{"id":63876,"date":"2023-12-28T14:26:29","date_gmt":"2023-12-28T06:26:29","guid":{"rendered":"https:\/\/\/?p=63876"},"modified":"2023-12-27T11:49:10","modified_gmt":"2023-12-27T03:49:10","slug":"local-currency-em-bond-vs-hard-currency-em-bond","status":"publish","type":"post","link":"https:\/\/\/local-currency-em-bond-vs-hard-currency-em-bond\/","title":{"rendered":"\u65b0\u8208\u5e02\u5834\u50b5\u5238\uff1a\u7576\u5730\u8a08\u50f9\u548c\u7f8e\u5143\u8a08\u50f9\u6709\u4f55\u4e0d\u540c\uff1f\u6295\u8cc7\u6709\u4ec0\u9ebc\u98a8\u96aa\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>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"960\" height=\"502\" src=/index.html"https:\/\/\/wp-content\/uploads\/2023\/11\/20231123153703_30.jpg\" alt=\"\u4e0d\u540c\u5e63\u5225\u8a08\u50f9\u7684\u65b0\u8208\u5e02\u5834\u50b5\u7684\u5dee\u7570 \" class=\"wp-image-64026\"\/><\/figure>\n\n\n\n<p>\u6839\u64da\u570b\u969b\u6e05\u7b97\u9280\u884c (BIS) \u7684\u6578\u64da\uff0c\u76ee\u524d\u65b0\u8208\u5e02\u5834\u50b5\u5238\u7684\u767c\u884c\u91cf\u5df2\u8d85\u904e 35 \u5146\u7f8e\u5143\uff0c\u7d04\u5360\u5168\u7403\u56fa\u5b9a\u6536\u76ca\u50b5\u5238\u7e3d\u984d\u7684\u56db\u5206\u4e4b\u4e00\u3002<\/p>\n\n\n\n<p><a href=/index.html"https:\/\/\/emerging-market-bonds-1\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u65b0\u8208\u5e02\u5834\u50b5<\/a>(\u82f1\u6587: Emerging market bond\uff0c\u4e5f\u7c21\u7a31EM bond)\uff0c\u662f\u7531\u958b\u767c\u4e2d\u570b\u5bb6\u6240\u767c\u884c\u7684\u300c\u516c\u50b5(\u570b\u50b5)\u300d\u6216\u300c\u516c\u53f8\u50b5\u300d\uff0c\u901a\u5e38\u6295\u8cc7\u516c\u50b5\u7684\u6bd4\u4f8b\u8f03\u9ad8\uff0c\u516c\u53f8\u50b5\u5247\u662f\u4e00\u4e9b\u570b\u71df\u5927\u578b\u4f01\u696d\u3002<\/p>\n\n\n\n<p>\u65b0\u8208\u5e02\u5834\u50b5\u8cfa\u7684\u4e3b\u8981\u662f<a href=/index.html"https:\/\/\/what-is-high-yield-bond-spread\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u4fe1\u7528\u5229\u5dee<\/a>\uff0c\u4fe1\u7528\u5229\u5dee\u767d\u8a71\u7684\u8aaa\uff0c\u5c31\u662f\u627f\u64d4\u4e86\u65b0\u8208\u5e02\u5834\u8f03\u9ad8\u7684\u9055\u7d04\u98a8\u96aa\uff0c\u53ef\u4ee5\u8981\u6c42\u8f03\u9ad8\u7684\u5831\u916c\u3002<\/p>\n\n\n\n<p>\u65b0\u8208\u5e02\u5834\u50b5\u5238\u4f9d\u767c\u884c\u5e63\u5225\u5206\u70ba\uff1a\u300c<strong>\u7576\u5730\u8ca8\u5e63\u8a08\u50f9<\/strong>\u300d\u53ca\u300c<strong>\u5f37\u52e2\u8ca8\u5e63\u8a08\u50f9\u300d(\u901a\u5e38\u662f\u6307\u7f8e\u5143)<\/strong>\u3002<\/p>\n\n\n\n<p>\u9019\u7bc7\u6587\u7ae0\u544a\u8a34\u5927\u5bb6\u70ba\u4f55\u65b0\u8208\u5e02\u5834\u570b\u5bb6\u6703\u767c\u884c\u5169\u7a2e\u4e0d\u540c\u8a08\u50f9\u5e63\u5225\u50b5\u5238\uff0c\u4ee5\u53ca\u5982\u4f55\u8a55\u4f30\u6295\u8cc7\u7684\u98a8\u96aa\u3002<\/p>\n\n\n\n<p>\u5982\u679c\u9084\u4e0d\u592a\u6e05\u695a\u65b0\u8208\u5e02\u5834\u50b5\u5238\u662f\u4ec0\u9ebc\uff0c\u53ef\u4ee5\u5148\u95b1\u8b80\u9019\u7bc7\u6587\u7ae0\uff1a<br><a href=/index.html"https:\/\/\/emerging-market-bonds-1\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u4ec0\u9ebc\u662f\u65b0\u8208\u5e02\u5834\u50b5\u5238\uff1f\u57fa\u91d1\u548cETF\u600e\u9ebc\u8cb7\uff1f\u6295\u8cc7\u65b0\u8208\u5e02\u5834\u50b5\u5238\u8981\u6ce8\u610f\u4e9b\u4ec0\u9ebc\uff1f<\/a><\/p>\n\n\n\n<!--more-->\n\n\n\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-66128f2beb570\" 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 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href=/index.html"https:\/\/\/local-currency-em-bond-vs-hard-currency-em-bond\/#%E7%95%B6%E5%9C%B0%E8%A8%88%E5%83%B9%E5%82%B5%E5%88%B8_vs_%E7%BE%8E%E5%85%83%E8%A8%88%E5%83%B9%E5%82%B5%E5%88%B8_%E5%9C%A8%E6%8A%95%E8%B3%87%E4%B8%8A%E6%9C%89%E5%93%AA%E4%BA%9B%E5%B7%AE%E7%95%B0%EF%BC%9F\" title=\"\u7576\u5730\u8a08\u50f9\u50b5\u5238 vs. \u7f8e\u5143\u8a08\u50f9\u50b5\u5238 \u5728\u6295\u8cc7\u4e0a\u6709\u54ea\u4e9b\u5dee\u7570\uff1f\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u7576\u5730\u8a08\u50f9\u50b5\u5238 vs. \u7f8e\u5143\u8a08\u50f9\u50b5\u5238 \u5728\u6295\u8cc7\u4e0a\u6709\u54ea\u4e9b\u5dee\u7570\uff1f<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=/index.html"https:\/\/\/local-currency-em-bond-vs-hard-currency-em-bond\/#%E7%95%B6%E5%9C%B0%E8%B2%A8%E5%B9%A3%E8%A8%88%E5%83%B9%E5%82%B5%E5%88%B8%E7%9A%84%E5%84%AA%E7%BC%BA%E9%BB%9E\" title=\"\u7576\u5730\u8ca8\u5e63\u8a08\u50f9\u50b5\u5238\u7684\u512a\u7f3a\u9ede\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u7576\u5730\u8ca8\u5e63\u8a08\u50f9\u50b5\u5238\u7684\u512a\u7f3a\u9ede<\/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:\/\/\/local-currency-em-bond-vs-hard-currency-em-bond\/#%E7%BE%8E%E5%85%83%E8%A8%88%E5%83%B9%E5%82%B5%E5%88%B8%E7%9A%84%E5%84%AA%E7%BC%BA%E9%BB%9E\" title=\"\u7f8e\u5143\u8a08\u50f9\u50b5\u5238\u7684\u512a\u7f3a\u9ede\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u7f8e\u5143\u8a08\u50f9\u50b5\u5238\u7684\u512a\u7f3a\u9ede<\/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:\/\/\/local-currency-em-bond-vs-hard-currency-em-bond\/#%E7%82%BA%E4%BD%95%E6%96%B0%E8%88%88%E5%B8%82%E5%A0%B4%E5%9C%8B%E5%AE%B6%E7%99%BC%E8%A1%8C%E5%85%A9%E7%A8%AE%E4%B8%8D%E5%90%8C%E5%82%B5%E5%88%B8%EF%BC%9F\" title=\"\u70ba\u4f55\u65b0\u8208\u5e02\u5834\u570b\u5bb6\u767c\u884c\u5169\u7a2e\u4e0d\u540c\u50b5\u5238\uff1f\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u70ba\u4f55\u65b0\u8208\u5e02\u5834\u570b\u5bb6\u767c\u884c\u5169\u7a2e\u4e0d\u540c\u50b5\u5238\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:\/\/\/local-currency-em-bond-vs-hard-currency-em-bond\/#%E6%96%B0%E8%88%88%E5%B8%82%E5%A0%B4%E5%82%B5%E6%9C%89%E5%93%AA%E4%BA%9B%E9%A2%A8%E9%9A%AA%EF%BC%9F\" title=\"\u65b0\u8208\u5e02\u5834\u50b5\u6709\u54ea\u4e9b\u98a8\u96aa\uff1f\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u65b0\u8208\u5e02\u5834\u50b5\u6709\u54ea\u4e9b\u98a8\u96aa\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:\/\/\/local-currency-em-bond-vs-hard-currency-em-bond\/#%E5%BD%B1%E9%9F%BF%E6%96%B0%E8%88%88%E5%B8%82%E5%A0%B4%E5%82%B5%E5%A0%B1%E9%85%AC%E7%9A%84%E9%97%9C%E9%8D%B5%E5%9B%A0%E7%B4%A0%EF%BC%9A%E7%BE%8E%E5%9C%8B%E7%9A%84%E8%B2%A8%E5%B9%A3%E6%94%BF%E7%AD%96%E5%8F%8A%E7%BE%8E%E5%85%83%E5%BC%B7%E5%BC%B1%E8%B5%B0%E5%8B%A2\" title=\"\u5f71\u97ff\u65b0\u8208\u5e02\u5834\u50b5\u5831\u916c\u7684\u95dc\u9375\u56e0\u7d20\uff1a\u7f8e\u570b\u7684\u8ca8\u5e63\u653f\u7b56\u53ca\u7f8e\u5143\u5f37\u5f31\u8d70\u52e2\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u5f71\u97ff\u65b0\u8208\u5e02\u5834\u50b5\u5831\u916c\u7684\u95dc\u9375\u56e0\u7d20\uff1a\u7f8e\u570b\u7684\u8ca8\u5e63\u653f\u7b56\u53ca\u7f8e\u5143\u5f37\u5f31\u8d70\u52e2<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=/index.html"https:\/\/\/local-currency-em-bond-vs-hard-currency-em-bond\/#%E6%8A%95%E8%B3%87%E6%96%BC%E4%B8%8D%E5%90%8C%E8%A8%88%E5%83%B9%E8%B2%A8%E5%B9%A3%E7%9A%84%E6%96%B0%E8%88%88%E5%B8%82%E5%A0%B4%E5%82%B5%E5%88%B8ETF\" title=\"\u6295\u8cc7\u65bc\u4e0d\u540c\u8a08\u50f9\u8ca8\u5e63\u7684\u65b0\u8208\u5e02\u5834\u50b5\u5238ETF\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u6295\u8cc7\u65bc\u4e0d\u540c\u8a08\u50f9\u8ca8\u5e63\u7684\u65b0\u8208\u5e02\u5834\u50b5\u5238ETF<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=/index.html"https:\/\/\/local-currency-em-bond-vs-hard-currency-em-bond\/#%E7%B8%BD%E7%B5%90%EF%BC%9A%E6%96%B0%E8%88%88%E5%B8%82%E5%A0%B4%E7%99%BC%E8%A1%8C%E5%82%B5%E5%88%B8%EF%BC%8C%E7%BE%8E%E5%85%83%E5%82%B5%E8%88%87%E7%95%B6%E5%9C%B0%E8%B2%A8%E5%B9%A3%E5%82%B5%E7%9A%84%E5%B7%AE%E7%95%B0\" title=\"\u7e3d\u7d50\uff1a\u65b0\u8208\u5e02\u5834\u767c\u884c\u50b5\u5238\uff0c\u7f8e\u5143\u50b5\u8207\u7576\u5730\u8ca8\u5e63\u50b5\u7684\u5dee\u7570\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u7e3d\u7d50\uff1a\u65b0\u8208\u5e02\u5834\u767c\u884c\u50b5\u5238\uff0c\u7f8e\u5143\u50b5\u8207\u7576\u5730\u8ca8\u5e63\u50b5\u7684\u5dee\u7570<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E7%95%B6%E5%9C%B0%E8%A8%88%E5%83%B9%E5%82%B5%E5%88%B8_vs_%E7%BE%8E%E5%85%83%E8%A8%88%E5%83%B9%E5%82%B5%E5%88%B8_%E5%9C%A8%E6%8A%95%E8%B3%87%E4%B8%8A%E6%9C%89%E5%93%AA%E4%BA%9B%E5%B7%AE%E7%95%B0%EF%BC%9F\"><\/span>\u7576\u5730\u8a08\u50f9\u50b5\u5238 