{"id":34292,"date":"2023-03-22T12:03:40","date_gmt":"2023-03-22T04:03:40","guid":{"rendered":"https:\/\/\/?p=34292"},"modified":"2024-03-27T11:00:16","modified_gmt":"2024-03-27T03:00:16","slug":"what-is-sofr-rate","status":"publish","type":"post","link":"https:\/\/\/what-is-sofr-rate\/","title":{"rendered":"\u64d4\u4fdd\u9694\u591c\u878d\u8cc7\u5229\u7387(SOFR)\u662f\u4ec0\u9ebc\uff1f\u548c\u502b\u6566\u9280\u884c\u540c\u696d\u62c6\u6b3e\u5229\u7387(LIBOR)\u5dee\u5728\u54ea\uff1f"},"content":{"rendered":"<!-- \/367108978\/Rich01_PC_up_728x90 -->\n\t<div class='div-gpt-ad-css' id='div-gpt-ad-1564472272479-0' style='width: 728px; height: 90px;'>\n\t  <script>\n\t\tgoogletag.cmd.push(function() { googletag.display('div-gpt-ad-1564472272479-0'); });\n\t  <\/script>\n\t<\/div><p><img decoding=\"async\" class=\"alignnone size-full wp-image-49955\" src=/index.html"https:\/\/\/wp-content\/uploads\/20230322115934_66.jpg\" alt=\"\u64d4\u4fdd\u9694\u591c\u878d\u8cc7\u5229\u7387(SOFR)\u662f\u4ec0\u9ebc\uff1f\u548c\u502b\u6566\u9280\u884c\u540c\u696d\u62c6\u6b3e\u5229\u7387(LIBOR)\u5dee\u5728\u54ea\uff1f\" width=\"1498\" height=\"785\" \/><\/p>\n<p>SOFR\u64d4\u4fdd\u9694\u591c\u878d\u8cc7\u5229\u7387\u662f\u81ea2022\u5e74\u958b\u59cb\uff0c\u7528\u4f86\u53d6\u4ee3\u502b\u6566\u9280\u884c\u540c\u696d\u62c6\u6b3e\u5229\u7387(LIBOR)\u7684\u5229\u7387\uff0c<\/p>\n<p>LIBOR\u4e00\u76f4\u90fd\u662f\u9280\u884c\u9593\u9694\u591c\u62c6\u6b3e\u7684\u5229\u7387\u6307\u6a19\uff0c\u5c0f\u81f3\u9280\u884c\u5b58\u6b3e\u5229\u7387\u3001\u5927\u81f3\u623f\u8cb8\u5229\u7387\u90fd\u8207\u5b83\u6709\u95dc\uff0c<br \/>\n\u4f8b\u5982\u4ee5\u524d\u4e00\u4e9b\u8cb8\u6b3e\u3001\u5b58\u55ae\u53ca\u5229\u7387\u6d6e\u52d5\u50b5\u5238\u7684\u5229\u606f\u3001<a href=/index.html"https:\/\/\/interest-rate-futures-introduction\/\" target=\"_blank\" rel=\"noopener noreferrer\" data-wpel-link=\"internal\">\u5229\u7387\u671f\u8ca8<\/a>\u7b49\u7b49\u5546\u54c1\uff0c\u5176\u4e2d\u6703\u7528LIBOR+X%\u7684\u65b9\u5f0f\u4f86\u6c7a\u5b9a\u5408\u7d04\u7684\u5229\u7387\u6216\u5831\u50f9\u3002<\/p>\n<p>\u4e0d\u904e\u81ea2022\u5e741\u6708\u958b\u59cb\uff0cLIBOR\u505c\u6b62\u66f4\u65b0\u53ca\u4f7f\u7528\uff0c\u9280\u884c\u4e5f\u5df2\u7d93\u4e0d\u80fd\u767c\u884c\u4efb\u4f55\u8207LIBOR\u70ba\u53c3\u8003\u5229\u7387\u7684\u65b0\u50b5\u5238\uff0c\u76f8\u95dc\u7684LIBOR\u5408\u7d04\u4e5f\u6703\u57282023\u5e746\u6708\u5168\u90e8\u5230\u671f\u3002<\/p>\n<p>\u4f46\u8a31\u591a\u91d1\u878d\u5546\u54c1\u7684\u5229\u7387\u5b9a\u50f9\uff0c\u4ecd\u9700\u8981\u53c3\u8003\u7684\u57fa\u6e96\u5229\u7387\uff0c\u90a3\u600e\u9ebc\u8fa6\u5462\uff1fSOFR\u5c31\u6210\u70ba\u5176\u4e2d\u4e00\u500b\u66ff\u4ee3LIBOR\u7684\u9078\u9805\u3002<\/p>\n<p>\u9019\u7bc7\u6587\u7ae0\u5e02\u5834\u5148\u751f\u4ecb\u7d39SOFR\u662f\u4ec0\u9ebc\uff0c\u70ba\u4ec0\u9ebc\u5168\u7403\u91d1\u878d\u76e3\u7ba1\u6a5f\u69cb\u5ba3\u4f48\u8981\u7528\u5b83\u4f86\u53d6\u4ee3LIBOR\uff0c\u4ee5\u53ca\u9019\u5169\u7a2e\u5229\u7387\u7684\u5dee\u7570\u3002<\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_64 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<p class=\"ez-toc-title\">\u672c\u6587\u5e02\u5834\u5148\u751f\u6703\u544a\u8a34\u4f60\uff1a<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-661211121541a\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 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href=/index.html"https:\/\/\/what-is-sofr-rate\/#SOFR%E5%A6%82%E4%BD%95%E5%87%BA%E7%8F%BE%EF%BC%9F%E7%82%BA%E4%BD%95%E7%94%A8%E4%BE%86%E5%8F%96%E4%BB%A3LIBOR%EF%BC%9F\" title=\"SOFR\u5982\u4f55\u51fa\u73fe\uff1f\u70ba\u4f55\u7528\u4f86\u53d6\u4ee3LIBOR\uff1f\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">SOFR\u5982\u4f55\u51fa\u73fe\uff1f\u70ba\u4f55\u7528\u4f86\u53d6\u4ee3LIBOR\uff1f<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=/index.html"https:\/\/\/what-is-sofr-rate\/#SOFR%E5%A6%82%E4%BD%95%E9%81%8B%E4%BD%9C%EF%BC%9F\" title=\"SOFR\u5982\u4f55\u904b\u4f5c\uff1f\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">SOFR\u5982\u4f55\u904b\u4f5c\uff1f<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=/index.html"https:\/\/\/what-is-sofr-rate\/#SOFR%E5%92%8CLIBOR%E5%B7%AE%E5%9C%A8%E5%93%AA%EF%BC%9F\" title=\"SOFR\u548cLIBOR\u5dee\u5728\u54ea\uff1f\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">SOFR\u548cLIBOR\u5dee\u5728\u54ea\uff1f<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=/index.html"https:\/\/\/what-is-sofr-rate\/#SOFR%E5%A6%82%E4%BD%95%E6%9F%A5%E8%A9%A2%EF%BC%9F\" title=\"SOFR\u5982\u4f55\u67e5\u8a62\uff1f\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">SOFR\u5982\u4f55\u67e5\u8a62\uff1f<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=/index.html"https:\/\/\/what-is-sofr-rate\/#%E5%BF%AB%E9%80%9F%E9%87%8D%E9%BB%9E%E6%95%B4%E7%90%86%EF%BC%9ASOFR%E6%98%AF%E4%BB%80%E9%BA%BC%EF%BC%9F\" title=\"\u5feb\u901f\u91cd\u9ede\u6574\u7406\uff1aSOFR\u662f\u4ec0\u9ebc\uff1f\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u5feb\u901f\u91cd\u9ede\u6574\u7406\uff1aSOFR\u662f\u4ec0\u9ebc\uff1f<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"SOFR%E6%98%AF%E4%BB%80%E9%BA%BC%E6%84%8F%E6%80%9D%EF%BC%9F\"><\/span>SOFR\u662f\u4ec0\u9ebc\u610f\u601d\uff1f<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>SOFR\u64d4\u4fdd\u54c1\u9694\u591c\u878d\u8cc7\u5229\u7387 (\u82f1\u6587Secured Overnight Financing Rate )\u662f\u7528\u4f86\u505a\u70ba USD LIBOR \u5229\u7387\u7684\u66ff\u4ee3\u54c1\uff0c<\/p>\n<p>\u5b57\u9762\u4e0a\u7684\u610f\u601d\uff0c\u5c31\u662f\u9280\u884c\u4e4b\u9593\u5728\u62c6\u501f\u6b3e\u9805\u6642\u7684\u878d\u8cc7\u5229\u7387\uff0c\u9019\u985e\u62c6\u501f\u6b3e\u9805\u7684\u5229\u7387\uff0c\u6240\u8b02\u7684\u9694\u591c\u878d\u8cc7\uff0c\u662f\u6307\u5927\u578b\u91d1\u878d\u6a5f\u69cb\u70ba\u9694\u591c\u8cb8\u6b3e\u76f8\u4e92\u652f\u4ed8\u7684\u5229\u7387\uff0c<\/p>\n<p>\u9280\u884c\u9593\u5f7c\u6b64\u501f\u9322\u8abf\u5ea6\u8cc7\u91d1\uff0c\u6703\u5206\u6210\u6709\u64d4\u4fdd\u54c1\u53ca\u7121\u64d4\u4fdd\u54c1\uff0c\u7c21\u55ae\u4f86\u8aaa\u5c31\u662f\u6709\u62b5\u62bc\u54c1\u7684\u501f\u9322\u5229\u7387\u6216\u8005\u4e0d\u9700\u62b5\u62bc\u54c1\u7684\u501f\u9322\u5229\u7387\uff0c<\/p>\n<p>SOFR \u7531\u7f8e\u570b\u570b\u5eab\u5238\u5e02\u5834\u63d0\u4f9b\u62b5\u62bc\uff0c\u9280\u884c\u6703\u5c07\u624b\u4e0a\u7684\u7f8e\u570b\u570b\u50b5\u4f5c\u70ba\u62b5\u62bc\u54c1\u4f86\u5411\u5176\u4ed6\u9280\u884c\u501f\u51fa\u73fe\u91d1\uff0c\u7531\u65bc\u62b5\u62bc\u54c1\u662f\u7f8e\u570b\u516c\u50b5\u56e0\u6b64\u4e00\u822c\u8a8d\u70ba\u9019\u7a2e\u501f\u8cb8\u4e26\u6c92\u6709\u98a8\u96aa\uff0c\u56e0\u6b64SOFR\u67d0\u7a2e\u7a0b\u5ea6\u4e5f\u53ef\u4ee5\u7576\u6210\u4e00\u7a2e\u7121\u98a8\u96aa\u5229\u7387(Risk Free Rate)\uff0c\u4e5f\u53ef\u4ee5\u7576\u6210\u662f\u9280\u884c\u7d93\u71df\u7684\u8cc7\u91d1\u6210\u672c\u3002<\/p>\n<p><strong>SOFR\u5982\u4f55\u8a08\u7b97\uff1f<\/strong><\/p>\n<p>SOFR\u662f\u4ee5\u7f8e\u570b\u9694\u591c\u8ca8\u5e63\u5e02\u5834\u5be6\u969b\u4ea4\u6613\u70ba\u57fa\u790e\uff0c\u8a08\u7b97\u65b9\u5f0f\u662f\u6536\u96c6\u6bcf\u5929\u5404\u91d1\u878d\u6a5f\u69cb\u7684\u5404\u7a2e\u516c\u50b5\u56de\u8cfc\u4ea4\u6613\u7684\u5be6\u969b\u5831\u50f9\uff0c\u6392\u9664\u6389\u5176\u4e2d\u4ea4\u6613\u91cf\u6700\u5c0f\u768425%\u907f\u958b\u4e00\u4e9b\u7279\u6b8a\u4ea4\u6613\uff0c\u5269\u4e0b\u7684\u4ea4\u6613\u6839\u64da\u6210\u4ea4\u91cf\u53ca\u50f9\u4f4d\u52a0\u6b0a\u6392\u5e8f\u5f8c\uff0c\u53d6\u4e2d\u4f4d\u6578\uff0c\u8a08\u7b97\u51faSOFR\u3002<\/p>\n<p>\u4e5f\u5c31\u662f\u8aaa\uff0c\u81f3\u5c11\u6709\u4e00\u534a\u91d1\u984d\u898f\u6a21\u7684\u4ea4\u6613\uff0c\u5229\u7387\u662f\u5728\u7b97\u51fa\u4f86\u7684SOFR\u4ee5\u4e0a\uff0c\u53e6\u4e00\u534a\u5247\u5728\u5b83\u4e4b\u4e0b\u3002<\/p>\n<p>\u6700\u7d42\u7531\u7d10\u7d04\u806f\u90a6\u5132\u5099\u9280\u884c\u8a08\u7b97\u53ca\u516c\u4f48\uff0c\u6bcf\u5929\u7f8e\u570b\u6771\u90e8\u6642\u9593\u4e0a\u5348 8 \u9ede\uff08\u82f1\u570b\u6642\u9593\u4e2d\u5348 12 \u9ede\uff09\u767c\u5e03\u3002<\/p>\n<blockquote><p>SOFR\u662f\u4e00\u7a2e\u5b8c\u5168\u57fa\u65bc\u81ea\u7531\u5e02\u5834\u4ea4\u6613\u7684\u5229\u7387\uff0c\u56e0\u6b64\u4e0d\u6613\u53d7\u5e02\u5834\u64cd\u7e31\uff0c\u5c0d\u76e3\u7ba1\u6a5f\u69cb\u66f4\u5177\u5438\u5f15\u529b\uff0c\u5b83\u7528\u4f86\u8861\u91cf\u4ee5\u570b\u50b5\u70ba\u62b5\u62bc\u7684\u9694\u591c\u5229\u606f\u501f\u5165\u73fe\u91d1\u7684\u6210\u672c\u3002<\/p><\/blockquote>\n<h2><span class=\"ez-toc-section\" id=\"SOFR%E5%A6%82%E4%BD%95%E5%87%BA%E7%8F%BE%EF%BC%9F%E7%82%BA%E4%BD%95%E7%94%A8%E4%BE%86%E5%8F%96%E4%BB%A3LIBOR%EF%BC%9F\"><\/span>SOFR\u5982\u4f55\u51fa\u73fe\uff1f\u70ba\u4f55\u7528\u4f86\u53d6\u4ee3LIBOR\uff1f<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>LIBOR\u6700\u521d\u662f\u57fa\u65bc\u9280\u884c\u9593\u7684\u501f\u8cb8\u4ea4\u6613\u7684\u9694\u591c\u5229\u7387\uff0c\u4f46\u7531\u65bc\u9280\u884c\u81ea\u8eab\u878d\u8cc7\u65b9\u5f0f\u7684\u8b8a\u5316\uff0c\u76f8\u95dc\u9280\u884c\u9593\u501f\u8cb8\u5e02\u5834\u5df2\u5927\u5e45\u840e\u7e2e\uff0c\u5e7e\u4e4e\u6c92\u6709\u4efb\u4f55\u5be6\u969b\u4ea4\u6613\u53ef\u4f9b\u9280\u884c\u4f5c\u70ba\u5831\u50f9\u7684\u4f9d\u64da\uff0c\u56e0\u6b64LIBOR\u7684\u63d0\u4ea4\u8b8a\u5f97\u4f9d\u8cf4\u5404\u9280\u884c\u81ea\u884c\u5224\u65b7\uff0c\u9019\u5c0e\u81f4\u4e86\u8a50\u6b3a\u3001\u4eba\u70ba\u64cd\u7e31\u884c\u70ba\u7684\u589e\u52a0\uff0c\u4f60\u53ef\u4ee5\u60f3\u6210\u67d0\u4e9b\u9280\u884c\u53ef\u4ee5\u5728\u4e00\u500b\u6c92\u6709\u6d41\u52d5\u6027\u7684\u5e02\u5834\u85c9\u7531\u5c11\u6578\u4e00\u4e9b\u4ea4\u6613\u5275\u9020\u51fa\u4ed6\u5011\u81ea\u5df1\u60f3\u8981\u7684LIBOR\u5229\u7387\u6578\u5b57\uff0c\u9032\u800c\u5f9e\u4e2d\u7372\u53d6\u5229\u76ca\uff0c\u800cLIBOR\u53c8\u8207\u4e16\u754c\u5404\u5730\u8fd1200\u842c\u5104\u7f8e\u5143\u7684\u91d1\u878d\u7522\u54c1\u6709\u95dc\u806f\uff0c\u5982\u679c\u53d7\u5230\u64cd