\u7576\u6d88\u9632\u6c34\u5e36\u8b8a\u6210\u5fe0\u8aa0\u6e2c\u8a66\u6642\u6703\u767c\u751f\u4ec0\u9ebc\u3002\u4e00\u500b\u70ba\u64b2\u6ec5\u5e02\u5834\u706b\u707d\u800c\u5efa\u7acb\u7684\u5de5\u5177\u6b63\u88ab\u6539\u5beb\u6210\u69d3\u687f\u3002\u5831\u5c0e\u986f\u793a\uff0cFederal Reserve \u53ef\u80fd\u6703\u5c07\u5176\u7f8e\u5143 swap lines \u4f5c\u70ba\u5730\u7de3\u653f\u6cbb\u5de5\u5177\uff1b\u9019\u4e00\u524d\u666f\u5728 Kevin Warsh \u88ab\u8a0e\u8ad6\u70ba Fed chair \u4e26\u88ab\u8a8d\u70ba\u8207 Treasury Secretary Scott Bessent \u7684\u5730\u7d93\u6fdf\u8b70\u7a0b\u76f8\u5951\u5408\u6642\u88ab\u653e\u5927\u3002\u9019\u7a2e\u8f49\u8b8a\u6703\u628a\u8ca8\u5e63\u9ad4\u7cfb\u7684\u7ba1\u7dda\u8b8a\u6210\u5916\u4ea4\u653f\u7b56\u5de5\u5177\u3002\u5b83\u4e5f\u6703\u63ed\u9732\u4e00\u500b\u5e02\u5834\u672a\u5b9a\u50f9\u7684\u8106\u5f31\u6027\uff1a\u4e00\u500b\u88ab\u8996\u70ba\u7121\u689d\u4ef6\u7684\u6700\u5f8c\u652f\u6490\u6b63\u5728\u4fb5\u8755\u3002<\/p>\n
Dollar swap lines \u7684\u8a2d\u8a08\u521d\u8877\u662f\u4f5c\u70ba\u65b7\u8def\u5668\u30022008 \u5e74\uff0c\u5b83\u5011\u6291\u5236\u4e86\u4e00\u5834\u5a01\u8105\u95dc\u9589\u5168\u7403\u8cbf\u6613\u878d\u8cc7\u7684\u7f8e\u5143\u8cc7\u91d1\u6436\u8cfc\u30022020 \u5e74\uff0c\u5b83\u5011\u5e6b\u52a9\u7d42\u6b62\u4e86\u4e00\u6b21\u5178\u578b\u7684\u7f8e\u5143\u64e0\u514c\uff0c\u91cd\u65b0\u958b\u653e\u4fe1\u8cb8\u4e26\u7a69\u5b9a\u4e86\u8de8\u8ca8\u5e63\u57fa\u5dee\u3002\u908f\u8f2f\u5f88\u7c21\u55ae\uff1a\u7576\u4e16\u754c\u7684\u6536\u9280\u6a5f\u5361\u4f4f\u6642\uff0c\u64cd\u4f5c\u8005\u4fee\u597d\u6536\u9280\u6a5f\u3002\u91cd\u9ede\u662f\u964d\u4f4e\u7cfb\u7d71\u6027\u98a8\u96aa\uff0c\u800c\u4e0d\u662f\u7ba1\u7406\u76df\u53cb\u3002\u8207\u4e3b\u8981\u4e2d\u592e\u9280\u884c\u7684\u5e38\u8a2d\u7dda\u8207\u81e8\u6642\u7dda\uff0c\u52a0\u4e0a\u4ee5 Treasuries \u70ba\u62b5\u62bc\u7684 FIMA repo facility\uff0c\u5275\u9020\u4e86\u4e00\u689d\u5728\u58d3\u529b\u4e0b\u7372\u5f97\u7f8e\u5143\u7684\u5df2\u77e5\u3001\u4ee5\u898f\u5247\u70ba\u57fa\u790e\u7684\u9014\u5f91\u3002\u5982\u679c\u90a3\u4e9b\u901a\u9053\u8b8a\u6210\u6709\u689d\u4ef6\u7684\u6069\u60e0\uff0c\u65b7\u8def\u5668\u5c31\u8b8a\u6210\u4e86\u8ac7\u5224\u7c4c\u78bc\u3002\u5e02\u5834\u6703\u8abf\u6574\uff0c\u4f46\u4e0d\u6703\u4ee5\u6539\u5584\u7a69\u5b9a\u6027\u7684\u65b9\u5f0f\u8abf\u6574\u3002<\/p>\n