vs. \u7f8e\u5143\u8a08\u50f9\u50b5\u5238 \u5728\u6295\u8cc7\u4e0a\u6709\u54ea\u4e9b\u5dee\u7570\uff1f<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><strong>\u65b0\u8208\u5e02\u5834\u50b5\u5238\u4e3b\u8981\u5206\u6210\u5169\u985e\uff1a<\/strong><\/p>\n\n\n\n<ul>\n<li>\u7576\u5730\u8ca8\u5e63\u8a08\u50f9\u50b5\u5238 (\u82f1\u6587: Local Currency Debt, bonds denominated in local currencies)&nbsp;\uff1a\u65b0\u8208\u5e02\u5834\u570b\u5bb6\u4ee5\u7576\u5730\u8ca8\u5e63\u767c\u884c\u7684\u653f\u5e9c\u516c\u50b5\u6216\u516c\u53f8\u50b5\u3002<\/li>\n\n\n\n<li>\u5f37\u52e2\u8ca8\u5e63\u8a08\u50f9\u50b5\u5238 (\u82f1\u6587: Hard Currency Debt, dollar-denominated bonds)\uff1a\u65b0\u8208\u5e02\u5834\u570b\u5bb6\u4ee5\u5f37\u52e2\u8ca8\u5e63 (\u901a\u5e38\u70ba\u7f8e\u5143) \u767c\u884c\u7684\u653f\u5e9c\u516c\u50b5\u6216\u516c\u53f8\u50b5\u3002\u4f8b\u5982\u5357\u975e\u767c\u884c\u7f8e\u5143\u8a08\u50f9\u7684\u50b5\u5238\u3002<\/li>\n<\/ul>\n\n\n\n<p><strong>\u7576\u5730\u8ca8\u5e63\u8a08\u50f9\u50b5\u5238\uff0c\u4ee3\u8868\u672a\u4f86\u5229\u606f\u3001\u672c\u91d1\uff0c\u6703\u7531\u7576\u5730\u8ca8\u5e63\u652f\u4ed8\u3002<\/strong><br>\u4f8b\u5982\u5357\u975e\u570b\u5bb6\uff0c\u767c\u884c\u5357\u975e\u5e63\u8a08\u50f9\u7684\u50b5\u5238\uff0c\u90a3\u652f\u4ed8\u7684\u5229\u606f\u3001\u672c\u91d1\uff0c\u90fd\u662f\u4ee5\u5357\u975e\u5e63\u70ba\u57fa\u6e96\u3002\u4f46\u7576\u5730\u8ca8\u5e63\u4e00\u822c\u4e26\u975e\u6295\u8cc7\u4eba\u4e3b\u8981\u4f7f\u7528\u7684\u8a08\u50f9\u8ca8\u5e63\uff0c\u6240\u4ee5\u984d\u5916\u53ef\u80fd\u627f\u64d4\u532f\u7387\u4e0a\u7684\u98a8\u96aa\u3002<\/p>\n\n\n\n<p><strong>\u5f37\u52e2\u8ca8\u5e63\u8a08\u50f9\u50b5\u5238\uff08\u901a\u5e38\u662f\u7f8e\u5143\u8a08\u50f9\uff09\uff0c\u4ee3\u8868\u672a\u4f86\u5229\u606f\u3001\u672c\u91d1\uff0c\u6703\u7531\u5f37\u52e2\u8ca8\u5e63\u652f\u4ed8\u3002<\/strong><br>\u7f8e\u5143\u8a08\u50f9\u50b5\u5238\uff0c\u4f8b\u5982\u5357\u975e\u570b\u5bb6\uff0c\u767c\u884c\u7f8e\u5143\u8a08\u50f9\u7684\u50b5\u5238\uff0c\u652f\u4ed8\u5229\u606f\u3001\u672c\u91d1\uff0c\u90fd\u662f\u7f8e\u5143\u70ba\u57fa\u6e96\u3002\u7531\u65bc\u627f\u8afe\u7684\u5229\u606f\u548c\u672c\u91d1\u90fd\u662f\u4ee5\u7f8e\u5143\u652f\u4ed8\uff0c\u56e0\u6b64\u4e0d\u9700\u8981\u64d4\u5fc3\u532f\u7387\u5f71\u97ff\uff0c\u53ea\u9700\u8981\u5728\u610f\u9055\u7d04\u98a8\u96aa\u3002<\/p>\n\n\n\n<p>\u4e00\u822c\u4eba\u901a\u5e38\u6c92\u6709\u6a5f\u6703\u76f4\u63a5\u8cb7\u65b0\u8208\u5e02\u5834\u50b5\u5238\uff0c\u5927\u591a\u662f\u900f\u904e\u65b0\u8208\u5e02\u5834\u50b5\u5238\u57fa\u91d1\u3001\u65b0\u8208\u5e02\u5834\u50b5\u5238ETF\uff0c\u624d\u80fd\u6295\u8cc7\u5230\u65b0\u8208\u5e02\u5834\u7684\u50b5\u5238\u6a19\u7684\u3002\u800c\u9019\u4e9b\u57fa\u91d1\u6216ETF\u6703\u63d0\u5230\u4ed6\u5011\u7684\u7b56\u7565\uff0c\u4e3b\u8981\u662f\u6295\u8cc7\u7f8e\u5143\u8a08\u50f9\u7684\u65b0\u8208\u5e02\u5834\u50b5\uff0c\u6216\u662f\u7576\u5730\u8ca8\u5e63\u8a08\u50f9\u7684\u50b5\u5238\u3002<\/p>\n\n\n\n<p><strong>\u6295\u8cc7\u65b0\u8208\u5e02\u5834\u8cfa\u4ec0\u9ebc\uff1f<\/strong><\/p>\n\n\n\n<p>\u6295\u8cc7\u65b0\u8208\u5e02\u5834\u50b5\u5238\uff0c\u4e3b\u8981\u6536\u76ca\u4f86\u6e90\u5305\u542b\uff1a<strong>\u7968\u9762\u5229\u606f\u3001\u50b5\u5238\u50f9\u683c\u4e0a\u6f32\u7684\u8cc7\u672c\u5229\u5f97(\u901a\u5e38\u4f86\u81ea\u5229\u7387\u4e0b\u964d)\uff0c\u4ee5\u53ca\u8ca8\u5e63\u5347\u503c\u7684\u532f\u514c\u6536\u76ca(\u53d6\u6c7a\u65bc\u8a08\u50f9\u5e63\u5225)\uff0c<\/strong><\/p>\n\n\n\n<p>\u4e00\u822c\u4f86\u8aaa\uff0c\u7121\u8ad6\u7576\u5730\u8ca8\u5e63\u6216\u7f8e\u5143\u8a08\u50f9\u7684\u50b5\u5238\uff0c\u5831\u916c\u8868\u73fe\u90fd\u8ddf\u65b0\u8208\u5e02\u5834\u7684\u57fa\u672c\u9762\u6709\u95dc\uff0c\u90fd\u9700\u8a55\u4f30\u65b0\u8208\u5e02\u5834\u570b\u5bb6\u50b5\u4fe1\u7684\u57fa\u672c\u9762\u5f37\u5f31\u3002\u800c\u767c\u884c\u5e63\u5225\u6709\u6240\u4e0d\u540c\u3001\u532f\u7387\u3001\u8ca8\u5e63\u653f\u7b56\u53ca\u653f\u5c40\u7684\u7a69\u5b9a\u5ea6\u90fd\u5c0d\u5831\u916c\u6709\u5f88\u5927\u7684\u5f71\u97ff\u3002<\/p>\n\n\n\n<p>\u4ee5\u4e0b\u8868\u683c\u6bd4\u8f03\u7576\u5730\u8a08\u50f9\u50b5\u5238\u548c\u7f8e\u5143\u8a08\u50f9\u50b5\u5238\u7684\u5dee\u7570\u8207\u512a\u7f3a\u9ede\uff1a<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><thead><tr><th class=\"has-text-align-center\" data-align=\"center\">\u6bd4\u8f03\u9805\u76ee<\/th><th class=\"has-text-align-center\" data-align=\"center\">\u7576\u5730\u8a08\u50f9\u50b5\u5238<\/th><th class=\"has-text-align-center\" data-align=\"center\">\u7f8e\u5143\u8a08\u50f9\u50b5\u5238<\/th><\/tr><\/thead><tbody><tr><td class=\"has-text-align-center\" data-align=\"center\">\u512a\u9ede<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u2022 \u5831\u916c\u7387\u53ef\u80fd\u8f03\u9ad8<br>\u2022 \u767c\u884c\u91cf\u5927<br>\u2022 \u6d41\u901a\u6027\u76f8\u5c0d\u9ad8<br>\u2022 \u6ce2\u52d5\u76f8\u5c0d\u5c0f(\u76f8\u5c0d\u672c\u570b\u8ca8\u5e63)<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u2022 \u532f\u7387\u98a8\u96aa\u5c0f\uff0c\u76f8\u5c0d\u53d7\u5927\u578b\u6a5f\u69cb\u6b61\u8fce<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">\u7f3a\u9ede<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u2022 \u4fe1\u7528\u98a8\u96aa\u9ad8<br>\u2022 \u532f\u7387\u98a8\u96aa\u9ad8<br>\u2022 \u5229\u7387\u98a8\u96aa\u9ad8<br>\u2022 \u7576\u5730\u653f\u7d93\u8b8a\u5316\u8f03\u5927<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u2022 \u767c\u884c\u91cf\u5c0f<br>\u2022 \u5831\u916c\u7387\u53ef\u80fd\u8f03\u4f4e<br>\u2022 \u6d41\u901a\u6027\u76f8\u5c0d\u4f4e<br>\u2022 \u6ce2\u52d5\u76f8\u5c0d\u5927<br>\u2022 \u9055\u7d04\u98a8\u96aa\u8fd1\u5e74\u6709\u589e\u52a0\u8da8\u52e2<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">\u5f71\u97ff<br>\u5831\u916c\u95dc\u9375<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u2022 \u7576\u5730\u8ca8\u5e63\u5347\u7728\u503c<br>\u2022 \u7576\u5730\u7d93\u6fdf\u6210\u9577\u72c0\u6cc1<br>\u2022 \u7f8e\u5143\u5f37\u5f31(\u7f8e\u5143\u6307\u6578)<br>\u2022 \u7f8e\u806f\u5132\u5229\u7387\u8abf\u6574<br>\u2022 \u50b5\u5238\u7684\u5b58\u7e8c\u671f\u9593<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u2022 \u7576\u5730\u653f\u7d93\u5c40\u52e2\u662f\u5426\u9055\u7d04<br>\u2022 \u7f8e\u806f\u5132\u5229\u7387\u8abf\u6574<br>\u2022 \u50b5\u5238\u7684\u5b58\u7e8c\u671f\u9593<\/td><\/tr><\/tbody><\/table><figcaption class=\"wp-element-caption\">\u8cc7\u6599\u4f86\u6e90\uff1ainvesco <br>\u8cc7\u6599\u6574\u7406\uff1a<a href=/index.html"https:\/\/\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">Mr.Market \u5e02\u5834\u5148\u751f<\/a><\/figcaption><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E7%95%B6%E5%9C%B0%E8%B2%A8%E5%B9%A3%E8%A8%88%E5%83%B9%E5%82%B5%E5%88%B8%E7%9A%84%E5%84%AA%E7%BC%BA%E9%BB%9E\"><\/span>\u7576\u5730\u8ca8\u5e63\u8a08\u50f9\u50b5\u5238\u7684\u512a\u7f3a\u9ede<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\u7576\u5730\u8ca8\u5e63\u8a08\u50f9\u50b5\u5238\u7684\u8868\u73fe\uff0c\u8207\u7576\u5730\u570b\u5bb6\u7684\u7d93\u6fdf\u5c40\u52e2\u3001\u592e\u884c\u8ca8\u5e63\u653f\u7b56\u3001\u532f\u7387\u90fd\u6703\u5f71\u97ff\u50b5\u5238\u50f9\u683c\uff0c<\/p>\n\n\n\n<p>\u6b64\u5916\uff0c\u7576\u5730\u50b5\u7684\u8cc7\u91d1\u5927\u591a\u4f86\u81ea\u5df2\u958b\u767c\u570b\u5bb6\uff0c\u56e0\u6b64<strong>\u7f8e\u5143\u532f\u7387\u8d70\u52e2\u662f\u5f71\u97ff\u7576\u5730\u8ca8\u5e63\u8a08\u50f9\u50b5\u5238\u5831\u916c\u7684\u95dc\u9375\u56e0\u7d20<\/strong>\uff0c\u7576\u7f8e\u5143\u8d70\u5f31\uff0c\u4ee3\u8868\u65b0\u8208\u5e02\u5834\u7576\u5730\u8ca8\u5e63\u5347\u503c\uff0c\u6295\u8cc7\u4eba\u53ef\u8cfa\u5230\u532f\u5dee\u3002<\/p>\n\n\n\n<ul>\n<li><strong>\u512a\u9ede\uff1a\u8f03\u9ad8\u7684\u50b5\u606f\u6536\u76ca\u3001\u767c\u884c\u91cf\u3001\u6d41\u901a\u6027\u8f03\u5927<\/strong><\/li>\n<\/ul>\n\n\n\n<p>\u7531\u65bc\u65b0\u8208\u5e02\u5834\u7684\u901a\u81a8\u58d3\u529b\u8f03\u9ad8\uff0c\u6536\u4e0d\u56de\u672c\u91d1\u7684\u98a8\u96aa\u76f8\u5c0d\u8f03\u9ad8\uff0c\u4e5f\u589e\u52a0\u9810\u671f\u6536\u76ca\u7684\u4e0d\u78ba\u5b9a\u6027\uff0c\u901a\u5e38\