0,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/posts\/592346\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/media\/587487"}],"wp:attachment":[{"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/media?parent=592346"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/categories?post=592346"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/tags?post=592346"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}