\u7e31\u5c07\u5927\u5e45\u5f71\u97ff\u5168\u7403\u91d1\u878d\u5e02\u5834\uff0c\u56e0\u6b64\u5168\u7403\u7684\u76e3\u7ba1\u6a5f\u69cb\u6c7a\u5b9a\u8981\u89e3\u6c7a\u9019\u500b\u554f\u984c\u3002<\/p>\n<p>2017\u5e747\u6708\uff0c\u82f1\u570b\u91d1\u878d\u884c\u70ba\u76e3\u7ba1\u5c40\u5ba3\u4f48\u57282021\u5e74\u5f8c\u4e0d\u518d\u5f37\u5236\u9280\u884c\u63d0\u4ea4LIBOR\u5831\u50f9\uff0c2022\u5e741\u6708\u958b\u59cb\u4e0d\u80fd\u767c\u884c\u4efb\u4f55\u8207LIBOR\u70ba\u53c3\u8003\u5229\u7387\u7684\u65b0\u50b5\u5238\uff0c\u76f8\u95dc\u7684LIBOR\u5408\u7d04\u4e5f\u6703\u57282023\u5e746\u6708\u5168\u90e8\u5230\u671f\uff0cLIBOR\u5c31\u6b63\u5f0f\u9000\u5834\u3002<\/p>\n<h3>LIBOR\u505c\u7528\u53d7\u5230\u7684\u5f71\u97ff<\/h3>\n<p>LIBOR\u662f\u7528\u4f86\u8a08\u7b97\u8cb8\u6b3e\u3001\u6295\u8cc7\u7522\u54c1\u548c\u884d\u751f\u5de5\u5177\u5408\u7d04\u7684\u5229\u606f\uff0c\u4efb\u4f55\u4ee5LIBOR\u4f5c\u70ba\u53c3\u8003\u5229\u7387\u7684\u7522\u54c1\u90fd\u6703\u53d7\u5f71\u97ff\uff0c\u5305\u62ec\u884d\u751f\u6027\u5546\u54c1(\u5229\u7387\u4ea4\u63db\u5408\u7d04)\u3001\u73fe\u91d1\u5546\u54c1(\u5b58\u55ae\u3001\u50b5\u5238\u3001\u623f\u8cb8\u3001\u5b78\u751f\u8cb8\u6b3e\u3001\u8cc7\u7522\u8b49\u5238\u5316)\u2026\u7b49\u7b49\u3002<\/p>\n<p>\u4f8b\u5982\u4ee5\u524d\u4e00\u4e9b\u8cb8\u6b3e\u5408\u7d04\u3001\u5229\u606f\u5408\u7d04\u3001\u4fdd\u96aa\u5408\u7d04\u66f8\u7b49\u7b49\u5730\u65b9\uff0c\u6703\u770b\u5230\u4e0a\u9762\u4e00\u4e9b\u63d0\u5230\u5229\u7387\u7684\u5730\u65b9\uff0c\u6703\u662f\u5beb LIBOR + X.X% \uff0c\u610f\u601d\u662f\u5728\u4ee5LIBOR\u70ba\u57fa\u6e96\u5229\u7387\u6216\u7121\u98a8\u96aa\u5229\u7387\u4e0a\u53bb\u8a08\u7b97\u5229\u606f\uff0c\u4f46\u672a\u4f86\u56e0\u70ba\u6c92\u6709LIBOR\u6578\u5b57\uff0c\u56e0\u6b64\u8a31\u591a\u65b0\u7684\u5408\u7d04\u3001\u5b9a\u50f9\uff0c\u6703\u9700\u8981\u65b0\u7684\u57fa\u6e96\u5229\u7387\u505a\u70ba\u53c3\u8003\u6578\u503c\uff0c\u800cSOFR\u5c31\u662f\u5176\u4e2d\u4e00\u500b\u9078\u9805\u3002<\/p>\n<h3>SOFR\u5c07\u7528\u4f86\u53d6\u4ee3USD LIBOR<\/h3>\n<p>\u56e0\u70ba\u4e0a\u8ff0\u7522\u54c1\u90fd\u6703\u56e0LIBOR\u505c\u7528\u800c\u53d7\u5f71\u97ff\uff0c\u7f8e\u806f\u5132\u53ec\u96c6\u4e26\u59d4\u8a17 \u7f8e\u570b\u66ff\u4ee3\u53c3\u8003\u5229\u7387\u59d4\u54e1\u6703(ARRC)\u627e \u51fa\u66ff\u4ee3\u7684\u7f8e\u5143\u53c3\u8003\u5229\u7387\uff0c2017\u5e74 ARRC \u6307\u5b9a SOFR \u4f5c\u70ba\u7f8e\u5143\u5e02\u5834\u7684\u9996\u9078\u66ff\u4ee3\u53c3\u8003\u5229\u7387\u3002<\/p>\n<p>\u5728ARRC\u7684\u516c\u958b\u8aaa\u660e\u6307\u51fa\uff0c\u6703\u9078\u64c7SOFR\u4f86\u66ff\u4ee3LIBOR\uff0c\u56e0\u70ba\u9019\u662f\u4e00\u500b\u5b8c\u5168\u57fa\u65bc\u4ea4\u6613\u7684\u5229\u7387\uff0c\u53cd\u6620\u4e86\u5927\u7d041\u842c\u5104\u7f8e\u5143\u7684\u65e5\u5e38\u4ea4\u6613\uff0c\u800c\u4e14\u5b83\u7531\u7d10\u7d04\u806f\u5132\u7de8\u5236\uff0c\u80fd\u66f4\u53ef\u9760\u53cd\u6620\u9694\u591c\u570b\u50b5\u56de\u8cfc\u5e02\u5834\u7684\u72c0\u6cc1\u3001\u4e00\u7cfb\u5217\u5e02\u5834\u4e0a\u7684\u501f\u8cb8\u6d3b\u52d5\u3002<\/p>\n<blockquote><p><strong>\u5e02\u5834\u5148\u751f\u5c0f\u63d0\u793a\uff1a<\/strong>SOFR\u662f\u7528\u4f86\u53d6\u4ee3USD LIBOR\u7684\u66ff\u4ee3\u57fa\u6e96\u5229\u7387\uff0c\u4e0d\u540c\u8ca8\u5e63\u5247\u6709\u4e0d\u540c\u7684\u66ff\u4ee3\u5229\u7387\uff1a<\/p>\n<p><strong>\u25cf\u7f8e\u5143(USD)\uff1a<\/strong>\u64d4\u4fdd\u9694\u591c\u878d\u8cc7\u5229\u7387(SOFR)<br \/>\n<strong>\u25cf\u65b0\u52a0\u5761\u5143(SGD)\uff1a<\/strong>\u65b0\u52a0\u5761\u9694\u591c\u5e73\u5747\u5229\u7387(SORA)<br \/>\n<strong>\u25cf\u82f1\u938a(GBP)\uff1a<\/strong>\u82f1\u938a\u9694\u591c\u6307\u6578\u5e73\u5747\u503c(SONIA)<br \/>\n<strong>\u25cf\u6b50\u5143(EUR)\uff1a<\/strong>\u6b50\u5143\u77ed\u671f\u5229\u7387(ESTER)<br \/>\n<strong>\u25cf\u745e\u58eb\u6cd5\u90ce(CHF)\uff1a<\/strong>\u745e\u58eb\u9694\u591c\u5e73\u5747\u5229\u7387(SARON)<br \/>\n<strong>\u25cf\u65e5\u5713(JPY)\uff1a<\/strong>\u6771\u4eac\u9694\u591c\u5e73\u5747\u5229\u7387(TONAR)<\/p><\/blockquote>\n<h2><span class=\"ez-toc-section\" id=\"SOFR%E5%A6%82%E4%BD%95%E9%81%8B%E4%BD%9C%EF%BC%9F\"><\/span>SOFR\u5982\u4f55\u904b\u4f5c\uff1f<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>SOFR\u7684\u5229\u7387\u57fa\u6e96\u503c\u662f\u4f9d\u7f8e\u570b\u570b\u50b5\u70ba\u62b5\u62bc\u56de\u8cfc\u5354\u8b70\u76843\u5927\u5e02\u5834\uff0c\u4f9d\u90193\u5927\u5e02\u5834\u7684\u4ea4\u6613\u91cf\uff0c\u904e\u616e\u7279\u6b8a\u4ea4\u6613(\u53bb\u9664\u6700\u4f4e\u4ea4\u661325%\u7684\u4ea4\u6613\u91cf)\uff0c\u4e26\u4ee5\u62b5\u62bc\u56de\u8cfc\u5229\u7387\u7684\u4ea4\u6613\u91cf\u52a0\u6b0a\u4e2d\u503c\u7576\u57fa\u790e(\u7b2c50\u500b\u767e\u5206\u4f4d)\uff0c\u6539\u5584\u4ee5\u5f80LIBOR\u4eba\u70ba\u64cd\u63a7\u7684\u65b9\u5f0f\u3002<\/p>\n<p>SOFR\u7684\u56de\u8cfc\u5e02\u5834\u662f\u9280\u884c\u548c\u5176\u4ed6\u5927\u578b\u91d1\u878d\u6a5f\u69cb\u548c\u4f01\u696d\u5728\u77ed\u671f\u5167(\u901a\u5e38\u662f\u9694\u591c)\uff0c\u501f\u5165\u6216\u501f\u51fa\u7531\u6d41\u52d5\u8b49\u5238(\u901a\u5e38\u662f\u7f8e\u570b\u570b\u50b5)\u64d4\u4fdd\u7684\u73fe\u91d1\u5e02\u5834\u3002<\/p>\n<p><strong>SOFR<\/strong><strong>\u76843<\/strong><strong>\u5927\u5e02\u5834\u4ea4\u6613\u6578\u64da\uff1a<\/strong><\/p>\n<ol>\n<li><span