u6703\u63d0\u4f9b\u8f03\u9ad8\u7684\u50b5\u606f\u6216\u7968\u606f\uff0c\u4f5c\u70ba\u7576\u5730\u8ca8\u5e63\u901a\u81a8\u7684\u88dc\u511f\uff0c\u589e\u52a0\u6295\u8cc7\u8a98\u56e0\uff0c\u4ee5\u78ba\u4fdd\u98a8\u96aa\u8f03\u9ad8\u7684\u60c5\u6cc1\u4e0b\u4ecd\u53ef\u4ee5\u5c0d\u6295\u8cc7\u4eba\u6709\u5438\u5f15\u529b\u3002<\/p>\n\n\n\n<p>\u4e5f\u56e0\u70ba\u63d0\u4f9b\u9ad8\u5831\u916c\uff0c\u5438\u5f15\u8a31\u591a\u6295\u8cc7\u4eba\u6301\u6709\u7576\u5730\u8ca8\u5e63\u8a08\u50f9\u50b5\u5238\uff0c\u6240\u4ee5\u5c0e\u81f4\u767c\u884c\u91cf\u53ca\u6d41\u901a\u6027\u76f8\u5c0d\u5927(\u64b0\u6587\u7576\u4e0b\uff1a12.8\u5146)\u3002<\/p>\n\n\n\n<p>\u5e02\u5834\u5148\u751f\u8981\u63d0\u9192\u7684\u662f\uff0c\u50b5\u5238\u63d0\u4f9b\u9ad8\u6b96\u5229\u7387\uff0c\u4e26\u4e0d\u7b49\u65bc\u6700\u5f8c\u4e00\u5b9a\u80fd\u5f97\u5230\u9ad8\u5831\u916c\uff0c\u5047\u5982\u7576\u5730\u8ca8\u5e63\u8cb6\u503c\uff0c\u90a3\u63db\u7b97\u56de\u7f8e\u5143\u5f8c\u80fd\u5f97\u5230\u7684\u5831\u916c\u4e0d\u4e00\u5b9a\u6bd4\u8f03\u9ad8\u3002<\/p>\n\n\n\n<ul>\n<li><strong>\u7f3a\u9ede\uff1a\u9700\u8003\u91cf\u4fe1\u7528\u98a8\u96aa\u3001\u532f\u7387\u98a8\u96aa\u548c\u5229\u7387\u98a8\u96aa<\/strong><\/li>\n<\/ul>\n\n\n\n<p>\u65b0\u8208\u5e02\u5834\u6709\u4e3b\u6b0a\u9055\u7d04\u3001\u7576\u5730\u8ca8\u5e63\u5c0d\u7f8e\u5143\u532f\u7387\u5347\u8cb6\u503c\u3001\u9084\u6709\u7f8e\u806f\u5132\u5347\u964d\u606f\u5f71\u97ff\u50b5\u5238\u6b96\u5229\u7387\u53ca\u50f9\u683c\u7b49\u5f71\u97ff\u6700\u7d42\u5831\u916c\u7684\u56e0\u7d20\uff0c<\/p>\n\n\n\n<p>\u4f46\u8fd1\u5e74\u96a8\u8457\u65b0\u8208\u5e02\u5834\u570b\u5bb6\u7d93\u6fdf\u4e0d\u65b7\u6210\u9577\uff0c\u5404\u570b\u8ca1\u653f\u8d64\u5b57\u6709\u4e0b\u964d\u8da8\u52e2\uff0c\u4fe1\u7528\u98a8\u96aa\u751a\u81f3\u4f4e\u65bc\u5df2\u958b\u767c\u570b\u5bb6\uff0c\u767c\u884c\u91cf\u4e5f\u9060\u52dd\u904e\u7f8e\u5143\u5f37\u52e2\u8ca8\u5e63\u8a08\u50f9\u50b5\u5238\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E7%BE%8E%E5%85%83%E8%A8%88%E5%83%B9%E5%82%B5%E5%88%B8%E7%9A%84%E5%84%AA%E7%BC%BA%E9%BB%9E\"><\/span>\u7f8e\u5143\u8a08\u50f9\u50b5\u5238\u7684\u512a\u7f3a\u9ede<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\u7f8e\u570b\u806f\u6e96\u6703\u7684\u8ca8\u5e63\u653f\u7b56\u3001\u7d93\u6fdf\u666f\u6c23\u5f37\u5f31\uff0c\u90fd\u6703\u5f71\u97ff\u50b5\u5238\u50f9\u683c\uff0c\u4f8b\u5982\uff0c\u7f8e\u5143\u8d70\u5f37\u6642\uff0c\u7f8e\u5143\u8a08\u50f9\u50b5\u5238\u8868\u73fe\u5f80\u5f80\u52dd\u904e\u7576\u5730\u8ca8\u5e63\u8a08\u50f9\u50b5\u5238\u3002<\/p>\n\n\n\n<ul>\n<li><strong>\u512a\u9ede\uff1a\u8207\u7576\u5730\u8ca8\u5e63\u76f8\u8f03\u532f\u514c\u98a8\u96aa\u8f03\u5c0f<\/strong><\/li>\n<\/ul>\n\n\n\n<p>\u6295\u8cc7\u7f8e\u5143\u8a08\u50f9\u50b5\u5238\uff0c\u6bd4\u8f03\u6c92\u6709\u8ca8\u5e63\u66dd\u96aa\u7684\u554f\u984c\uff0c\u532f\u514c\u98a8\u96aa\u76f8\u5c0d\u8f03\u5c0f\u3002<\/p>\n\n\n\n<p>\u4f46\u7531\u65bc\u7f8e\u5143\u70ba\u5168\u7403\u4e3b\u6d41\u8ca8\u5e63\uff0c\u597d\u8655\u662f\u50b5\u5238\u6d41\u52d5\u6027\u8f03\u9ad8\uff0c\u532f\u514c\u98a8\u96aa\u8f03\u5c0f\uff0c\u5728\u5e02\u5834\u7a7a\u982d\u6642\uff0c\u80fd\u5438\u5f15\u6295\u8cc7\u7b56\u7565\u8f03\u4fdd\u5b88\u7684\u6295\u8cc7\u4eba\u3002<\/p>\n\n\n\n<blockquote class=\"wp-block-quote\">\n<blockquote class=\"wp-block-quote\">\n<p><strong>\u8ca8\u5e63\u66dd\u96aa\u662f\u4ec0\u9ebc\u610f\u601d?<\/strong><\/p>\n\n\n\n<p>\u8ca8\u5e63\u66dd\u96aa\u662f\u6307\u4e00\u570b\u8ca8\u5e63\u5c0d\u5176\u4ed6\u570b\u5bb6\u8ca8\u5e63\u6ce2\u52d5\u7684\u98a8\u96aa\u3002<br>\u4f8b\u5982\uff0c\u6301\u6709\u7576\u5730\u8ca8\u5e63\u8a08\u50f9\u50b5\u5238\uff0c\u5c31\u8981\u627f\u53d7\u96a8\u8457\u7f8e\u5143\u532f\u7387\u8d77\u4f0f\uff0c\u800c\u6295\u8cc7\u90e8\u4f4d\u7372\u5229\u6216\u640d\u5931\u3002<\/p>\n<\/blockquote>\n<\/blockquote>\n\n\n\n<ul>\n<li><strong>\u7f3a\u9ede\uff1a\u50b5\u5238\u767c\u884c\u91cf\u8f03\u5c0f\u3001\u6ce2\u52d5\u5927\u3001\u9055\u7d04\u98a8\u96aa\u6709\u589e\u52a0\u8da8\u52e2<\/strong><\/li>\n<\/ul>\n\n\n\n<p>\u50b5\u5238\u767c\u884c\u91cf\u8f03\u5c0f((\u64b0\u6587\u7576\u4e0b\uff1a4.1\u5146)\uff0c\u8fd1\u5e74\u9055\u7d04\u98a8\u96aa\u6709\u589e\u52a0\u8da8\u52e2\u3002<\/p>\n\n\n\n<p>\u6839\u64da<a href=/index.html"https:\/\/www.fundssociety.com\/en\/news\/business\/emerging-markets-sovereign-bonds-local-or-hard-currency-debt-2\/\" target=\"_blank\" rel=\"noopener nofollow\" data-wpel-link=\"external\">fundssociety<\/a>\u7db2\u7ad9\u516c\u5e03\u7684\u8cc7\u6599\uff0c\u7d71\u8a081975\u5e74-2019\u5e74\u7684\u9055\u7d04\u7387\uff0c\u7f8e\u5143\u8a08\u50f9\u50b5\u5238\u7684\u9055\u7d04\u7387\u8a55\u7b49\u7d04\u843d\u5728BBB-CCC\u4e4b\u9593\uff0c\u9055\u7d04\u7387\u6bd4\u7576\u5730\u8a08\u50f9\u50b5\u5238\u9084\u9ad8\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E7%82%BA%E4%BD%95%E6%96%B0%E8%88%88%E5%B8%82%E5%A0%B4%E5%9C%8B%E5%AE%B6%E7%99%BC%E8%A1%8C%E5%85%A9%E7%A8%AE%E4%B8%8D%E5%90%8C%E5%82%B5%E5%88%B8%EF%BC%9F\"><\/span>\u70ba\u4f55\u65b0\u8208\u5e02\u5834\u570b\u5bb6\u767c\u884c\u5169\u7a2e\u4e0d\u540c\u50b5\u5238\uff1f<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\u5206\u6210\u7576\u5730\u8ca8\u5e63\u8207\u7f8e\u5143\u8a08\u50f9\u5169\u5927\u985e\u50b5\u5238\uff0c\u53ef\u4ee5\u5f9e\u6295\u8cc7\u4eba\u548c\u767c\u884c\u4eba\u7684\u89d2\u5ea6\u5206\u5225\u63a2\u8a0e\uff1a<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u6295\u8cc7\u4eba<\/h3>\n\n\n\n<figure class=\"wp-block-table\"><table><thead><tr><th class=\"has-text-align-center\" data-align=\"center\">\u6295\u8cc7\u4eba\u6301\u6709\u50b5\u5238\u985e\u578b<\/th><th>\u7576\u5730\u8ca8\u5e63\u8a08\u50f9\u50b5\u5238<\/th><th>\u7f8e\u5143\u8ca8\u5e63\u8a08\u50f9\u50b5\u5238<\/th><\/tr><\/thead><tbody><tr><td class=\"has-text-align-center\" data-align=\"center\">\u512a\u9ede<\/td><td>\u2022 \u5831\u916c\u76f8\u5c0d\u9ad8<br>\u2022 \u4e0d\u540c\u8ca8\u5e63\u7684\u8cc7\u7522\u914d\u7f6e<br>\u2022 \u9055\u7d04\u98a8\u96aa\u4f4e<br>\u2022 \u6ce2\u52d5\u5c0f<br>\u2022 \u767c\u884c\u91cf\u5927<br>\u2022 \u6d41\u52d5\u91cf\u5927<\/td><td>\u2022 \u7121\u532f\u7387\u98a8\u96aa<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">\u7f3a\u9ede<\/td><td>\u2022 \u532f\u7387\u98a8\u96aa\u9ad8 <\/td><td>\u2022 \u5831\u916c\u76f8\u5c0d\u4f4e<br>\u2022 \u9055\u7d04\u98a8\u96aa\u9ad8<br>\u2022 \u6ce2\u52d5\u5927<br>\u2022 \u767c\u884c\u91cf\u5c0f<br>\u2022 \u6d41\u52d5\u91cf\u5c0f<\/td><\/tr><\/tbody><\/table><figcaption class=\"wp-element-caption\">\u8cc7\u6599\u6574\u7406\uff1a<a href=/index.html"https:\/\/\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">Mr.Market \u5e02\u5834\u5148\u751f<\/a><\/figcaption><\/figure>\n\n\n\n<ul>\n<li><strong>\u5728\u627f\u64d4\u66f4\u591a\u98a8\u96aa\u4e4b\u4e0b\u6709\u6a5f\u6703\u8cfa\u50f9\u5dee<\/strong><\/li>\n<\/ul>\n\n\n\n<p>\u7576\u6295\u8cc7\u4eba\u7684\u98a8\u96aa\u504f\u597d\u589e\u52a0\uff0c\u53ef\u4ee5\u627f\u64d4\u66f4\u591a\u98a8\u96aa\uff0c\u66f4\u50be\u5411\u6295\u8cc7\u7576\u5730\u8ca8\u5e63\u8a08\u50f9\u50b5\u5238\uff0c\u6709\u6a5f\u6703\u900f\u904e\u6ea2\u50f9\u8cfa\u53d6\u5229\u5dee\uff0c\u5f97\u5230\u66f4\u591a\u8cc7\u672c\u5229\u5f97\u3002<\/p>\n\n\n\n<ul>\n<li><strong>\u7576\u5730\u8ca8\u5e63\u5347\u8cb6\u5f71\u97ff\u6703\u5f71\u97ff\u5831\u916c<\/strong><\/li>\n<\/ul>\n\n\n\n<p>\u8cb7\u9032\u7576\u5730\u8ca8\u5e63\u8a08\u50f9\u50b5\u5238\uff0c\u9700\u8981\u627f\u64d4\u532f\u7387\u98a8\u96aa(\u514c\u7f8e\u5143)\uff0c\u53cd\u4e4b\uff0c\u8cb7\u9032\u7f8e\u5143\u8a08\u50f9\u50b5\u5238\uff0c\u5c31\u6c92\u6709\u532f\u5dee\u7684\u554f\u984c\u3002<\/p>\n\n\n\n<ul>\n<li><strong>\u5206\u958b\u6301\u6709\u4e0d\u540c\u5e63\u5225\u8cc7\u7522\u4e5f\u662f\u8cc7\u7522\u914d\u7f6e\u7684\u4e00\u7a2e\u65b9\u5f0f<\/strong><\/li>\n<\/ul>\n\n\n\n<p>\u5206\u5225\u6301\u6709\u4e0d\u540c\u5e63\u5225\u7684\u50b5\u5238\uff0c\u5206\u6563\u98a8\u96aa\u4e5f\u662f\u8ca8\u5e63\u8cc7\u7522\u914d\u7f6e\u7684\u8003\u91cf\u7bc4\u570d\u3002<\/p>\n\n\n\n<ul>\n<li><strong>\u8cb7\u5165\u7576\u5730\u8ca8\u5e63\u8a08\u50f9\u50b5\u5238\u9055\u7d04\u7387\u4f4e\u65bc\u7f8e\u5143\u8a08\u50f9\u50b5\u5238<\/strong><\/li>\n<\/ul>\n\n\n\n<p>\u8fd1\u5e74\u65b0\u8208\u5e02\u5834\u7d93\u6fdf\u4e0d\u65b7\u6210\u9577\uff0c\u8ca1\u653f\u8d64\u5b57\u964d\u4f4e\uff0c\u4fe1\u7528\u8a55\u7b49\u63d0\u9ad8\u7684\u72c0\u6cc1\u4e0b\uff0c\u7576\u5730\u8ca8\u5e63\u8a08\u50f9\u50b5\u5238\u9055\u7d04\u7387\u4f4e\u65bc\u7f8e\u5143\u8a08\u50f9\u50b5\u5238\u3002<\/p>\n\n\n\n<ul>\n<li><strong>\u7576\u5730\u8ca8\u5e63\u8a08\u50f9\u50b5\u5238\u6ce2\u52d5\u5c0f\u65bc\u7f8e\u5143\u8a08\u50f9\u50b5\u5238<\/strong><\/li>\n<\/ul>\n\n\n\n<p>\u5f9e2008\u5e74\u91d1\u878d\u98a8\u66b4\u53ca2019\u5e74\u75ab\u60c5\u7206\u767c\u4f86\u770b\uff0c\u7576\u5730\u8ca8\u5e63\u8a08\u50f9\u50b5\u5238\u53d7\u5f71\u97ff\u7a0b\u5ea6\u5c0f\u65bc\u7f8e\u5143\u8a08\u50f9\u50b5\u5238\u3002<\/p>\n\n\n\n<p>\u5982\u679c\u662f\u6301\u6709\u6ce2\u52d5\u5c0f\u3001\u8dcc\u5e45\u76f8\u5c0d\u5c0f\u7684\u7576\u5730\u8ca8\u5e63\u8a08\u50f9\u50b5\u5238\uff0c\u5c31\u6bd4\u8f03\u5bb9\u6613\u6e21\u904e\u9019\u6bb5<a