\u5728\u91cd\u8907\u535a\u5f08\u4e2d\uff0c\u53ef\u4fe1\u5ea6\u5c31\u662f\u8cc7\u672c\u3002\u5f8c\u5099\u63f4\u52a9\u7684\u50f9\u503c\u4f9d\u8cf4\u65bc\u53ef\u9810\u6e2c\u7684\u53ef\u53ca\u6027\uff0c\u800c\u4e0d\u662f\u6230\u8853\u6027\u6c7a\u65b7\u3002\u5982\u679c\u53ef\u53ca\u6027\u53d6\u6c7a\u65bc\u5916\u4ea4\u4e00\u81f4\u6027\uff0c\u53c3\u8207\u8005\u5c31\u6703\u8abf\u6574\u3002\u6709\u4e9b\u570b\u5bb6\u6703\u56e4\u7a4d\u5132\u5099\uff0c\u5118\u7ba1\u9019\u6a23\u505a\u6a5f\u6703\u6210\u672c\u5f88\u9ad8\u3002\u5176\u4ed6\u570b\u5bb6\u5247\u6703\u5efa\u7acb\u5e73\u884c\u7ba1\u9053\u4ee5\u7e5e\u904e Washington\u3002\u4efb\u4f55\u4e00\u689d\u8def\u90fd\u901a\u904e\u788e\u7247\u5316\u7db2\u7d61\u589e\u52a0\u7cfb\u7d71\u7684\u8106\u5f31\u6027\u3002\u60f3\u50cf\u56da\u5f92\u56f0\u5883\u3002\u5982\u679c\u6bcf\u500b\u4e2d\u592e\u9280\u884c\u90fd\u9810\u671f\u5230\u6709\u689d\u4ef6\u7684\u53ef\u53ca\u6027\uff0c\u4ed6\u5011\u6703\u900f\u904e\u8d85\u4fdd\u96aa\u6301\u6709\u7f8e\u5143\u6216\u8207 China \u6216\u5340\u57df\u96c6\u5718\u5efa\u7acb\u66ff\u4ee3 swap\u3002\u7d50\u679c\u662f\u8f03\u5f31\u7684\u5408\u4f5c\u5747\u8861\u3002\u65e5\u5e38\u770b\u4f3c\u5e73\u975c\uff0c\u4f46\u5c3e\u90e8\u98a8\u96aa\u5728\u589e\u9577\u3002\u6982\u7387\u8cea\u91cf\u5f9e\u8a31\u591a\u5c0f\u800c\u53ef\u63a7\u7684\u64fe\u52d5\u79fb\u5411\u66f4\u5c11\u3001\u66f4\u5927\u3001\u65b7\u88c2\u5f0f\u7684\u4e8b\u4ef6\u3002\u9019\u5c31\u662f\u770b\u4f3c\u5805\u56fa\u7684\u7cfb\u7d71\u5982\u4f55\u5931\u6557\u3002<\/p>\n
\u5de5\u7a0b\u5b78\u63d0\u4f9b\u4e00\u500b\u6e05\u6670\u7684\u96b1\u55bb\u3002Swap lines \u5c31\u50cf\u6a4b\u6881\u4e2d\u7684\u4f38\u7e2e\u7bc0\u3002\u5b83\u5011\u5438\u6536\u58d3\u529b\uff0c\u963b\u6b62\u88c2\u7e2b\u8513\u5ef6\u3002\u628a\u5b83\u5011\u8b8a\u6210\u69d3\u687f\uff0c\u4f38\u7e2e\u7bc0\u5c31\u6703\u8b8a\u786c\u3002\u58d3\u529b\u4e0d\u518d\u6d88\u6563\uff0c\u800c\u662f\u5728\u65b7\u5c64\u7dda\u4e0a\u7a4d\u7d2f\u3002\u6fc0\u52f5\u53cd\u61c9\u662f\u53ef\u9810\u898b\u7684\u3002\u5404\u570b\u81ea\u6211\u4fdd\u96aa\u3002\u6211\u5011\u81ea 1997 \u5e74\u4e9e\u6d32\u5371\u6a5f\u4ee5\u4f86\u898b\u904e\u9019\u9f63\u6232\u3002\u900f\u904e\u5132\u5099\u7d2f\u7a4d\u7684\u81ea\u6211\u4fdd\u96aa\u6703\u7522\u751f\u7d93\u5e38\u5e33\u9806\u5dee\u548c\u5168\u7403\u5132\u84c4\u904e\u5269\uff0c\u58d3\u4f4e\u4e2d\u6027\u5229\u7387\u4e26\u626d\u66f2\u8cc7\u7522\u50f9\u683c\u3002\u5b83\u4e5f\u4fc3\u4f7f\u4e00\u4e9b\u7d93\u6fdf\u9ad4\u901a\u904e\u58d3\u6291\u570b\u5167\u9700\u6c42\u70ba\u7de9\u885d\u7c4c\u8cc7\u3002\u4ee3\u50f9\u4ee5\u5931\u8861\u5f62\u5f0f\u5230\u671f\uff0c\u800c\u975e\u982d\u689d\u65b0\u805e\u3002\u628a\u6d41\u52d5\u6027\u6b66\u5668\u5316\u6703\u63a8\u52d5\u66f4\u591a\u570b\u5bb6\u8d70\u4e0a\u9019\u689d\u8def\u3002\u8868\u9762\u7684\u5f37\u52e2\u63a9\u84cb\u4e86\u6a4b\u6881\u627f\u8f09\u66f4\u591a\u96b1\u6027\u8ca0\u8377\u7684\u4e8b\u5be6\u3002<\/p>\n
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\u5e02\u5834\u5c0d\u898f\u5247\u7684\u5b9a\u50f9\u591a\u65bc\u5c0d\u6558\u4e8b\u7684\u53cd\u61c9\u3002\u5341\u591a\u5e74\u4f86\uff0c\u6295\u8cc7\u8005\u5b78\u6703\u4e86\u5728\u51fa\u73fe\u58d3\u529b\u6642\u5168\u7403\u7f8e\u5143\u6d41\u52d5\u6027\u6703\u6309\u6642\u5230\u4f4d\u3002\u9019\u4e00\u5047\u8a2d\u62c9\u7dca\u4e86\u5229\u5dee\u3001\u58d3\u6291\u4e86\u6ce2\u52d5\uff0c\u4e26\u63a8\u52d5\u8de8\u5883\u7684 carry trade\u3002\u5982\u679c\u9019\u689d\u898f\u5247\u8b8a\u6210\u7d93\u904e\u5730\u7de3\u653f\u6cbb\u904e\u6ffe\u7684\u64f2\u786c\u5e63\uff0c\u671f\u6b0a\u504f\u659c\u6703\u91cd\u5b9a\u50f9\uff0c\u76f8\u95dc\u6027\u6703\u65b7\u88c2\uff0c\u6d41\u52d5\u6027\u6ea2\u50f9\u6703\u5728\u6700\u7cdf\u7cd5\u7684\u6642\u5019\u4e0a\u5347\u3002\u7f8e\u5143\u5fae\u7b11\u66f2\u7dda\u6703\u8b8a\u5f97\u66f4\u5c16\u92b3\u3002\u907f\u96aa\u8cc7\u91d1\u62c9\u626f\u8ca8\u5e63\uff0c\u7136\u5f8c\u518d\u6ea2\u56de\u4fe1\u8cb8\u3002\u554f\u984c\u4e0d\u662f\u5e02\u5834\u7121\u6cd5\u8abf\u6574\u2014\u2014\u5b83\u5011\u53ef\u4ee5\u3002\u554f\u984c\u662f\u5b83\u5011\u5728\u4e8b\u5f8c\u624d\u8abf\u6574\u3002\u8cc7\u91d1\u5e02\u5834\u50be\u5411\u65bc\u5728\u7f3a\u53e3\u4e2d\u79fb\u52d5\uff0c\u800c\u4e0d\u662f\u5e73\u6ed1\u4e0b\u6ed1\u3002\u5c3e\u90e8\u98a8\u96aa\u4e0d\u662f\u7d71\u8a08\u6578\u5b57\u3002\u5b83\u662f\u4e00\u6247\u9580\uff0c\u8981\u9ebc\u958b\uff0c\u8981\u9ebc\u4e0d\u958b\u3002\u7576\u6700\u5f8c\u652f\u6490\u8b8a\u5f97\u914c\u60c5\u6642\uff0c\u80d6\u5c3e\u6703\u8b8a\u5f97\u66f4\u80d6\u3002<\/p>\n
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