style=\"font-size: 16px;\">\u900f\u904e\u7d10\u7d04\u6885\u9686\u9280\u884c(BNYM)\u6e05\u7b97\u548c\u7d50\u7b97\u7684\u4e09\u65b9\u7f8e\u570b\u570b\u50b5\u56de\u8cfc\u4ea4\u6613\uff0c\u4e0d\u5305\u62ec\u4e00\u822c\u62b5\u62bc\u54c1\u878d\u8cc7(GCF)\u56de\u8cfc\u4ea4\u6613\uff0c\u4e5f\u4e0d\u5305\u62ec\u4ee5\u7f8e\u570b\u806f\u5132\u5c40\u70ba\u4ea4\u6613\u5c0d\u624b\u7684\u4ea4\u6613\u3002<\/span><\/li>\n<li><span style=\"font-size: 16px;\">\u900f\u904e\u7f8e\u570b\u5b58\u8a17\u548c\u6e05\u7b97\u516c\u53f8(Depository Trust &amp; Clearing Corporation , DTCC)\u4e00\u822c\u62b5\u62bc\u54c1\u878d\u8cc7\u670d\u52d9\u9032\u884c\u7684\u7f8e\u570b\u570b\u50b5\u56de\u8cfc\u4ea4\u6613\uff0c\u4e26\u4ee5\u56fa\u5b9a\u6536\u76ca\u6e05\u7b97\u516c\u53f8(Fixed Income Clearing Corporation , FICC)\u4f5c\u70ba\u4e2d\u592e\u4ea4\u6613\u5c0d\u624b\u3002<\/span><\/li>\n<li><span style=\"font-size: 16px;\">\u900f\u904e\u56fa\u5b9a\u6536\u76ca\u6e05\u7b97\u516c\u53f8\u7684\u6b3e\u5238\u540c\u6b65\u4ea4\u5272(DVP)\u670d\u52d9\u6e05\u7b97\u7684\u96d9\u908a\u7f8e\u570b\u570b\u50b5\u56de\u8cfc\u4ea4\u6613\u3002<\/span><\/li>\n<\/ol>\n<p><strong>SOFR<\/strong><strong>\u7684\u904b\u4f5c\u6d41\u7a0b\uff1a<\/strong><\/p>\n<ol>\n<li><span style=\"font-size: 16px;\"><strong>\u6536\u96c63<\/strong><strong>\u5927\u6578\u64da\u4e26\u505a\u8cc7\u6599\u904e\u6ffe\uff1a<\/strong>\u7d10\u7d04\u806f\u5132\u6bcf\u5929\u6536\u96c6\u4e0a\u97623\u5927\u4f86\u6e90\u7684\u4ea4\u6613\u6578\u64da\uff0c\u4e26\u5c07\u7576\u5929\u6240\u6709\u900f\u904e\u56fa\u5b9a\u6536\u76ca\u6e05\u7b97\u516c\u53f8\u7684\u6b3e\u5238\u540c\u6b65\u4ea4\u5272\u7684\u96d9\u908a\u56de\u8cfc\u4ea4\u6613\u91cf\uff0c\u6309\u7167\u4ea4\u6613\u7387\u5f9e\u6700\u4f4e\u5230\u6700\u9ad8\u6392\u5e8f\uff0c\u7136\u5f8c\u53bb\u9664\u5c0d\u61c9\u65bc\u6700\u4f4e\u4ea4\u6613\u7387\u768425%\u4ea4\u6613\u91cf\uff0c\u9019\u500b\u6578\u64da\u904e\u6ffe\u7684\u76ee\u5730\uff0c\u5c31\u662f\u8981\u53bb\u9664\u7f8e\u570b\u570b\u50b5\u62b5\u62bc\u54c1\u6700\u6709\u53ef\u80fd\u51fa\u73fe\u7279\u6b8a\u4ea4\u6613(Trading special)\u60c5\u6cc1\u7684\u56de\u8cfc\uff0c\u6392\u9664\u4e00\u4e9b\u5c11\u6578\u96dc\u8a0a\uff0c\u8b93\u904e\u6ffe\u5f8c\u7684\u96d9\u908a\u56de\u8cfc\u6578\u64da\u5927\u81f4\u53cd\u6620\u51fa\u4e00\u822c\u62b5\u62bc\u54c1\u4ea4\u6613\u7684\u60c5\u6cc1\u3002<br \/>\n(\u5e02\u5834\u5148\u751f\u63d0\u793a\uff1a\u61c9\u8a72\u662f\u56e0\u70ba\u5b83\u9664\u4e86\u4e2d\u4f4d\u6578\u4ee5\u5916\uff0c\u6700\u5f8c\u4e5f\u6703\u516c\u544a\u56db\u5206\u4f4d\u7684\u6578\u64da\uff0c\u5305\u62ec\u6700\u4f4e1%\u8207\u6700\u9ad899%\u7684\u5229\u7387\u6578\u5b57\uff0c\u56e0\u6b64\u8981\u6392\u9664\u6389\u4e00\u4e9b\u5c0f\u4ea4\u6613\u91cf\u96dc\u8a0a)<\/span><\/li>\n<li><span style=\"font-size: 16px;\"><strong>\u904e\u6ffe\u5f8c\u7684\u6578\u64da\u8a08\u5075\u52a0\u6b0a\u5229\u7387\u4e2d\u4f4d\u6578\uff1a<\/strong>\u5728\u904e\u6ffe\u56fa\u5b9a\u6536\u76ca\u6e05\u7b97\u516c\u53f8\u7684\u6b3e\u5238\u540c\u6b65\u4ea4\u5272\u96d9\u908a\u56de\u8cfc\u4ea4\u6613\u6578\u64da\u5f8c\uff0c\u7d10\u7d04\u806f\u5132\u63a5\u8457\u6703\u5f59\u96c6\u90193\u5927\u4f86\u6e90\u8cc7\u6599\uff0c\u5c07\u6240\u6709\u56de\u8cfc\u4ea4\u6613\u91cf\u6309\u7167\u4ea4\u6613\u7387\u5f9e\u6700\u4f4e\u5230\u6700\u9ad8\u6392\u5e8f\uff0c\u8a08\u7b97\u7d93\u4ea4\u6613\u91cf\u52a0\u6b0a\u7684\u56de\u8cfc\u5229\u7387\u4e2d\u4f4d\u6578(\u7b2c50\u500b\u767e\u5206\u4f4d)\uff0c\u7576\u65e5\u56de\u8cfc\u4ea4\u6613\u91cf\u4e2d\u6709\u4e00\u534a\u662f\u4ee5\u5927\u65bc\u6216\u7b49\u65bc\u8a72\u56de\u8cfc\u5229\u7387\u7684\u5229\u7387\u9032\u884c\u4ea4\u6613\uff0c\u800c\u8a72\u4ea4\u6613\u91cf\u52a0\u6b0a\u56de\u8cfc\u5229\u7387\u4e2d\u4f4d\u6578\u5c31\u662f\u7576\u65e5\u7684SOFR\u57fa\u6e96\u503c\u3002<\/span><\/li>\n<li><span style=\"font-size: 16px;\"><strong>\u516c\u4f48\u5229\u7387\uff1a<\/strong>\u7f8e\u570b\u653f\u5e9c\u8b49\u5238\u5e02\u5834\u5de5\u4f5c\u65e5\u7684SOFR\uff0c\u6700\u65e9\u6703\u65bc\u4e0b\u4e00\u500b\u7f8e\u570b\u653f\u5e9c\u8b49\u5238\u5e02\u5834\u5de5\u4f5c\u65e5\u7684\u6771\u90e8\u6642\u9593(ET)\u4e0a\u534808\uff1a00\u767c\u4f48SOFR\u6578\u64da\uff0cSOFR\u7531\u7d10\u7d04\u806f\u5132\u3001\u7f8e\u570b\u8ca1\u653f\u90e8\u91d1\u878d\u7814\u7a76\u8fa6\u516c\u5ba4\u5171\u540c\u767c\u4f48\u3002<\/span><\/li>\n<\/ol>\n<p>\u5e02\u5834\u5148\u751f\u63d0\u793a\uff1a\u5c0d\u65bcSOFR\u7684\u8a08\u7b97\uff0c\u6d41\u7a0b\u53ef\u4ee5\u7c21\u55ae\u7406\u89e3\u6210\uff0c\u5c07\u8a31\u591a\u6d89\u53ca\u4ee5\u7f8e\u570b\u570b\u50b5\u70ba\u62b5\u62bc\u54c1\u4f86\u878d\u8cc7\u501f\u9322\u7684\u7684\u4ea4\u6613\u8cc7\u8a0a\u6536\u96c6\u53ca\u5229\u606f\u8cc7\u6599\u6536\u96c6 (\u8ce3\u51fa\u516c\u50b5\u52a0\u4e0a\u4e4b\u5f8c\u56de\u8cfc\u7684\u5408\u7d04\uff0c\u7b49\u65bc\u5c31\u662f\u66ab\u6642\u62b5\u62bc\u516c\u50b5\u53d6\u5f97\u73fe\u91d1\uff0c\u4e4b\u5f8c\u4ed8\u6e05\u73fe\u91d1\u548c\u5229\u606f\u53ef\u4ee5\u53d6\u56de\u62b5\u62bc\u7684\u516c\u50b5)\uff0c\u6574\u7406\u9019\u4e9b\u5229\u606f\u8cc7\u8a0a\u518d\u7b97\u51fa\u4e2d\u4f4d\u6578\uff0c\u5c31\u53ef\u4ee5\u5f97\u77e5\u5229\u7387\u5e02\u5834\u73fe\u5728\u7684\u72c0\u6cc1\u3002<\/p>\n<h2><span class=\"ez-toc-section\" id=\"SOFR%E5%92%8CLIBOR%E5%B7%AE%E5%9C%A8%E5%93%AA%EF%BC%9F\"><\/span>SOFR\u548cLIBOR\u5dee\u5728\u54ea\uff1f<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>SOFR\u548cLIBOR\u7684\u5dee\u7570\uff1a<\/p>\n<table dir=\"ltr\" border=\"1\" cellspacing=\"0\" cellpadding=\"0\">\n<colgroup>\n<col width=\"117\" \/>\n<col width=\"439\" \/>\n<col width=\"471\" \/><\/colgroup>\n<tbody>\n<tr>\n<td colspan=\"3\" data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;SOFR\u548cLIBOR\u7684\u5dee\u7570&quot;}\">\n<h3 style=\"text-align: center;\"><strong>SOFR\u548cLIBOR\u7684\u5dee\u7570<\/strong><\/h3>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;\" data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;\u5229\u7387&quot;}\"><strong>\u5229\u7387<\/strong><\/td>\n<td style=\"text-align: center;\" data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;SOFR\\n \u64d4\u4fdd\u9694\u591c\u878d\u8cc7\u5229\u7387&quot;}\"><strong>SOFR<\/strong><br \/>\n<strong>\u64d4\u4fdd\u9694\u591c\u878d\u8cc7\u5229\u7387<\/strong><\/td>\n<td style=\"text-align: center;\" data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;LIBOR\u502b\u6566\u9280\u884c\u540c\u696d\u62c6\u6b3e\u5229\u7387&quot;}\"><strong>LIBOR<\/strong><br \/>\n<strong>\u502b\u6566\u9280\u884c\u540c\u696d\u62c6\u6b3e\u5229\u7387<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;\" data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;\u63a8\u51fa\u6642\u9593&quot;}\"><strong>\u63a8\u51fa\u6642\u9593<\/strong><\/td>\n<td style=\"text-align: center;\" data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;2018\u5e74&quot;}\">2018\u5e74 ~<\/td>\n<td style=\"text-align: center;\" data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;1986\u5e74&quot;}\">1986\u5e74 \uff5e 2022\u5e74\/1\u6708<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;\" data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;\u5229\u7387\u671f\u9650&quot;}\"><strong>\u5229\u7387\u671f\u9650<\/strong><\/td>\n<td style=\"text-align: center;\" data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;\u9694\u591c&quot;}\">\u9694\u591c<\/td>\n<td style=\"text-align: center;\" data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;\u9694\u591c\u30011\u9031\u30011\u6708\u30012\u6708\u30013\u6708\u30016\u6708\u300112\u6708&quot;}\">\u9694\u591c\u30011\u9031\u30011\u6708\u30012\u6708\u30013\u6708\u30016\u6708\u300112\u6708<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;\" data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;\u7279\u6027&quot;}\"><strong>\u7279\u6027<\/strong><\/td>\n<td style=\"text-align: center;\" data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;\u6b77\u53f2\u6027\u3001\u56de\u9867\u6027\u5229\u7387\\n (\u65bc\u4e0b\u500b\u71df\u696d\u65e5\u767c\u4f48)&quot;}\">\u6b77\u53f2\u6027\u3001\u56de\u9867\u6027\u5229\u7387<br \/>\n(\u65bc\u4e0b\u500b\u71df\u696d\u65e5\u767c\u4f48)<\/td>\n<td style=\"text-align: center;\" data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;\u9810\u6e2c\u6027\u3001\u524d\u77bb\u6027\u5229\u7387\\n (\u65bc\u5229\u606f\u671f\u524d\u6216\u7576\u65e5\u767c\u4f48)&quot;}\">\u9810\u6e2c\u6027\u3001\u524d\u77bb\u6027\u5229\u7387<br \/>\n(\u65bc\u5229\u606f\u671f\u524d\u6216\u7576\u65e5\u767c\u4f48)<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;\" data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;\u8a08\u7b97\u57fa\u790e&quot;}\"><strong>\u8a08\u7b97\u57fa\u790e<\/strong><\/td>\n<td style=\"text-align: center;\" data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;\u4f9d\u7f8e\u570b\u570b\u50b5\u56de\u8cfc\u7684\u4ea4\u6613\u6578\u64da&quot;}\">\u4f9d\u7f8e\u570b\u570b\u50b5\u56de\u8cfc\u7684\u4ea4\u6613\u6578\u64da<\/td>\n<td style=\"text-align: center;\" data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;\u5831\u50f9\u884c\u57fa\u65bc\u5be6\u969b\u4ea4\u6613\u6216\u5c0d\u5e02\u5834\u7684\u5224\u65b7\u63d0\u4f9b\u5831\u50f9(\u53d6\u6c7a\u65bc\u662f\u5426\u6709\u8db3\u5920\u53ef\u7528\u7684\u4ea4\u6613\u6578\u64da)&quot;}\">\u57fa\u65bc\u5be6\u969b\u4ea4\u6613\u6216\u5c0d\u5e02\u5834\u7684\u5224\u65b7\u63d0\u4f9b\u5831\u50f9(\u53d6\u6c7a\u65bc\u662f\u5426\u6709\u8db3\u5920\u53ef\u7528\u7684\u4ea4\u6613\u6578\u64da)<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;\" data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;\u98a8\u96aa\u7279\u6027&quot;}\"><strong>\u98a8\u96aa\u7279\u6027<\/strong><\/td>\n<td