href=/index.html"https:\/\/\/grey-rhino-vs-black-swan\/\" data-type=\"post\" data-id=\"51579\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u9ed1\u5929\u9d5d<\/a>\u6642\u9593\uff0c<\/p>\n\n\n\n<p>\u53cd\u4e4b\uff0c\u6ce2\u52d5\u5927\u7684\u7f8e\u5143\u8a08\u50f9\u50b5\u5238\uff0c\u5c31\u6703\u56e0\u70ba\u8dcc\u5e45\u904e\u5927\u800c\u505c\u640d\u96e2\u958b\u5e02\u5834\u3002<\/p>\n\n\n\n<ul>\n<li><strong>\u64d4\u5fc3\u7f8e\u570b\u7d93\u6fdf\u8870\u9000\u3001\u7576\u5730\u50b5\u5238\u5831\u916c\u76f8\u5c0d\u9ad8\uff0c\u6295\u8cc7\u4eba\u8f49\u70ba\u6295\u8cc7\u7576\u5730\u50b5\u5238<\/strong><\/li>\n<\/ul>\n\n\n\n<p>\u7576\u6295\u8cc7\u4eba\u64d4\u5fc3\u7f8e\u570b\u8ca1\u653f\u96d9\u8d64\u5b57\u53ef\u80fd\u6703\u5c0e\u81f4\u7f8e\u570b\u7d93\u6fdf\u9577\u671f\u8870\u9000\u53ca\u7f8e\u5143\u8f49\u5f31\u3001\u4e14\u4f4e\u65bc\u7576\u5730\u50b5\u5238\u5831\u916c\u7387\u7b49\u56e0\u7d20\u3002<\/p>\n\n\n\n<p>\u8cc7\u91d1\u8f49\u5f80\u6d41\u5165\u7576\u5730\u50b5\u5238\uff0c\u65b0\u8208\u570b\u5bb6\u4e5f\u6703\u5728\u6b64\u6642\u767c\u884c\u66f4\u591a\u4ee5\u7576\u5730\u8ca8\u5e63\u8a08\u50f9\u7684\u50b5\u5238\u3002<\/p>\n\n\n\n<p>\u5f9e\u4e0b\u5716\u53ef\u4ee5\u5f88\u660e\u986f\u770b\u51fa2008\u5e74\u91d1\u878d\u98a8\u66b4\u4e4b\u5f8c\uff0c\u7576\u5730\u8a08\u50f9\u50b5\u5238\u767c\u884c\u91cf\u5df2\u8d85\u904e\u7f8e\u5143\u8a08\u50f9\u50b5\u5238\u7684\u767c\u884c\u91cf\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"2560\" height=\"1573\" src=/index.html"https:\/\/\/wp-content\/uploads\/2023\/11\/20231123153732_21-scaled.jpg\" alt=\"\u4e0d\u540c\u5e63\u5225\u8a08\u50f9\u7684\u65b0\u8208\u5e02\u5834\u50b5\u7684\u5dee\u75701 \" class=\"wp-image-64027\" srcset=\"https:\/\/\/wp-content\/uploads\/2023\/11\/20231123153732_21-scaled.jpg 2560w, https:\/\/\/wp-content\/uploads\/2023\/11\/20231123153732_21-1536x944.jpg 1536w, https:\/\/\/wp-content\/uploads\/2023\/11\/20231123153732_21-2048x1259.jpg 2048w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\">\u767c\u884c\u570b<\/h3>\n\n\n\n<figure class=\"wp-block-table\"><table><thead><tr><th class=\"has-text-align-center\" data-align=\"center\">\u767c\u884c\u570b\u767c\u884c\u50b5\u5238\u985e\u578b<\/th><th>\u7576\u5730\u8ca8\u5e63\u8a08\u50f9\u50b5\u5238<\/th><th>\u7f8e\u5143\u8ca8\u5e63\u8a08\u50f9\u50b5\u5238<\/th><\/tr><\/thead><tbody><tr><td class=\"has-text-align-center\" data-align=\"center\">\u512a\u9ede<\/td><td>\u2022 \u4e0d\u9700\u984d\u5916\u627f\u64d4\u532f\u7387\u98a8\u96aa<br>\u2022 \u4ea4\u6613\u7d50\u7b97\u4fbf\u5229\u6027\u9ad8<br>\u2022 \u5c0d\u6c96\u8ca8\u5e63\u98a8\u96aa\uff0c\u7372\u5f97\u4fbf\u5b9c\u8cc7\u91d1<\/td><td>\u2022 \u5168\u7403\u4ea4\u6613\u8f03\u65b9\u4fbf<br>\u2022 \u5438\u5f15\u5916\u8cc7<br>\u2022 \u767c\u884c\u570b\u6709\u7f8e\u5143\u9700\u6c42\uff0c\u53ef\u964d\u4f4e\u63db\u532f\u6210\u672c<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">\u7f3a\u9ede:<\/td><td>\u2022 \u7121\u6cd5\u5438\u5f15\u5916\u8cc7<\/td><td>\u2022 \u7576\u5730\u8ca8\u5e63\u8cb6\u503c\u98a8\u96aa<\/td><\/tr><\/tbody><\/table><figcaption class=\"wp-element-caption\">\u8cc7\u6599\u6574\u7406\uff1a<a href=/index.html"https:\/\/\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">Mr.Market \u5e02\u5834\u5148\u751f<\/a><\/figcaption><\/figure>\n\n\n\n<ul>\n<li><strong>\u767c\u884c\u7576\u5730\u8ca8\u5e63\u8a08\u50f9\u7684\u50b5\u5238\uff0c\u5c0d\u767c\u884c\u570b\u4f86\u8aaa\uff0c\u4ea4\u6613\u7d50\u7b97\u90fd\u4fbf\u5229<\/strong><\/li>\n<\/ul>\n\n\n\n<p>\u5f9e\u50b5\u5238\u767c\u884c\u570b\u7684\u89d2\u5ea6\u4f86\u770b\uff0c\u5404\u570b\u653f\u5e9c\u672c\u8eab\u6301\u6709\u8a31\u591a\u7576\u5730\u8ca8\u5e63\uff0c\u56e0\u6b64\u9078\u64c7\u767c\u884c\u4ee5\u7576\u5730\u8ca8\u5e63\u8a08\u50f9\u7684\u50b5\u5238\uff0c\u9019\u6a23\u4e0d\u7ba1\u662f\u511f\u9084\u50b5\u52d9\u548c\u50b5\u606f\u90fd\u5f88\u65b9\u4fbf\u3002\u7576\u7136\u76f8\u53cd\u7684\uff0c\u5c0d\u570b\u969b\u6295\u8cc7\u4eba\u4f86\u8aaa\u5c31\u6c92\u90a3\u9ebc\u65b9\u4fbf\u3002<\/p>\n\n\n\n<ul>\n<li><strong>\u7576\u5730\u8ca8\u5e63\u8cb6\u503c\u6642\uff0c\u6703\u5f71\u97ff\u7f8e\u5143\u8a08\u50f9\u50b5\u5238\u511f\u50b5\u80fd\u529b<\/strong><\/li>\n<\/ul>\n\n\n\n<p>\u767c\u884c\u7f8e\u5143\u8ca8\u5e63\u8a08\u50f9\u7684\u50b5\u5238\u7684\u554f\u984c\uff0c\u7576\u767c\u50b5\u570b\u7684\u6536\u5165\u4f86\u6e90\u4e3b\u8981\u4f9d\u8cf4\u88fd\u9020\u696d\u548c\u7a05\u6536\u6642\uff0c\u82e5\u7576\u5730\u8ca8\u5e63\u8cb6\u503c(\u9700\u8981\u7528\u66f4\u591a\u7684\u672c\u570b\u8ca8\u5e63\u514c\u63db\u7b49\u503c\u5916\u5e63)\uff0c\u6216\u662f\u7f8e\u5143\u8d70\u5f37\uff0c\u5c31\u6703\u5f71\u97ff\u5230\u511f\u4ed8\u50b5\u52d9\u7684\u80fd\u529b\uff0c\u751a\u81f3\u9055\u7d04\u9020\u6210\u4fe1\u7528\u8a55\u7b49\u4e0b\u964d\u3002<\/p>\n\n\n\n<ul>\n<li><strong>\u767c\u884c\u7f8e\u5143\u8a08\u50f9\u50b5\u5238\u53ef\u4ee5\u6e1b\u5c11\u63db\u532f\u6210\u672c<\/strong><\/li>\n<\/ul>\n\n\n\n<p>\u5982\u679c\u8a72\u570b\u4ef0\u8cf4\u9032\u53e3\u5546\u54c1\uff0c\u672c\u8eab\u6709\u7f8e\u5143\u7684\u9700\u6c42\uff0c\u6703\u50be\u5411\u767c\u884c\u4ee5\u7f8e\u5143\u8a08\u50f9\u7684\u50b5\u5238\uff0c\u9019\u6a23\u80fd\u5920\u76f4\u63a5\u62ff\u5230\u5916\u570b\u8ca8\u5e63\uff0c\u7701\u4e0b\u63db\u532f\u6210\u672c\u3002<\/p>\n\n\n\n<ul>\n<li><strong>\u767c\u884c\u570b\u7d93\u6fdf\u72c0\u6cc1\u597d\uff0c\u767c\u884c\u7576\u5730\u8ca8\u5e63\u8a08\u50f9\u7684\u50b5\u5238\uff0c\u53cd\u4e4b\uff0c\u662f\u767c\u884c\u7f8e\u5143\u8a08\u50f9\u50b5\u5238<\/strong><\/li>\n<\/ul>\n\n\n\n<p>\u5982\u679c\u767c\u884c\u570b\u672c\u8eab\u7684\u7d93\u6fdf\u898f\u6a21\u8f03\u5c0f\uff0c\u4e5f\u6703\u9078\u64c7\u767c\u884c\u4ee5\u7f8e\u5143\u8a08\u50f9\u50b5\u5238\uff0c\u85c9\u6b64\u5438\u5f15\u6d77\u5916\u8cc7\u672c<strong>\uff0c<\/strong>\u4f46\u9019\u7a2e\u505a\u6cd5\u4e5f\u6709\u98a8\u96aa\uff0c\u56e0\u70ba\u5982\u679c\u672a\u4f86\u7576\u5730\u8ca8\u5e63\u8cb6\u503c\uff0c\u511f\u9084\u7f8e\u5143\u8981\u4ed8\u51fa\u66f4\u591a\u6210\u672c\uff1b<\/p>\n\n\n\n<p>\u76f8\u5c0d\u7684\uff0c\u5982\u679c\u767c\u884c\u570b\u7684\u7d93\u6fdf\u72c0\u6cc1\u7a69\u5b9a\u6210\u9577\uff0c\u5c31\u66f4\u6709\u80fd\u529b\u767c\u884c\u4ee5\u672c\u5730\u8ca8\u5e63\u8a08\u50f9\u7684\u50b5\u5238\u3002<\/p>\n\n\n\n<ul>\n<li><strong>\u767c\u884c\u570b\u504f\u597d\u767c\u884c\u7576\u5730\u8ca8\u5e63\u8a08\u50f9\u7684\u50b5\u5238<\/strong><\/li>\n<\/ul>\n\n\n\n<p>\u767c\u884c\u672c\u5730\u50b5\u4e5f\u8ddf\u570b\u60c5\u504f\u597d\u6709\u95dc<strong>\uff0c<\/strong>\u90e8\u5206\u570b\u5bb6\u6bd4\u8f03\u50be\u5411\u767c\u884c\u4ee5\u7576\u5730\u8ca8\u5e63\u8a08\u50f9\u7684\u50b5\u5238\uff0c\u50cf\u662f\uff1a\u97d3\u570b\u3001\u6cf0\u570b\u548c\u6377\u514b\u3002<\/p>\n\n\n\n<ul>\n<li><strong>\u767c\u884c\u7576\u5730\u8ca8\u5e63\u8a08\u50f9\u50b5\u5238\u80fd\u53d6\u5f97\u4f4e\u6210\u672c\u7684\u8cc7\u91d1<\/strong><\/li>\n<\/ul>\n\n\n\n<p>\u6210\u672c\u4e5f\u662f\u50b5\u5238\u767c\u884c\u4eba\u6703\u8003\u91cf\u7684\u91cd\u9ede\u3002<\/p>\n\n\n\n<p>\u8209\u4f8b\u4f86\u8aaa\uff0c\u7576\u7f8e\u570b\u7684\u4fe1\u7528\u5229\u5dee\u7e2e\u7dca\u6642\uff08\u767d\u8a71\u610f\u601d\u662f\u98a8\u96aa\u66f4\u9ad8\u7684\u50b5\u5238\uff0c\u4f46\u5230\u671f\u6b96\u5229\u7387\u6c92\u6709\u9ad8\u5f88\u591a\uff09\uff0c\u65b0\u8208\u5e02\u5834\u7576\u5730\u8ca8\u5e63\u8a08\u50f9\u50b5\u5238\uff0c\u5c0d\u7f8e\u570b\u50b5\u5238\u767c\u884c\u4eba\u5c31\u6709\u8f03\u5927\u7684\u5438\u5f15\u529b\uff0c\u56e0\u70ba\u985e\u4f3c\u98a8\u96aa\u4e0b\uff0c\u9019\u4e9b\u50b5\u5238\u63d0\u4f9b\u7684\u5831\u916c\u53ef\u80fd\u76f8\u5c0d\u8f03\u9ad8\u3002\u800c\u5c0d\u50b5\u5238\u767c\u884c\u4eba\u4f86\u8aaa\uff0c\u9019\u6642\u53ef\u4ee5\u5c0b\u6c42\u66f4\u4fbf\u5b9c\u7684\u878d\u8cc7\u6210\u672c\uff0c\u4e0d\u7528\u63d0\u4f9b\u9ad8\u5831\u916c\u5c31\u53ef\u4ee5\u5438\u5f15\u8cb7\u5bb6\u4f86\u8cb7\u50b5\u5238\u3002<\/p>\n\n\n\n<ul>\n<li><strong>\u767c\u884c\u7576\u5730\u8ca8\u5e63\u8a08\u50f9\u50b5\u5238\u80fd\u5c0d\u6c96\u8ca8\u5e63\u98a8\u96aa<\/strong><\/li>\n<\/ul>\n\n\n\n<p>\u7f8e\u570b\u516c\u53f8\u900f\u904e\u767c\u884c\u7576\u5730\u8ca8\u5e63\u8a08\u50f9\u50b5\u5238\uff0c\u4f86\u5c0d\u6c96\u8ca8\u5e63\u98a8\u96aa\uff0c\u4e5f\u6709\u52a9\u65bc\u64f4\u5927\u57fa\u5dee(\u589e\u52a0\u7576\u5730\u8ca8\u5e63\u66dd\u96aa) \u5c0d\u7f8e\u570b\u767c\u884c\u4eba\u4f86\u8aaa\u5f88\u6709\u5229\uff0c\u56e0\u70ba\u53ef\u4ee5\u5f97\u5230\u66f4\u4fbf\u5b9c\u7684\u7f8e\u5143\u8cc7\u91d1\u3002&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E6%96%B0%E8%88%88%E5%B8%82%E5%A0%B4%E5%82%B5%E6%9C%89%E5%93%AA%E4%BA%9B%E9%A2%A8%E9%9A%AA%EF%BC%9F\"><\/span>\u65b0\u8208\u5e02\u5834\u50b5\u6709\u54ea\u4e9b\u98a8\u96aa\uff1f<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\u6295\u8cc7\u65b0\u8208\u5e02\u5834\u50b5\u5238\uff0c\u4e3b\u8981\u7684\u98a8\u96aa\u70ba\uff1a\u9055\u7d04\u98a8\u96aa\u3001\u5229\u7387\u98a8\u96aa\u3001\u532f\u7387\u98a8\u96aa\u3001\u53ca\u6d41\u52d5\u6027\u98a8\u96aa\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u9055\u7d04\u98a8\u96aa<\/h3>\n\n\n\n<p>\u4e5f\u7a31\u70ba\u4fe1\u7528\u98a8\u96aa\uff0c\u610f\u601d\u662f\u767c\u884c\u8005\u5728\u50b5\u5238\u5230\u671f\u6642\u7121\u6cd5\u511f\u9084\u672c\u91d1\u6216\u5229\u606f\u7684\u98a8\u96aa\u3002<\/p>\n\n\n\n<p>\u4e00\u822c\u4f86\u8aaa\uff0c\u653f\u5e9c\u50b5\u5238\u7684\u9055\u7d04\u98a8\u96aa\u8f03\u4f4e\uff0c\u4f46\u516c\u53f8\u50b5\u5c31\u8981\u770b\u5404\u516c\u53f8\u7684\u50b5\u4fe1\u8a55\u7b49\uff0c\u901a\u5e38\u8a55\u7b49\u8d8a\u597d\u7684\u516c\u53f8\uff0c\u7968\u9762\u5229\u7387\u8d8a\u4f4e\uff0c\u53cd\u4e4b\uff0c\u8a55\u7b49\u8f03\u4f4e\u7684\u767c\u884c\u4eba\uff0c\u6703\u7528\u8f03\u9ad8\u7684\u7968\u9762\u5229\u7387\u4f86\u5438\u5f15\u6295\u8cc7\u4eba\u3002<\/p>\n\n\n\n<p>\u65b0\u8208\u5e02\u5834\u50b5\u7684\u9055\u7d04\u60c5\u6cc1\u6709\u4ee5\u4e0b\u9019\u5e7e\u7a2e\uff1a<\/p>\n\n\n\n<ul>\n<li>\u653f\u5e9c\u6a5f\u69cb\u4e5f\u6703\u9055\u7d04(\u4e3b\u6b0a\u9055\u7d04)<\/li>\n\n\n\n<li>\u516c\u53f8\u50b5\u9055\u7d04\u6709\u5354\u5546\u88dc\u511f\u7684\u6a5f\u6703\u3001\u516c\u53f8\u7834\u7522\u5c31\u6bd4\u8f03\u96e3\u8ffd\u8a0e\u640d\u5931<\/li>\n\n\n\n<li>\u7576\u5730\u8ca8\u5e63\u8a08\u50f9\u65b0\u8208\u50b5\u9055\u7d04\u7387\u4e0b\u964d<\/li>\n\n\n\n<li>\u65b0\u8208\u570b\u5bb6\u7d93\u6fdf\u6210\u9577\u53ca\u5916\u532f\u5132\u5099\u589e\u52a0\u964d\u4f4e\u9055\u7d04\u7387\u7684\u767c\u751f\u6a5f\u7387<\/li>\n<\/ul>\n\n\n\n<p><mark style=\"background-color:#fff1cc\" class=\"has-inline-color\"><strong>\u653f\u5e9c\u6a5f\u69cb\u4e5f\u53ef\u80fd\u6703\u5012\u50b5(\u4e3b\u6b0a\u9055\u7d04)<\/strong><\/mark><\/p>\n\n\n\n<p>\u6295\u8cc7\u6642\uff0c\u5f88\u5e38\u898b\u7684\u4e00\u500b\u8ff7\u601d\u662f\uff1a<\/p>\n\n\n\n<p>\u9019\u5bb6\u516c\u53f8\u5927\u5230\u4e0d\u6703\u5012\uff0c\u6295\u8cc7\u65b0\u8208\u5e02\u5834\u50b5\uff0c\u4e5f\u8a31\u6709\u4eba\u4e5f\u6703\u8a8d\u70ba\u9019\u500b\u570b\u5bb6\u5927\u5230\u4e0d\u6703\u5012\u3002<\/p>\n\n\n\n<p>\u5728\u666f\u6c23\u8870\u9000\u6642\uff0c\u6703\u5f71\u97ff\u50b5\u5238\u767c\u884c\u4eba\u7684\u511f\u4ed8\u80fd\u529b\uff0c\u6709\u53ef\u80fd\u9020\u6210\u767c\u50b5\u570b\u9055\u7d04\uff0c\u7121\u6cd5\u652f\u4ed8\u672c\u91d1\uff0c\u4e00\u65e6\u4e3b\u6b0a\u570b\u9055\u7d04\uff0c\u4e4b\u5f8c\u91cd\u6574\u904e\u7a0b\u4e5f\u5f88\u6f2b\u9577\uff0c\u6295\u8cc7\u4eba\u5e7e\u4e4e\u5f88\u96e3\u8a0e\u56de\u640d\u5931\u3002<\/p>\n\n\n\n<p>\u4f46\u4e8b\u5be6\u4e0a\uff0c1998\u5e74\uff0c\u4fc4\u7f85\u65af\u653f\u5e9c\u5c31\u56e0\u70ba\u50b5\u52d9\u904e\u65bc\u9f90\u5927\uff0c\u9762\u81e8\u5012\u50b5\u5371\u6a5f\u3001\u505c\u6b62\u652f\u4ed8\u76e7\u5e03\u8a08\u50f9\u7684\u50b5\u5238\u4e14\u7247\u9762\u5ba3\u5e03\u50b5\u52d9\u91cd\u6574\uff0c\u4e26\u628a\u7576\u6642\u9084\u5728\u5e02\u5834\u6d41\u901a\u4e26\u5c07\u5728\u9694\u5e74\u5230\u671f\u7684 GKO \u77ed\u671f\u570b\u5eab\u5238\uff0c\u91cd\u6574\u70ba 3- 5\u5e74\u671f\u516c\u50b5\uff0c\u6295\u8cc7\u4eba\u56e0\u6b64\u627f\u64d4\u5de8\u5927\u8667\u640d\uff0c\u8981\u6ce8\u610f\u7684\u662f\uff0cGKO \u5728\u9055\u7d04\u4e4b\u524d\uff0c\u5e74\u5229\u7387\u66fe\u8d85\u904e 40 %\u3002<\/p>\n\n\n\n<p>\u56e0\u6b64\u6295\u8cc7\u6642\u4ecd\u61c9\u89c0\u5bdf\u65b0\u8208\u570b\u5bb6\u7684\u57fa\u672c\u9762 (\u5916\u532f\u5132\u5099\u3001\u653f\u5e9c\u50b5\u52d9\u3001\u8ca1\u653f\u8d64\u5b57\u3001\u7d93\u5e38\u5e33\u7b49)\uff0c\u7834\u9664\u570b\u5bb6\u5927\u5230\u4e0d\u6703\u5012\u7684\u8ff7\u601d\uff0c\u4e5f\u4e0d\u8981\u76f8\u4fe1\u904e\u53bb\u7684\u7e3e\u6548\uff0c\u90a3\u4e9b\u90fd\u4e0d\u91cd\u8981\u3002<\/p>\n\n\n\n<p>\u5ef6\u4f38\u95b1\u8b80\uff1a<a href=/index.html"https:\/\/\/risk-of-emerging-market-bond-0\/\" data-type=\"link\" data-id=\"https:\/\/\/risk-of-emerging-market-bond-0\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u65b0\u8208\u5e02\u5834\u70ba\u4ec0\u9ebc\u6703\u767c\u751f\u4e3b\u6b0a\u9055\u7d04\uff1f\u539f\u56e0\u662f\u4ec0\u9ebc\uff1f<\/a><\/p>\n\n\n\n<p><mark style=\"background-color:#fff1cc\" class=\"has-inline-color has-black-color\"><strong>\u516c\u53f8\u50b5\u9055\u7d04\u6709\u5354\u5546\u88dc\u511f\u7684\u6a5f\u6703\u3001\u516c\u53f8\u7834\u7522\u5c31\u6bd4\u8f03\u96e3\u8ffd\u8a0e\u640d\u5931<\/strong><\/mark><\/p>\n\n\n\n<p>\u65b0\u8208\u5e02\u5834\u50b5\u5238\u6295\u8cc7\uff0c\u4e26\u4e0d\u5168\u662f\u4e3b\u6b0a\u50b5\uff0c\u6709\u4e9b\u4e5f\u6703\u662f\u4f01\u696d\u50b5\uff0c\u901a\u5e38\u662f\u8d85\u5927\u578b\u4f01\u696d\uff0c\u6216\u8005\u570b\u71df\u76f8\u95dc\u4f01\u696d\u3002<\/p>\n\n\n\n<p>\u96d6\u7136\u662f\u5927\u578b\u570b\u71df\u4e8b\u696d\uff0c\u4f46\u6839\u64da\u5404\u570b\u570b\u60c5\u4e0d\u540c\uff0c\u4e26\u4e0d\u662f\u5b8c\u5168\u6c92\u6709\u9055\u7d04\u6216\u7834\u7522\u53ef\u80fd\u3002<\/p>\n\n\n\n<p>\u516c\u53f8\u50b5\u9055\u7d04\u548c\u516c\u53f8\u7834\u7522\u6703\u9762\u81e8\u7684\u5f71\u97ff\u4e5f\u6709\u6240\u4e0d\u540c\u3002<\/p>\n\n\n\n<p>\u5982\u679c\u5230\u671f\u9055\u7d04\uff0c\u767c\u884c\u516c\u53f8\u53ef\u80fd\u6703\u8ddf\u6295\u8cc7\u4eba\u5354\u8abf\u5ef6\u5f8c\u652f\u4ed8\u672c\u606f\u7684\u53ef\u80fd\u6027\uff0c\u672a\u4f86\u6295\u8cc7\u4eba\u9084\u662f\u6709\u6a5f\u6703\u7372\u5f97\u88dc\u511f\uff1b<\/p>\n\n\n\n<p>\u5982\u679c\u9047\u5230\u516c\u53f8\u7834\u7522\u6e05\u7b97\uff0c\u6703\u6309\u7167\u6cd5\u5f8b\u7a0b\u5e8f\u6e05\u511f\u50b5\u52d9\uff0c\u6295\u8cc7\u4eba\u57fa\u672c\u4e0a\u5f88\u96e3\u8a0e\u56de\u640d\u5931\u3002<\/p>\n\n\n\n<p><mark style=\"background-color:#fff1cc\" class=\"has-inline-color