style=\"text-align: center;\" data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;\u7121\u98a8\u96aa\u5229\u7387\\n \u4ee5\u7f8e\u570b\u570b\u50b5\u70ba\u62b5\u62bc\u7684\u9694\u591c\u64d4\u4fdd\u5229\u7387\u5e7e\u4e4e\u662f\u7121\u98a8\u96aa\u7684&quot;}\">\u7121\u98a8\u96aa\u5229\u7387<br \/>\n\u4ee5\u7f8e\u570b\u570b\u50b5\u70ba\u62b5\u62bc\u7684\u9694\u591c\u64d4\u4fdd\u5229\u7387\u5e7e\u4e4e\u662f\u7121\u98a8\u96aa\u7684<\/td>\n<td style=\"text-align: center;\" data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;\u5229\u7387\u98a8\u96aa\\n \u4fe1\u7528\u98a8\u96aa\\n \u5c0d\u4fe1\u7528\u654f\u611f\uff0c\u4e26\u5d4c\u5165\u4e86\u9280\u884c\u4fe1\u7528\u98a8\u96aa\u6ea2\u50f9&quot;}\">\u5229\u7387\u98a8\u96aa<br \/>\n\u4fe1\u7528\u98a8\u96aa<br \/>\n\u5c0d\u4fe1\u7528\u654f\u611f\uff0c\u4e26\u5d4c\u5165\u4e86\u9280\u884c\u4fe1\u7528\u98a8\u96aa\u6ea2\u50f9<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;\" data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;\u6709\u7121\u62b5\u62bc&quot;}\"><strong>\u6709\u7121\u62b5\u62bc<\/strong><\/td>\n<td style=\"text-align: center;\" data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;\u6709\\n \u7531\u570b\u50b5(T-bonds)\u652f\u6301\u7684\u8cb8\u6b3e\uff0c\u5e7e\u4e4e\u662f\u7121\u98a8\u96aa\u5229\u7387&quot;}\">\u6709<br \/>\n\u7531<span style=\"font-size: 16px;\"><a href=/index.html"https:\/\/\/t-bill-vs-t-note-vs-t-bond\/\" target=\"_blank\" rel=\"noopener noreferrer\" data-wpel-link=\"internal\">\u570b\u50b5(T-bonds)<\/a><\/span>\u652f\u6301\u7684\u8cb8\u6b3e\uff0c\u5e7e\u4e4e\u662f\u7121\u98a8\u96aa\u5229\u7387<\/td>\n<td style=\"text-align: center;\" data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;\u7121\\n \u7121\u64d4\u4fdd\u8cb8\u6b3e&quot;}\">\u7121<br \/>\n\u7121\u64d4\u4fdd\u8cb8\u6b3e<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;\" data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;\u5229\u7387\u9ad8\u4f4e&quot;}\"><strong>\u5229\u7387\u9ad8\u4f4e<\/strong><\/td>\n<td style=\"text-align: center;\" data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;\u901a\u5e38\u8f03\u4f4e&quot;}\">\u901a\u5e38\u8f03\u4f4e<\/td>\n<td style=\"text-align: center;\" data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;\u901a\u5e38\u8f03\u9ad8&quot;}\">\u901a\u5e38\u8f03\u9ad8<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;\" data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;\u4f7f\u7528\u5e63\u7a2e&quot;}\"><strong>\u4f7f\u7528\u5e63\u7a2e<\/strong><\/td>\n<td style=\"text-align: center;\" data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;\u7f8e\u5143&quot;}\">\u7f8e\u5143<\/td>\n<td style=\"text-align: center;\" data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;\u7f8e\u5143\u3001\u65e5\u5143\u3001\u745e\u58eb\u6cd5\u90ce\u3001\u82f1\u938a\u3001\u6b50\u5143&quot;}\">\u7f8e\u5143\u3001\u65e5\u5143\u3001\u745e\u58eb\u6cd5\u90ce\u3001\u82f1\u938a\u3001\u6b50\u5143<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;\"><strong>\u767c\u5e03\u6a5f\u69cb<\/strong><\/td>\n<td style=\"text-align: center;\">\u7d10\u7d04\u806f\u90a6\u5132\u5099\u5c40 New York Federal Reserve<\/td>\n<td style=\"text-align: center;\"><\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: right;\" colspan=\"3\" data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;\u8cc7\u6599\u6574\u7406\uff1aMr.Market\u5e02\u5834\u5148\u751f&quot;}\" data-sheets-hyperlink=\"https:\/\/\/\" data-sheets-hyperlinkruns=\"{&quot;1&quot;:5,&quot;2&quot;:&quot;https:\/\/\/&quot;}\uee10{&quot;1&quot;:18}\"><span style=\"font-size: 14px;\">\u8cc7\u6599\u6574\u7406\uff1a<a class=\"in-cell-link\" href=/index.html"https:\/\/\/\" target=\"_blank\" rel=\"noopener noreferrer\" data-wpel-link=\"internal\">Mr.Market\u5e02\u5834\u5148\u751f<\/a><\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>SOFR\u548cLIBOR\u7684\u4e3b\u8981\u5340\u5225\u5728\u65bc\uff0cSOFR\u662f\u57fa\u65bc\u7f8e\u570b\u570b\u50b5\u5e02\u5834\u7684\u5be6\u969b\u4ea4\u6613\u8cc7\u6599\uff0c\u800cLIBOR\u662f\u57fa\u65bc\u9280\u884c\u63d0\u4f9b\u7684\u4f30\u7b97\uff0c\u5bb9\u6613\u6709\u4eba\u70ba\u64cd\u63a7\u7684\u722d\u8b70\uff0c\u6240\u4ee5\u7f8e\u570b\u66ff\u4ee3\u53c3\u8003\u5229\u7387\u59d4\u54e1\u6703(ARRC)\uff0c\u624d\u6703\u5efa\u8b70\u4ee5\u9694\u591c\u7121\u98a8\u96aa\u5229\u7387\u7684SOFR\u53d6\u4ee3LIBOR\u3002<\/p>\n<p><strong>\u9019\u5169\u7a2e\u5229\u7387\u4e3b\u8981\u7684\u5dee\u7570\u8aaa\u660e\uff1a<\/strong><\/p>\n<ol>\n<li><span style=\"font-size: 16px;\">SOFR\u50c5\u6709\u9694\u591c\u5229\u7387\uff0c\u800cLIBOR\u67097\u7a2e\u671f\u9650\uff0c\u4f8b\u59826\u500b\u6708\u300112\u500b\u6708\u7684\u5229\u7387\uff0c\u4e0d\u540c\u671f\u9650\u7684\u5229\u7387\u5728\u5e02\u5834\u98a8\u96aa\u74b0\u5883\u8b8a\u5316\u6642\u4e26\u4e0d\u6703\u5b8c\u5168\u4e00\u6a23\u3002<\/span><\/li>\n<li><span