has-black-color\"><strong>\u7576\u5730\u8a08\u50f9\u50b5\u5238\u9055\u7d04\u98a8\u96aa\u8fd1\u5e74\u6709\u4e0b\u964d\u8da8\u52e2<\/strong><\/mark><\/p>\n\n\n\n<p>\u8fd1\u5e74\u96a8\u8457\u65b0\u8208\u5e02\u5834\u570b\u5bb6\u7d93\u6fdf\u4e0d\u65b7\u6210\u9577\uff0c\u5404\u570b\u8ca1\u653f\u8d64\u5b57\u6709\u4e0b\u964d\u8da8\u52e2\uff0c\u4fe1\u7528\u98a8\u96aa\u4e5f\u9010\u6f38\u4f4e\u65bc\u5df2\u958b\u767c\u570b\u5bb6\u3002<\/p>\n\n\n\n<p>\u6839\u64da\u7d71\u8a081975\u5e74-2019\u5e74\u7684\u9055\u7d04\u7387\uff0c\u7f8e\u5143\u8a08\u50f9\u50b5\u5238\u7684\u9055\u7d04\u7387\u8a55\u7b49\u7d04\u843d\u5728BBB-CCC\u4e4b\u9593\uff0c\u9055\u7d04\u7387\u6bd4\u7576\u5730\u8a08\u50f9\u50b5\u5238\u9084\u9ad8\u3002<\/p>\n\n\n\n<p>\u50b5\u4fe1\u8a55\u7b49\u8f03\u9ad8\u7684\u570b\u5bb6\u901a\u5e38\u9078\u64c7\u767c\u884c\u7576\u5730\u8ca8\u5e63\uff0c\u800c\u975e\u7f8e\u5143\u8a08\u50f9\u50b5\u5238\uff0c\u9019\u6a23\u505a\u7684\u597d\u8655\u662f\u53ef\u4ee5\u7d2f\u7a4d\u7576\u5730\u8ca8\u5e63\u8cc7\u91d1\uff0c\u589e\u52a0\u66f4\u591a\u5916\u532f\u5132\u5099\uff0c\u6d88\u9664\u7576\u5730\u8ca8\u5e63\u98a8\u96aa\uff0c\u4e5f\u80fd\u5920\u6e1b\u5c11\u5c0d\u5916\u570b\u8ca8\u5e63\u7684\u4f9d\u8cf4\u3002<\/p>\n\n\n\n<p>\u76f8\u8f03\u4e4b\u4e0b\uff0c\u7d93\u6fdf\u9ad4\u8f03\u5f31\u7684\u65b0\u8208\u570b\u5bb6\u5f80\u5f80\u5225\u7121\u9078\u64c7\uff0c\u5927\u591a\u9078\u64c7\u767c\u884c\u7f8e\u5143\u8a08\u50f9\u50b5\u5238\u4ee5\u5438\u5f15\u5916\u8cc7\uff0c\u9019\u4e5f\u662f\u70ba\u4ec0\u9ebc\u7576\u5730\u8ca8\u5e63\u8207\u7f8e\u5143\u8a08\u50f9\u50b5\u5238\u7684\u9055\u7d04\u8a55\u7b49\u5dee\u8ddd\u8d8a\u4f86\u8d8a\u5927\u7684\u539f\u56e0\u4e4b\u4e00\uff0c\u5982\u4e0b\u5716\uff1a<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"2560\" height=\"2263\" src=/index.html"https:\/\/\/wp-content\/uploads\/2023\/11\/20231123153801_57-scaled.jpg\" alt=\"\u4e0d\u540c\u5e63\u5225\u8a08\u50f9\u7684\u65b0\u8208\u5e02\u5834\u50b5\u7684\u5dee\u75702 \" class=\"wp-image-64028\" srcset=\"https:\/\/\/wp-content\/uploads\/2023\/11\/20231123153801_57-scaled.jpg 2560w, https:\/\/\/wp-content\/uploads\/2023\/11\/20231123153801_57-1536x1358.jpg 1536w, https:\/\/\/wp-content\/uploads\/2023\/11\/20231123153801_57-2048x1811.jpg 2048w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/figure>\n\n\n\n<blockquote class=\"wp-block-quote\">\n<p>\u5e02\u5834\u5148\u751f\u63d0\u793a\uff1a\u7f8e\u5143\u8a08\u50f9\u50b5\u5238\u770b\u4f3c\u532f\u7387\u98a8\u96aa\u8f03\u4f4e\uff0c\u6240\u4ee5\u6bd4\u8f03\u5b89\u5168\u55ce\uff1f\u4e26\u975e\u5982\u6b64\u3002<\/p>\n\n\n\n<p>\u9019\u80cc\u5f8c\u56e0\u679c\u95dc\u4fc2\u525b\u597d\u985b\u5012\u3002<\/p>\n\n\n\n<p>\u5be6\u969b\u4e0a\uff0c\u4fe1\u7528\u597d\u7684\u570b\u5bb6\u6703\u512a\u5148\u767c\u884c\u7576\u5730\u8ca8\u5e63\u8a08\u50f9\u50b5\u5238\uff0c\u56e0\u70ba\u9019\u5c0d\u5b83\u5011\u7684\u767c\u884c\u6210\u672c\u6bd4\u8f03\u4f4e\uff0c\u53ea\u8981\u6709\u8cb7\u5bb6\u9858\u610f\u8cb7\u9019\u4e9b\u50b5\uff0c\u9019\u4e9b\u570b\u5bb6\u5c31\u53ef\u4ee5\u9806\u5229\u767c\u884c\u7576\u5730\u8ca8\u5e63\u8a08\u50f9\u50b5\u5238\u3002<\/p>\n\n\n\n<p>\u53cd\u4e4b\uff0c\u4fe1\u7528\u8f03\u5dee\u7684\u570b\u5bb6\uff0c\u767c\u884c\u7576\u5730\u8ca8\u5e63\u8a08\u50f9\u50b5\u5238\uff0c\u53ef\u80fd\u4e5f\u8ce3\u4e0d\u51fa\u53bb\uff0c\u56e0\u6b64\u5b83\u5011\u5fc5\u9808\u8981\u767c\u884c\u7f8e\u5143\u8a08\u50f9\u50b5\u5238\u3002<\/p>\n\n\n\n<p>\u9019\u5c31\u5c0e\u81f4\u770b\u4f3c\u6bd4\u8f03\u5b89\u5168\u7684\u7f8e\u5143\u8a08\u50f9\u50b5\u5238\uff0c\u5f88\u53ef\u80fd\u9055\u7d04\u98a8\u96aa\u662f\u6bd4\u8f03\u9ad8\u7684\uff0c\u56e0\u70ba\u6703\u767c\u884c\u9019\u4e9b\u50b5\u5238\u7684\u570b\u5bb6\u672c\u8eab\u9055\u7d04\u98a8\u96aa\u5c31\u6bd4\u8f03\u9ad8\u3002<\/p>\n\n\n\n<p>\u7406\u89e3\u9019\u500b\u56e0\u679c\u95dc\u4fc2\u5f88\u91cd\u8981\uff0c\u624d\u80fd\u6b63\u78ba\u5224\u65b7\u65b0\u8208\u5e02\u5834\u50b5\u5238\u7684\u98a8\u96aa\u9ad8\u4f4e\u3002<\/p>\n<\/blockquote>\n\n\n\n<p><\/p>\n\n\n\n<p><mark style=\"background-color:#fff1cc\" class=\"has-inline-color has-black-color\">\u65b0\u8208\u570b\u5bb6\u7d93\u6fdf\u6210\u9577\u53ca\u5916\u532f\u5132\u5099\u589e\u52a0\u964d\u4f4e\u9055\u7d04\u7387\u7684\u767c\u751f\u6a5f\u7387<\/mark><\/p>\n\n\n\n<p>\u6839\u64da\u570b\u969b\u6e05\u7b97\u9280\u884c (BIS) \u7684\u5831\u544a\u6307\u51fa\uff0c<strong>\u8fd1\u5e74\u300c\u7576\u5730\u8ca8\u5e63\u8a08\u50f9\u50b5\u5238\u300d\u8207\u300c\u7f8e\u5143\u8a08\u50f9\u50b5\u5238\u300d\u7684\u6ce2\u52d5\u5dee\u8ddd\u9010\u6f38\u6e1b\u5c11\uff0c\u4e3b\u56e0\u662f\u65b0\u8208\u570b\u5bb6\u7d93\u6fdf\u6210\u9577\u3001\u5916\u532f\u5132\u5099\u589e\u52a0\uff0c\u800c\u7576\u65b0\u8208\u570b\u5bb6\u7684\u5916\u532f\u5132\u5099\u8d8a\u591a\uff0c\u5c31\u80fd\u6e1b\u5c11\u5c0d\u570b\u5916\u8ca8\u5e63\u7684\u4f9d\u8cf4\u3002<\/strong><\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u5229\u7387\u98a8\u96aa\uff1a\u7f8e\u570b\u7684\u5229\u7387\u653f\u7b56\u70ba\u89c0\u5bdf\u65b0\u8208\u5e02\u5834\u50b5\u7684\u91cd\u8981\u6307\u6a19<\/h3>\n\n\n\n<p>\u4e00\u822c\u4f86\u8aaa\uff0c\u50b5\u5238\u50f9\u683c\u8207\u5229\u7387\u8d70\u52e2\u5448\u53cd\u6bd4\uff0c<\/p>\n\n\n\n<p>\u7576\u5e02\u5834\u5229\u7387\u8d70\u63da\u6642\uff0c\u50b5\u5238\u50f9\u683c\u5c31\u6703\u4e0b\u6ed1\uff1b\u53cd\u4e4b\uff0c\u7576\u5229\u7387\u4e0b\u6ed1\uff0c\u50b5\u5238\u50f9\u683c\u5c31\u6703\u4e0a\u63da\u3002<\/p>\n\n\n\n<p>\u5229\u7387\u4e0a\u5347\uff0c\u5c0d\u9577\u671f\u50b5\u5238\u5f71\u97ff\u8f03\u5927\u3002\u800c\u5229\u7387\u4e0b\u964d\uff0c\u6703\u589e\u52a0\u77ed\u671f\u50b5\u5238\u7684\u518d\u6295\u8cc7\u98a8\u96aa\u3002<\/p>\n\n\n\n<p>\u7576\u7136\uff0c\u4e0d\u662f\u53ea\u6709\u7f8e\u570b\u7684\u5229\u7387\u6703\u5f71\u97ff\u50b5\u5238\u50f9\u683c\uff0c\u7576\u5730\u50b5\u5238\u7684\u5229\u7387\u4e5f\u6703\u5f71\u97ff\u50b5\u5238\u50f9\u683c\u3002\u4f46\u5168\u7403\u5404\u570b\u5229\u7387\u5f7c\u6b64\u591a\u5c11\u90fd\u6709\u4e00\u9ede\u76f8\u95dc\u6027\uff0c\u6216\u591a\u6216\u5c11\u90fd\u6703\u53d7\u5230\u7f8e\u570b\u5f71\u97ff\u3002<\/p>\n\n\n\n<p>\u7576\u5730\u8ca8\u5e63\u8a08\u50f9\u50b5\u5238\uff0c\u53d7\u7576\u5730\u5229\u7387\u5f71\u97ff\u8f03\u5927\uff1b\u7f8e\u5143\u8a08\u50f9\u50b5\u5238\uff0c\u53d7\u7f8e\u570b\u5229\u7387\u5f71\u97ff\u8f03\u5927\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u532f\u7387\u98a8\u96aa\uff1a\u672c\u5730\u8ca8\u5e63\u8a08\u50f9\u50b5\u5238\u532f\u7387\u98a8\u96aa\u9ad8\uff0c\u7f8e\u5143\u8a08\u50f9\u50b5\u5238\u532f\u7387\u98a8\u96aa\u76f8\u5c0d\u5c0f<\/h3>\n\n\n\n<p><strong>\u532f\u7387\u98a8\u96aa\u8f14\u52a9\u89c0\u5bdf\u7684\u6307\u6a19\u70ba<a href=/index.html"https:\/\/\/%ef%bd%97hat-is-us-dollar-index\/\" data-type=\"post\" data-id=\"38431\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u7f8e\u5143\u6307\u6578<\/a>\uff0c\u7f8e\u5143\u6307\u6578\u8207\u65b0\u8208\u5e02\u5834\u7576\u5730\u8ca8\u5e63\u5448\u53cd\u5411\u95dc\u4fc2\u3002<\/strong><\/p>\n\n\n\n<p>\u7576\u7f8e\u5143\u6307\u6578\u8d70\u5f37\uff0c\u7576\u5730\u8ca8\u5e63\u8cb6\u503c\uff0c\u50b5\u5238\u6de8\u503c\u5c31\u6703\u4e0b\u8dcc\uff0c\u53cd\u4e4b\uff0c\u7576\u7f8e\u5143\u6307\u6578\u8d70\u5f31\uff0c\u7576\u5730\u8ca8\u5e63\u5347\u503c\uff0c\u50b5\u5238\u6de8\u503c\u5c31\u6703\u4e0a\u5347\u3002<\/p>\n\n\n\n<p>\u65b0\u8208\u570b\u5bb6\u7684\u532f\u7387\u8b8a\u52d5\u5e45\u5ea6\u975e\u5e38\u5927\uff0c\u7279\u5225\u662f\u6295\u8cc7\u7576\u5730\u8ca8\u5e63\u8a08\u50f9\u50b5\u5238\u6642\uff0c\u5f88\u53ef\u80fd\u6703\u56e0\u70ba\u7576\u5730\u8ca8\u5e63\u7684\u532f\u7387\u5927\u5e45\u8b8a\u52d5\uff0c\u50b5\u5238\u6536\u76ca\u6703\u53d7\u5230\u5f71\u97ff\u3002<\/p>\n\n\n\n<p>\u7f8e\u5143\u514c\u8a72\u570b\u8ca8\u5e63\u7684\u532f\u7387\uff0c\u6703\u5c0d\u5831\u916c\u6709\u5f88\u5927\u5f71\u97ff\u3002<\/p>\n\n\n\n<p>\u672c\u5730\u8ca8\u5e63\u514c\u7f8e\u5143\u8cb6\u503c\u6642\uff0c\u80fd\u5920\u5e36\u4f86\u8cc7\u672c\u5229\u5f97\uff1b\u76f8\u53cd\u7684\uff0c\u5982\u679c\u672c\u5730\u8ca8\u5e63\u514c\u7f8e\u5143\u5347\u503c\u6642\uff0c\u5c31\u6703\u5e36\u4f86\u532f\u514c\u640d\u5931\u3002<\/p>\n\n\n\n<p>\u8209\u4f8b\u4f86\u8aaa\uff1a<\/p>\n\n\n\n<p>\u5047\u8a2d\u8cb7\u9032\u4e00\u5e74\u671f\u50b5\u5238\uff0c\u9762\u984d10,000 \u6b50\u5143\uff0c\u7968\u9762\u5229\u7387 3%\uff0c\u6b50\u5143\u514c\u7f8e\u5143\u662f1\uff1a1.45\u6b50\u5143\uff0c\u4e5f\u5c31\u662f\u4ee514,500\u7f8e\u5143\u7684\u50f9\u683c\u8cb7\u9032\u50b5\u5238\u3002<\/p>\n\n\n\n<p>\u904e\u4e86\u4e00\u5e74\u5f8c\uff0c\u6b50\u5143\u514c\u7f8e\u5143\u662f\u532f\u7387\u5df2\u8dcc\u52301\uff1a1.25\u7f8e\u5143\u3002<br>\u50b5\u5238\u5230\u671f\u7372\u5229\u53ea\u6709 12,500 \u7f8e\u5143\uff0c\u56e0\u70ba\u532f\u7387\u6ce2\u52d5\uff0c\u9020\u6210 2,000 \u7f8e\u5143\u7684\u640d\u5931\uff0c\u5728\u8ddf300 \u6b50\u5143(375 \u7f8e\u5143)\u7684\u5229\u606f\u76f8\u4e92\u62b5\u92b7\uff0c\u6de8\u640d\u5931\u4ecd\u6709 1,625 \u7f8e\u5143\uff0c\u7e3d\u640d\u5931\u7387\u9054&nbsp; 11.2%\u3002<\/p>\n\n\n\n<p>\u76f8\u53cd\u7684\uff0c\u5982\u679c\u6b50\u5143\u514c\u7f8e\u5143\u8d70\u9ad8\uff0c\u5347\u503c\u52301\uff1a1.50\uff0c\u9664\u4e86\u7372\u5229500\u7f8e\u5143\uff0c\u52a0\u4e0a300 \u6b50\u5143(450 \u7f8e\u5143)\u5229\u606f \uff0c\u7e3d\u5831\u916c\u7387\u9054 6.55%\u3002&nbsp;<\/p>\n\n\n\n<p>\u7576\u7136\uff0c\u5982\u679c\u6295\u8cc7\u4eba\u4e0d\u60f3\u627f\u64d4\u8f03\u9ad8\u7684\u532f\u7387\u98a8\u96aa\uff0c\u6295\u8cc7\u4ee5\u7f8e\u5143\u8a08\u50f9\u7684\u50b5\u5238\uff0c\u532f\u7387\u6ce2\u52d5\u7684\u98a8\u96aa\u76f8\u5c0d\u66f4\u5c0f\u3002<\/p>\n\n\n\n<blockquote class=\"wp-block-quote\">\n<p>\u5e02\u5834\u5148\u751f\u63d0\u793a\uff1a\u7f8e\u5143\u6307\u6578\u5f37\u5f31\uff0c\u8f03\u591a\u53cd\u61c9\u662f\u7f8e\u570b\u548c\u5df2\u958b\u767c\u570b\u5bb6\u7684\u532f\u7387\u5f37\u5f31\u95dc\u4fc2\uff0c\u4e0d\u4e00\u5b9a\u53cd\u61c9\u548c\u65b0\u8208\u5e02\u5834\u570b\u5bb6\u532f\u7387\u5f37\u5f31\u95dc\u4fc2\u3002<\/p>\n\n\n\n<p>\u96d6\u7136\u7f8e\u5143\u6307\u6578\u5f37\u5f31\uff0c\u4e00\u822c\u4ee3\u8868\u5c0d\u5168\u7403\u7684\u532f\u7387\u8b8a\u52d5\uff0c\u4f46\u4e3b\u8981\u662f\u8ddf\u6b50\u5143\u548c\u4e00\u4e9b\u5df2\u958b\u767c\u570b\u5bb6\u8ca8\u5e63\u53bb\u6bd4\u8f03\u3002<\/p>\n\n\n\n<p>\u7136\u800c\u65b0\u8208\u5e02\u5834\u570b\u5bb6\uff0c\u53ef\u80fd\u6709\u4e9b\u532f\u7387\u67d0\u4e9b\u6642\u5019\u7279\u5225\u5f37\u3001\u7279\u5225\u5f31\uff0c\u9019\u4e26\u4e0d\u6703\u53cd\u61c9\u5728\u7f8e\u5143\u6307\u6578\u4e0a\u3002\u6240\u4ee5\u4e0d\u540c\u570b\u5bb6\u5730\u5340\u8a55\u4f30\u6642\uff0c\u9084\u662f\u8981\u55ae\u7368\u53bb\u770b\u5f7c\u6b64\u7684\u532f\u7387\uff0c\u800c\u4e0d\u662f\u53ea\u6709\u770b\u7f8e\u5143\u6307\u6578\u3002<\/p>\n<\/blockquote>\n\n\n\n<h3 class=\"wp-block-heading\">\u5e02\u5834\u6ce2\u52d5\uff1a\u7f8e\u5143\u8a08\u50f9\u50b5\u5238\u6ce2\u52d5\u6027\u5927\uff0c\u7576\u5730\u8a08\u50f9\u50b5\u5238\u6ce2\u52d5\u6027\u5c0f<\/h3>\n\n\n\n<p>\u5f9e\u6b77\u53f2\u56de\u6e2c\u4f86\u770b\uff0c\u7576\u5730\u8a08\u50f9\u50b5\u5238\u7684\u6ce2\u52d5\u4f4e\u65bc\u7f8e\u5143\u8a08\u50f9\u50b5\u5238\u3002<\/p>\n\n\n\n<p>\u5f9e\u4e0b\u5716\u53ef\u770b\u51fa\uff0c\u7279\u5225\u662f\u5728 2019 \u5e74\u75ab\u60c5\u7206\u767c\u6642\uff0c\u7f8e\u5143\u8a08\u50f9\u50b5\u5238\u5927\u5e45\u4e0a\u5347\uff0c\u4e4b\u5f8c\u4e5f\u4e00\u76f4\u7dad\u6301\u5728\u9ad8\u9ede\uff0c\u76f8\u8f03\u4e4b\u4e0b\uff0c\u7576\u5730\u8ca8\u5e63\u6307\u6578\u7684\u6ce2\u52d5\u6027\u4e5f\u56e0\u75ab\u60c5\u885d\u64ca\u800c\u8d70\u9ad8\uff0c\u4f46\u6ce2\u52d5\u5e45\u5ea6\u660e\u986f\u8f03\u5c0f\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"2560\" height=\"1186\" src=/index.html"https:\/\/\/wp-content\/uploads\/2023\/11\/20231123153828_80-scaled.jpg\" alt=\"\u4e0d\u540c\u5e63\u5225\u8a08\u50f9\u7684\u65b0\u8208\u5e02\u5834\u50b5\u7684\u5dee\u75703 \" class=\"wp-image-64029\" srcset=\"https:\/\/\/wp-content\/uploads\/2023\/11\/20231123153828_80-scaled.jpg 2560w, https:\/\/\/wp-content\/uploads\/2023\/11\/20231123153828_80-1536x712.jpg 1536w, https:\/\/\/wp-content\/uploads\/2023\/11\/20231123153828_80-2048x949.jpg 2048w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/figure>\n\n\n\n<p>\u8cc7\u6599\u4f86\u6e90\uff1a<a href=/index.html"https:\/\/gamainvestimentos.com.br\/\" target=\"_blank\" rel=\"noopener nofollow\" data-wpel-link=\"external\">Gama Investimentos<\/a><\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u984d\u5916\u98a8\u96aa\uff1a\u6d41\u52d5\u6027\u98a8\u96aa\u3001\u5916\u532f\u7ba1\u5236\u3001\u4ee5\u53ca\u653f\u6cbb\u548c\u7d93\u6fdf\u5c40\u52e2<\/h3>\n\n\n\n<p>\u6295\u8cc7\u65b0\u8208\u5e02\u5834\u9084\u9700\u8981\u8003\u91cf\uff1a\u6d41\u52d5\u6027\u98a8\u96aa\u3001\u5916\u532f\u7ba1\u5236\u3001\u4ee5\u53ca\u653f\u6cbb\u548c\u7d93\u6fdf\u5c40\u52e2\uff0c<\/p>\n\n\n\n<p>\u7279\u5225\u662f\u7576\u5e02\u5834\u8655\u65bc\u7a7a\u982d\uff0c\u67d0\u4e9b\u50b5\u5238\u767c\u884c\u4eba\u53ef\u80fd\u4e0d\u9858\u610f\u6216\u7121\u6cd5\u511f\u4ed8\u4e26\u9055\u7d04\uff0c\u5c0e\u81f4\u50b5\u5238\u6d41\u52d5\u6027\u4e0b\u964d\uff0c\u6216\u8b8a\u5f97\u4e00\u6587\u4e0d\u503c\uff0c\u56b4\u91cd\u7684\u8a71\uff0c\u4e5f\u6709\u53ef\u80fd\u6703\u9762\u81e8\u6e05\u7b97\u3001\u66ab\u505c\u8d16\u56de\u7684\u98a8\u96aa\u3002<\/p>\n\n\n\n<p>\u65b0\u8208\u5e02\u5834\u8a31\u591a\u570b\u5bb6\uff0c\u7562\u7adf\u4ecd\u8655\u65bc\u958b\u767c\u4e2d\u570b\u5bb6\u968e\u6bb5\uff0c\u653f\u6cbb\u5c40\u52e2\u76f8\u5c0d\u4f86\u8aaa\u4ecd\u6709\u4e0d\u78ba\u5b9a\u6027\uff0c\u6216\u8005\u7d93\u6fdf\u4e0a\u5bb9\u6613\u9677\u5165\u9ad8\u901a\u81a8\u7b49\u56e0\u7d20\uff0c\u9019\u4e9b\u90fd\u6703\u5f71\u97ff\u532f\u7387\uff0c\u4ee5\u53ca\u50b5\u5238\u662f\u5426\u9055\u7d04\u7684\u53ef\u80fd\u6027\u3002<\/p>\n\n\n\n<p>\u9664\u4e86\u4e0a\u9762\u63d0\u5230\u7684\u98a8\u96aa\uff0c\u50b5\u5238\u6295\u8cc7\u4eba\u4e5f\u61c9\u8003\u91cf\u98a8\u96aa\u6ea2\u916c\uff0c<\/p>\n\n\n\n<p>\u7121\u8ad6\u662f\u5168\u7403\u666f\u6c23\u72c0\u6cc1\u3001\u65b0\u8208\u5e02\u5834\u7684\u7d93\u6fdf\u6210\u9577\u653e\u7de9\uff0c\u6216\u8ca1\u653f\u8d64\u5b57\u4e0a\u5347\uff0c\u90fd\u6703\u5c0e\u81f4\u532f\u7387\u5927\u5e45\u6ce2\u52d5\uff0c\u589e\u52a0\u6295\u8cc7\u5831\u916c\u7684\u4e0d\u78ba\u5b9a\u6027\uff0c\u56e0\u6b64\u6295\u8cc7\u4eba\u5f80\u5f80\u8981\u6c42\u66f4\u5927\u7684\u98a8\u96aa\u6ea2\u50f9\uff0c\u4ee5\u5f4c\u88dc\u9055\u7d04\u98a8\u96aa\uff0c\u4ee5\u53ca\u672a\u4f86\u532f\u7387\u8d70\u52e2\u66f4\u5927\u7684\u4e0d\u78ba\u5b9a\u6027\u3002<\/p>\n\n\n\n<ol>\n<li>\u76f8\u540c<a href=/index.html"https:\/\/\/what-is-bond-duration-0\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u5b58\u7e8c\u671f\u9593<\/a>\u4e4b\u4e0b\uff0c<a href=/index.html"https:\/\/\/what-credit-rating-3\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u4fe1\u7528\u8a55\u7b49<\/a>\u8f03\u4f4e(\u9055\u7d04\u98a8\u96aa\u8f03\u9ad8)\uff0c\u98a8\u96aa\u6ea2\u916c\u6703\u5927\u65bc\u4fe1\u7528\u8a55\u7b49\u8f03\u9ad8\u8005\u3002<\/li>\n\n\n\n<li>\u76f8\u540c<a href=/index.html"https:\/\/\/what-credit-rating-3\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u4fe1\u7528\u8a55\u7b49\u7b49\u7d1a<\/a>\uff0c<a href=/index.html"https:\/\/\/what-is-bond-duration-0\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u5b58\u7e8c\u671f\u9593<\/a>\u8f03\u9577(\u5229\u7387\u98a8\u96aa\u8f03\u5927)\uff0c\u98a8\u96aa\u6ea2\u916c\u901a\u5e38\u6703\u5927\u65bc\u5b58\u7e8c\u671f\u9593\u8f03\u77ed\u8005\u3002<\/li>\n\n\n\n<li>\u5167\u542b\u9078\u64c7\u6b0a\u7684\u50b5\u5238\uff0c\u98a8\u96aa\u6ea2\u916c\u5047\u8a2d\u901a\u5e38\u6703\u5927\u65bc\u672a\u542b\u9078\u64c7\u6b0a\u7684\u50b5\u5238\u3002<\/li>\n\n\n\n<li>\u6d41\u52d5\u6027\u8f03\u5c0f\u7684\u50b5\u5238\uff0c\u98a8\u96aa\u6ea2\u916c\u6703\u5927\u65bc\u6d41\u52d5\u6027\u8f03\u5927\u7684\u50b5\u5238\u3002<\/li>\n<\/ol>\n\n\n\n<p>\u5ef6\u4f38\u95b1\u8b80\uff1a<a href=/index.html"https:\/\/\/what-is-risk-premium\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u98a8\u96aa\u6ea2\u916c\u662f\u4ec0\u9ebc\uff1f<\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E5%BD%B1%E9%9F%BF%E6%96%B0%E8%88%88%E5%B8%82%E5%A0%B4%E5%82%B5%E5%A0%B1%E9%85%AC%E7%9A%84%E9%97%9C%E9%8D%B5%E5%9B%A0%E7%B4%A0%EF%BC%9A%E7%BE%8E%E5%9C%8B%E7%9A%84%E8%B2%A8%E5%B9%A3%E6%94%BF%E7%AD%96%E5%8F%8A%E7%BE%8E%E5%85%83%E5%BC%B7%E5%BC%B1%E8%B5%B0%E5%8B%A2\"><\/span>\u5f71\u97ff\u65b0\u8208\u5e02\u5834\u50b5\u5831\u916c\u7684\u95dc\u9375\u56e0\u7d20\uff1a\u7f8e\u570b\u7684\u8ca8\u5e63\u653f\u7b56\u53ca\u7f8e\u5143\u5f37\u5f31\u8d70\u52e2<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">\u7f8e\u570b\u806f\u6e96\u6703\u5347\u964d\u606f\u6703\u5f71\u97ff\u5168\u90e8\u50b5\u5238\u7522\u54c1<\/h3>\n\n\n\n<ul>\n<li>\u300c\u5347\u606f\u300d\u5c0d\u50b5\u5238\u5546\u54c1\u662f\u4e0d\u5229\uff0c\u50b5\u5238\u50f9\u683c\u548c\u5229\u7387\u5448\u53cd\u5411\u95dc\u4fc2\uff0c\u5229\u7387\u4e0a\u5347\u3001\u50b5\u5238\u50f9\u683c\u6703\u4e0b\u8dcc\u3002<\/li>\n\n\n\n<li>\u300c\u964d\u606f\u300d\u5c0d\u50b5\u5238\u5546\u54c1\u662f\u6709\u5229\uff0c\u50b5\u5238\u50f9\u683c\u548c\u5229\u7387\u5448\u53cd\u5411\u95dc\u4fc2\uff0c\u5229\u7387\u4e0b\u964d\u3001\u50b5\u5238\u50f9\u683c\u6703\u4e0a\u5347\u3002<\/li>\n<\/ul>\n\n\n\n<p>\u4f8b\u5982\uff0c\u7f8e\u570b\u806f\u6e96\u6703\u4eca\u5e74\u6578\u5ea6\u5347\u606f\uff0c\u5728\u8ca8\u5e63\u653f\u7b56\u6536\u7dca\u7684\u60c5\u6cc1\u4e0b\uff