style=\"font-size: 16px;\">SOFR\u662f\u57fa\u65bc\u6210\u4ea4\u7684\u4e8b\u5f8c\u5229\u7387\uff0c\u5c6c\u65bc\u6b77\u53f2\u6027\u3001\u56de\u9867\u6027\u5229\u7387\uff1b\u800cLIBOR\u662f\u57fa\u65bc\u9810\u6e2c\u6027\u7684\u524d\u77bb\u6027\u5229\u7387\u3002<\/span><\/li>\n<li><span style=\"font-size: 16px;\">SOFR\u662f\u6709\u64d4\u4fdd\u54c1\uff0c\u7531<a href=/index.html"https:\/\/\/t-bill-vs-t-note-vs-t-bond\/\" target=\"_blank\" rel=\"noopener noreferrer\" data-wpel-link=\"internal\">\u570b\u50b5(T-bonds)<\/a>\u652f\u6301\u7684\u8cb8\u6b3e\uff0c\u5e7e\u4e4e\u662f\u7121\u98a8\u96aa\u5229\u7387\uff1b\u800cLIBOR\u5247\u662f\u7121\u64d4\u4fdd\u8cb8\u6b3e\uff0c\u6709\u8f03\u9ad8\u7684\u4fe1\u8cb8\u98a8\u96aa\uff0c\u5728\u53cd\u6620\u5e02\u5834\u4fe1\u7528\u98a8\u96aa\u4e0a\u4e5f\u8a31\u66f4\u654f\u611f\u3002<\/span><\/li>\n<\/ol>\n<p><strong>\u4f7f\u7528SOFR<\/strong><strong>\u53ef\u80fd\u7684\u5c40\u9650\uff1a<\/strong><\/p>\n<p>LIBOR\u53ef\u4ee5\u5728\u8a31\u591a\u4e0d\u540c\u7684\u6642\u9593\u7bc4\u570d\u5167\u8a08\u7b97\uff0c\u5f9e\u9694\u591c\u5230\u9577\u905412\u500b\u6708\uff0c\u4f46SOFR\u53ea\u80fd\u8a08\u7b97\u9694\u591c\u5229\u7387\u3002<\/p>\n<p>\u53e6\u5916\uff0c\u56e0\u70baLIBOR\u5df2\u7d93\u88ab\u66f4\u5ee3\u6cdb\u5730\u4f7f\u7528\u4e86\u5f88\u9577\u4e00\u6bb5\u6642\u9593\uff0c\u76ee\u524d\u7684\u6d41\u52d5\u6027\u4ecd\u8f03LIBOR\u4f4e\uff0c\u5fc5\u9808\u96a8\u8457\u5229\u7387\u88ab\u5ee3\u6cdb\u4f7f\u7528\u5f8c\u624d\u6703\u89e3\u6c7a\u9019\u500b\u554f\u984c\u3002<\/p>\n<h2><span class=\"ez-toc-section\" id=\"SOFR%E5%A6%82%E4%BD%95%E6%9F%A5%E8%A9%A2%EF%BC%9F\"><\/span>SOFR\u5982\u4f55\u67e5\u8a62\uff1f<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>\u5728<a href=/index.html"https:\/\/www.newyorkfed.org\/markets\/reference-rates\/sofr\" target=\"_blank\" rel=\"noopener nofollow\" data-wpel-link=\"external\">\u7d10\u7d04\u806f\u90a6\u5132\u5099\u9280\u884c(New York Fed )\u7db2\u7ad9<\/a>\u4e0a\uff0c\u53ef\u4ee5\u67e5\u8a62\u5230SOFR\u5229\u7387\u3002<\/p>\n<p>\u767c\u4f48\u6642\u9593\uff1a\u7f8e\u570b\u6771\u90e8\u6642\u9593(ET)\uff0c\u6bcf\u65e5\u4e0a\u534808\uff1a00\uff0c\u7531\u7d10\u7d04\u806f\u5132\u3001\u7f8e\u570b\u8ca1\u653f\u90e8\u91d1\u878d\u7814\u7a76\u8fa6\u516c\u5ba4\u5171\u540c\u767c\u4f48\u3002<\/p>\n<p>\u4e0a\u9762\u9664\u4e86\u4e2d\u4f4d\u6578\u5229\u7387\uff0c\u4e5f\u6709\u63d0\u4f9b\u56db\u5206\u4f4d\u6578\uff0c\u5305\u62ec1%\u300125%\u300175%\u300199%\u5206\u4f4d\u7684\u60c5\u6cc1\uff0c\u53ef\u4ee5\u5f97\u77e5\u4e0a\u4e0b\u5340\u9593\u3002<\/p>\n<h2><span class=\"ez-toc-section\" id=\"%E5%BF%AB%E9%80%9F%E9%87%8D%E9%BB%9E%E6%95%B4%E7%90%86%EF%BC%9ASOFR%E6%98%AF%E4%BB%80%E9%BA%BC%EF%BC%9F\"><\/span>\u5feb\u901f\u91cd\u9ede\u6574\u7406\uff1aSOFR\u662f\u4ec0\u9ebc\uff1f<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ol>\n<li><span style=\"font-size: 16px;\">SOFR\u64d4\u4fdd\u9694\u591c\u878d\u8cc7\u5229\u7387\u662f\u7528\u4f86\u505a\u70baUSD LIBOR\u5229\u7387\u7684\u66ff\u4ee3\u54c1\uff0c\u5b83\u8a08\u7b97\u7684\u662f\u7531\u7f8e\u570b\u570b\u5eab\u5238\u5e02\u5834\u63d0\u4f9b\u62b5\u62bc\u7684\u73fe\u91d1\u8cb8\u6b3e\u7684\u9694\u591c\u5229\u7387\u4e2d\u4f4d\u6578\u3002<\/span><\/li>\n<li>LIBOR\u57282022\u5e74\u4ee5\u5f8c\u5df2\u7d93\u7121\u6cd5\u518d\u4f7f\u7528\uff0cSOFR\u76ee\u524d\u662f\u505a\u70ba\u8a31\u591a\u5229\u7387\u5546\u54c1\u5b9a\u50f9\u7684\u57fa\u6e96\u3002<\/li>\n<li><span style=\"font-size: 16px;\">SOFR\u6709\u4e00\u4e9b\u7f3a\u9ede\uff0c\u4f8b\u5982\u53ea\u80fd\u8a08\u7b97\u9694\u591c\u5229\u7387\uff0cLIBOR\u53ef\u4ee5\u5728\u8a31\u591a\u4e0d\u540c\u7684\u6642\u9593\u7bc4\u570d\u5167\u8a08\u7b97\uff0c\u5f9e\u9694\u591c\u5230\u9577\u905412\u500b\u6708\u3002<\/span><span style=\"font-size: 16px;\">\u800c\u4e14\u56e0\u70baLIBOR\u5df2\u7d93\u88ab\u66f4\u5ee3\u6cdb\u5730\u4f7f\u7528\u4e86\u5f88\u9577\u4e00\u6bb5\u6642\u9593\uff0c\u76ee\u524dSOFR\u7684\u6d41\u52d5\u6027\u4ecd\u8f03LIBOR\u4f4e\uff0c\u5fc5\u9808\u96a8\u8457\u5229\u7387\u88ab\u5ee3\u6cdb\u4f7f\u7528\u5f8c\u624d\u6703\u89e3\u6c7a\u9019\u500b\u554f\u984c\u3002<\/span><\/li>\n<\/ol>\n<blockquote><p><strong>\u5e02\u5834\u5148\u751f\u88dc\u5145\uff1a\u8207SOFR\u985e\u4f3c\u7684EFFR<\/strong><\/p>\n<p>\u9664\u4e86\u64d4\u4fdd\u9694\u591c\u878d\u8cc7\u5229\u7387SOFR\u4ee5\u5916\uff0c<br \/>\n<a href=/index.html"https:\/\/\/fed-interest-rate-work\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u6709\u6548\u806f\u90a6\u57fa\u91d1\u5229\u7387 EFFR<\/a> \uff0c\u6307\u7684\u662f\u7121\u64d4\u4fdd\u54c1\u7684\u9694\u591c\u878d\u8cc7\u5229\u7387\uff0c\u5b83\u7684\u6027\u8cea\u548cSOFR\u66f4\u985e\u4f3c\uff0c\u4f46\u5dee\u5225\u5728\u65bc\u7121\u64d4\u4fdd\u54c1\u3002<\/p>\n<p>SOFR\u4f5c\u70ba\u5404\u7a2e\u91d1\u878d\u5546\u54c1\u5229\u7387\u8a02\u50f9\u7684\u6307\u6a19\uff0c\u53cd\u6620\u7684\u662f\u5229\u7387\uff0c<\/p>\n<p>EFFR\u5247\u662f\u4f5c\u70ba\u806f\u6e96\u6703\u63a7\u5236\u91d1\u878d\u6a5f\u69cb\u9694\u591c\u62c6\u6b3e\u5229\u7387\u7684\u53c3\u8003\uff0c\u56e0\u70ba\u7121\u64d4\u4fdd\u54c1\uff0c\u53cd\u61c9\u7684\u4e5f\u5305\u62ec\u4fe1\u7528\u53ca\u5e02\u5834\u60c5\u7dd2\u3002<\/p><\/blockquote>\n\n<p><strong>SOFR\u5229\u7387\u7684\u8abf\u6574\uff0c\u8207\u4e00\u822c\u6295\u8cc7\u4eba\u6700\u76f8\u95dc\u7684\u5c31\u662f\u6d3b\u5b58\u3001\u5b9a\u5b58\u53ca\u8cb8\u6b3e\u5229\u7387\uff0c\u4ee5\u4e0b\u5c31\u63d0\u4f9b\u5e7e\u7bc7\u76f8\u95dc\u6587\u7ae0\uff1a<\/strong><\/p>\n<ol>\n<li><a href=/index.html"https:\/\/\/usd-deposit-all\/\" target=\"_blank\" rel=\"noopener noreferrer\" data-wpel-link=\"internal\">\u7f8e\u91d1\/\u7f8e\u5143\u5b9a\u5b58\u5229\u7387\u597d\u55ce\uff1f TOP10 \u9280\u884c\u7f8e\u91d1\u5b9a\u5b58\u6392\u540d<\/a><\/li>\n<li><a href=/index.html"https:\/\/\/cd-interest-rate-top-3\/\" target=\"_blank\" rel=\"noopener noreferrer\" data-wpel-link=\"internal\">\u5b9a\u5b58\u300b\u6700\u65b0\u5b9a\u5b58\u5229\u7387TOP10(\u53f0\u5e63\/\u7f8e\u91d1)<\/a><\/li>\n<li><a href=/index.html"https:\/\/\/twd-deposit-all\/\" target=\"_blank\" rel=\"noopener noreferrer\" data-wpel-link=\"internal\">\u53f0\u5e63\u5b9a\u5b58\u5229\u7387\u597d\u55ce\uff1f\u5168\u53f0\u9280\u884c\u53f0\u5e63\u5b9a\u5b58\u6392\u540d<\/a><\/li>\n<li><a href=/index.html"https:\/\/\/digital-account-review\/\" target=\"_blank\" rel=\"noopener noreferrer\" data-wpel-link=\"internal\">\u6578\u4f4d\u5e33\u6236\u63a8\u85a6\u54ea\u9593\uff1f18\u9593\u6578\u4f4d\u5e33\u6236\u6d3b\u5b58\u5229\u7387\u6bd4\u8f03\/\u512a\u60e0\u7e3d\u6574\u7406<\/a><\/li>\n<li><a href=/index.html"https:\/\/\/common-types-of-loans\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u8cb8\u6b3e\u5229\u7387\/\u653e\u6b3e\u984d\u5ea6\/\u7533\u8fa6\u689d\u4ef6\/\u9069\u5408\u5c0d\u8c61 \u5b8c\u6574\u6bd4\u8f03<\/a><\/li>\n<\/ol>\n<p>&nbsp;<\/p>\n<p><strong><span style=\"font-size: 20px;\">\u52a0\u5165\u5e02\u5834\u5148\u751fFB\u793e\u5718\uff0c\u5145\u5be6\u66f4\u591a\u7406\u8ca1\u597d\u77e5\u8b58<\/span><\/strong><\/p>\r\n<p>50\u6b72\u4e4b\u524d\u60f3\u9000\u4f11\u4e00\u5b9a\u8981\u61c2\u7406\u8ca1\uff0c<br \/>\u89e3\u6c7a\u6295\u8cc7\u7684\u7169\u60f1\uff01<\/p>\r\n<p><a href=/index.html"https:\/\/bit.ly\/2NTBOAv\" target=\"_blank\" rel=\"noopener nofollow\" data-wpel-link=\"external\"><img decoding=\"async\" class=\"alignnone size-full wp-image-7106\" src=/index.html"https:\/\/\/wp-content\/uploads\/20190824195036_69.gif\" alt=\"\" width=\"687\" height=\"243\" \/><\/a><\/p>\r\n<p>\u6700\u8fd1\u5e02\u5834\u5148\u751f\u958b\u4e86\u4e00\u5802\u7684\u300c<strong>\u7528\u7f8e\u80a1ETF\u5275\u9020\u7a69\u5b9a\u73fe\u91d1\u6d41<\/strong>\u300d\u6559\u5b78\u8ab2\u7a0b\uff0c<br \/>\u9019\u5802\u8ab2\u7a0b\u6703\u5f9e\u57fa\u790e\u5165\u9580\u3001\u8cc7\u6599\u67e5\u8a62\u5230\u5be6\u969b\u64cd\u4f5c\uff0c<br \/>\u6559\u4f60\u5b78\u6703\u5efa\u7acb\u4e00\u500b\u7a69\u5b9a\u7684\u5168\u7403ETF\u6295\u8cc7\u7d44\u5408\uff0c\u76ee\u524d\u7d2f\u7a4d\u5df2\u7d93\u6709\u5c07\u8fd11100\u4f4d\u540c\u5b78\u4e0a\u8ab2\u3002<\/p>\r\n<p>\u7dda\u4e0a\u8ab2\u7a0b\u300b<a href=/index.html"http:\/\/bit.ly\/2FV3hPc\" target=\"_blank\" rel=\"noopener nofollow\" data-wpel-link=\"external\">\u7f8e\u80a1ETF\u5275\u9020\u7a69\u5b9a\u73fe\u91d1\u6d41\u7dda\u4e0a\u8ab2\u7a0b\u9023\u7d50<\/a><\/p>\n\u7de8\u8f2f\uff1aJoy \u4e3b\u7de8\uff1a\u5e02\u5834\u5148\u751f\n<p><br \/><strong><span style=\"color: #ff0000;\">\u5982\u679c\u89ba\u5f97\u9019\u7bc7\u6587\u7ae0\u6709\u5e6b\u52a9\uff0c<\/span><\/strong><br \/><strong><span style=\"color: #ff0000;\">\u5e6b\u6211\u6309\u500b\u8b9a\uff0c\u5206\u4eab\u7d66\u66f4\u591a\u4eba\u770b\u5230\uff0c\u8b1d\u8b1d\uff01<\/span><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>SOFR\u64d4\u4fdd\u9694\u591c\u878d\u8cc7\u5229\u7387\u662f\u81ea2022\u5e74\u958b\u59cb\uff0c\u7528\u4f86\u53d6\u4ee3\u502b\u6566\u9280\u884c\u540c\u696d\u62c6\u6b3e\u5229\u7387(LIBOR)\u7684\u5229\u7387\uff0c LIBOR\u4e00\u76f4 [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":49955,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"no","_lmt_disable":"no","footnotes":""},"categories":[155],"tags":[],"table_tags":[],"modified_by":"Leon","jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/\/wp-content\/uploads\/20230322115934_66.jpg","jetpack-related-posts":[{"id":41265,"url":"https:\/\/\/fed-interest-rate-work\/","url_meta":{"origin":34292,"position":0},"title":"Fed\u5982\u4f55\u5f71\u97ff\u5e02\u5834\u5229\u7387\uff1f\u4e00\u6b21\u641e\u61c2\u806f\u6e96\u6703\u8ca8\u5e63\u653f\u7b56\u7684\u5229\u7387\u904b\u4f5c","author":"Vivianwu","date":"2022-09-29","format":false,"excerpt":"\u7f8e\u570b\u806f\u6e96\u6703\u662f\u5168\u4e16\u754c\u5f71\u97ff\u529b\u6700\u5927\u7684\u4e2d\u592e\u9280\u884c\uff0c\u800c\u5b83\u5c0d\u65bc\u57fa\u6e96\u5229\u7387\u7684\u64cd\u4f5c\u4e5f\u662f\u5168\u7403\u95dc\u6ce8\u7684\u7126\u9ede\u3002 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