0c\u5c0e\u81f4\u4ee5\u7f8e\u5143\u8a08\u50f9\u50b5\u5238\u5229\u7387\u4e0a\u5347\uff0c\u76f4\u63a5\u5f71\u97ff\u5230\u65b0\u8208\u5e02\u5834\u50b5\u5238\u3002<\/p>\n\n\n\n<p>\u56e0\u70ba\u9ad8\u5229\u7387\u53ca\u901a\u81a8\u7de9\u8457\u9678\uff0c\u4e14\u7576\u5730\u8ca8\u5e63\u5c0d\u7f8e\u5143\u5347\u503c\uff0c\u5c0e\u81f4\u6295\u8cc7\u4eba\u8cc7\u91d1\u8f49\u5165\u7576\u5730\u8ca8\u5e63\u8a08\u50f9\u50b5\u5238\uff0c\u8b93\u7576\u5730\u8ca8\u5e63\u8a08\u50f9\u50b5\u5238\u6709\u66f4\u597d\u7684\u5831\u916c\u7387\u3002<\/p>\n\n\n\n<p>\u4e0b\u5716\u662f\u5347\u606f\u4ee5\u4f86\uff0c\u7576\u5730\u8ca8\u5e63\u8a08\u50f9\u50b5\u5238\u5831\u916c\u73876.8%\u3001\u7f8e\u5143\u8a08\u50f9\u50b5\u5238\u5831\u916c\u73871.9%\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"960\" height=\"502\" src=/index.html"https:\/\/\/wp-content\/uploads\/2023\/11\/20231130104049_75.jpg\" alt=\"\u4e0d\u540c\u5e63\u5225\u8a08\u50f9\u7684\u65b0\u8208\u5e02\u5834\u50b5\u7684\u5dee\u75707\" class=\"wp-image-64306\"\/><\/figure>\n\n\n\n<p><\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u7576\u7f8e\u5143\u8d70\u5f37\u6642\uff0c\u7f8e\u5143\u8a08\u50f9\u50b5\u5238\u8868\u73fe\u8f03\u597d\uff0c\u53cd\u4e4b\uff0c\u7576\u7f8e\u5143\u8d70\u5f31\u6642\uff0c\u7f8e\u5143\u8a08\u50f9\u50b5\u5238\u8868\u73fe\u8f03\u5dee<\/h3>\n\n\n\n<p>\u7531\u65bc\u8a31\u591a\u65b0\u8208\u5e02\u5834\u90fd\u662f\u51fa\u53e3\u5c0e\u5411\uff0c\u8cbf\u6613\u5360\u6bd4\u5728GDP\u6bd4\u91cd\u7279\u5225\u5927\uff0c\u800c\u5168\u7403\u8cbf\u6613\u53c8\u4ee5\u5f37\u52e2\u8ca8\u5e63\u7f8e\u5143\u70ba\u4e3b\u5c0e\uff0c\u56e0\u6b64\u7f8e\u5143\u5c0d\u65bc\u7576\u5730\u8ca8\u5e63\u7684\u8d70\u52e2\u975e\u5e38\u654f\u611f\u3002<\/p>\n\n\n\n<p>\u7576\u7f8e\u5143\u8d70\u5f31\uff0c\u4e14\u5168\u7403\u8cbf\u6613\u7684\u8868\u73fe\u5f37\u52c1\u6642\uff0c\u65b0\u8208\u5e02\u5834\u570b\u5bb6\u70ba\u4e86\u5c0b\u6c42\u66f4\u4fbf\u5b9c\u7684\u878d\u8cc7 (\u56e0\u70ba\u7576\u5730\u8ca8\u5e63\u532f\u7387\u901a\u5e38\u9ad8\u65bc\u7f8e\u5143\u532f\u7387)\uff0c\u4e5f\u6703\u85c9\u7531\u767c\u884c\u7576\u5730\u8ca8\u5e63\u50b5\u5238\uff0c\u5438\u5f15\u66f4\u591a\u5916\u570b\u8cc7\u91d1\uff1b<\/p>\n\n\n\n<p>\u96a8\u8457\u7f8e\u5143\u4e0d\u65b7\u8d70\u5f37\uff0c\u7576\u5730\u8ca8\u5e63\u50b5\u5238\u4e5f\u8d70\u8dcc\uff0c\u4e26\u589e\u52a0\u65b0\u8208\u5e02\u5834\u570b\u5bb6\u7684\u5916\u90e8\u878d\u8cc7\u6210\u672c\u3002<\/p>\n\n\n\n<p>\u5f9e\u6469\u6839\u5927\u901a\u7f8e\u5143\u8a08\u50f9\u50b5\u5238 (JPMorgan EMBI) \u548c \u6469\u6839\u5927\u901a\u7576\u5730\u8ca8\u5e63\u8a08\u50f9\u50b5\u5238 (JPMorgan GBI-EM) \u7684\u6b77\u53f2\u56de\u6e2c\u8868\u73fe\u53ef\u4ee5\u770b\u51fa\uff0c\u7f8e\u5143\u8d70\u52e2\u8207\u65b0\u8208\u5e02\u5834\u8cc7\u7522\u7684\u8868\u73fe\u5bc6\u5207\u76f8\u95dc\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"2560\" height=\"1721\" src=/index.html"https:\/\/\/wp-content\/uploads\/2023\/11\/20231123153918_6-scaled.jpg\" alt=\"\u4e0d\u540c\u5e63\u5225\u8a08\u50f9\u7684\u65b0\u8208\u5e02\u5834\u50b5\u7684\u5dee\u75705 \" class=\"wp-image-64031\" srcset=\"https:\/\/\/wp-content\/uploads\/2023\/11\/20231123153918_6-scaled.jpg 2560w, https:\/\/\/wp-content\/uploads\/2023\/11\/20231123153918_6-1536x1033.jpg 1536w, https:\/\/\/wp-content\/uploads\/2023\/11\/20231123153918_6-2048x1377.jpg 2048w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/figure>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"2560\" height=\"1035\" src=/index.html"https:\/\/\/wp-content\/uploads\/2023\/11\/20231123153945_20-scaled.jpg\" alt=\"\u4e0d\u540c\u5e63\u5225\u8a08\u50f9\u7684\u65b0\u8208\u5e02\u5834\u50b5\u7684\u5dee\u75706 \" class=\"wp-image-64032\" srcset=\"https:\/\/\/wp-content\/uploads\/2023\/11\/20231123153945_20-scaled.jpg 2560w, https:\/\/\/wp-content\/uploads\/2023\/11\/20231123153945_20-1536x621.jpg 1536w, https:\/\/\/wp-content\/uploads\/2023\/11\/20231123153945_20-2048x828.jpg 2048w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/figure>\n\n\n\n<p>\u5f9e\u4e0b\u5716\u53ef\u770b\u51fa\uff0c\u7576\u7f8e\u5143\u8d70\u5f31\uff0c\u7121\u8ad6\u7576\u5730\u8ca8\u5e63\u50b5\u5238\u5c0d\u6bd4\u7f8e\u5143\u8a08\u50f9\u50b5\u5238\u7684\u8868\u73fe\u6709\u843d\u5dee\uff0c\u7576\u5730\u8ca8\u5e63\u8868\u73fe\u66f4\u4f73\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"2560\" height=\"1867\" src=/index.html"https:\/\/\/wp-content\/uploads\/2023\/11\/20231130095410_55-scaled.jpg\" alt=\"\u4e0d\u540c\u5e63\u5225\u8a08\u50f9\u7684\u65b0\u8208\u5e02\u5834\u50b5\u7684\u5dee\u75704\" class=\"wp-image-64304\" srcset=\"https:\/\/\/wp-content\/uploads\/2023\/11\/20231130095410_55-scaled.jpg 2560w, https:\/\/\/wp-content\/uploads\/2023\/11\/20231130095410_55-1536x1120.jpg 1536w, https:\/\/\/wp-content\/uploads\/2023\/11\/20231130095410_55-2048x1494.jpg 2048w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E6%8A%95%E8%B3%87%E6%96%BC%E4%B8%8D%E5%90%8C%E8%A8%88%E5%83%B9%E8%B2%A8%E5%B9%A3%E7%9A%84%E6%96%B0%E8%88%88%E5%B8%82%E5%A0%B4%E5%82%B5%E5%88%B8ETF\"><\/span>\u6295\u8cc7\u65bc\u4e0d\u540c\u8a08\u50f9\u8ca8\u5e63\u7684\u65b0\u8208\u5e02\u5834\u50b5\u5238ETF<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\u65b0\u8208\u5e02\u5834\u7f8e\u5143\u8a08\u50f9\u50b5\u5238\u7684ETF\uff1a <a href=/index.html"https:\/\/\/emb-etf-review\/\" data-type=\"post\" data-id=\"63834\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">EMB<\/a>\u3001VWOB\u3002<\/p>\n\n\n\n<p>\u65b0\u8208\u5e02\u5834\u7576\u5730\u8ca8\u5e63\u8a08\u50f9\u50b5\u5238\u7684ETF\uff1a EMLC\u3001EBND\u3002<\/p>\n\n\n\n<p><strong>\u5206\u5e03\u570b\u5bb6\u5dee\u7570\u6bd4\u8f03\uff1a<\/strong><\/p>\n\n\n\n<p>\u5728\u570b\u5bb6\u5340\u57df\u5206\u5e03\u4e0a\uff0c\u5169\u7a2e\u985e\u578b\u7684\u50b5\u5238\u7d44\u6210\u63a5\u8fd1\uff0c\u90fd\u662f\u4ee5<strong>\u4e2d\u5357\u7f8e\u6d32\u3001\u4e2d\u6771\u3001\u4e9e\u6d32<\/strong>\u570b\u5bb6\u70ba\u6700\u5927\u6bd4\u4f8b\u3002<\/p>\n\n\n\n<p>\u800c\u7576\u5730\u8ca8\u5e63\u8a08\u50f9\u50b5\u5238\uff0c\u5728\u6c99\u70cf\u5730\u963f\u62c9\u4f2f\u3001\u58a8\u897f\u54e5\u3001\u571f\u8033\u5176\u3001\u5370\u5c3c\u7b49\u570b\u5bb6\u898f\u6a21\u7565\u5927\u4e00\u4e9b\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"1180\" height=\"785\" src=/index.html"https:\/\/\/wp-content\/uploads\/2023\/12\/20231226133442_0.jpg\" alt=\"\u65b0\u8208\u5e02\u5834\u3000\u7f8e\u5143\u50b5\u3000\u7576\u5730\u8ca8\u5e63\u50b5\u3000\u570b\u5bb6\u5340\u57df\u5206\u5e03\" class=\"wp-image-65695\"\/><\/figure>\n\n\n\n<p><strong>\u65b0\u8208\u5e02\u5834\u532f\u7387\u5f71\u97ff\uff1a<\/strong><\/p>\n\n\n\n<p>\u7531\u65bc\u65b0\u8208\u5e02\u5834\u4e26\u6c92\u6709\u660e\u78ba\u7684\u6574\u9ad4\u532f\u7387\u6307\u6578\u80fd\u53cd\u61c9\u50b5\u5238\u53d7\u532f\u7387\u98a8\u96aa\u5f71\u97ff\uff0c<\/p>\n\n\n\n<p>\u4ee5\u4e0a\u8ff0\u5448\u73fe\u7684\u570b\u5bb6\u70ba\u4f8b\uff0c\u4ee52010\u5e74~2023\u5e74\u7684\u6578\u64da\u70ba\u6e96\uff0c\u9019\u4e9b\u7576\u5730\u8ca8\u5e63\u5c0d\u7f8e\u5143\u7684\u8868\u73fe\uff0c\u5927\u6982\u53ef\u4ee5\u5206\u6210\u4ee5\u4e0b\u5e7e\u7a2e\u72c0\u6cc1\uff1a<\/p>\n\n\n\n<ol>\n<li>\u9328\u5b9a\u7f8e\u5143\uff1aUSDSAR(\u7f8e\u5143\u5c0d\u6c99\u70cf\u5730\u963f\u62c9\u4f2f\u91cc\u4e9e\u723e)\u3001USDAED(\u7f8e\u5143\u5c0d\u963f\u806f\u914b\u8fea\u62c9\u59c6)\u3001USDCNY(\u7f8e\u5143\u4eba\u6c11\u5e63)\u3001USDQAR(\u7f8e\u5143\u5c0d\u5361\u9054\u91cc\u4e9e\u723e)<\/li>\n\n\n\n<li>\u5347\u503c\uff1a\u7121<\/li>\n\n\n\n<li>\u8f15\u4e2d\u5ea6\u8cb6\u503c(\u7f8e\u5143\u76f8\u5c0d\u5347\u503c0%~100%)\uff1aUSDMXN(\u7f8e\u5143\u5c0d\u58a8\u897f\u54e5\u62ab\u7d22)\u3001USDIDR(\u7f8e\u5143\u5c0d\u5370\u5c3c\u76fe)\u3001USDPHP(\u7f8e\u5143\u5c0d\u83f2\u5f8b\u8cd3\u5e63)<\/li>\n\n\n\n<li>\u91cd\u5ea6\u8cb6\u503c(\u7f8e\u5143\u76f8\u5c0d\u5347\u503c100%~1000%)\uff1aUSDBRL(\u7f8e\u5143\u5c0d\u5df4\u897f\u96f7\u4e9e\u723e)\u3001USDCOP(U\u7f8e\u5143\u5c0d\u54e5\u502b\u6bd4\u4e9e\u62ab\u7d22)<\/li>\n\n\n\n<li>\u8d85\u91cd\u5ea6\u8cb6\u503c(\u7f8e\u5143\u76f8\u5c0d\u5347\u503c1000%\u4ee5\u4e0a)\uff1aUSDTRY(\u7f8e\u5143\u5c0d\u571f\u8033\u5176\u91cc\u62c9)<\/li>\n<\/ol>\n\n\n\n<p>\u53ef\u4ee5\u89c0\u5bdf\u5230\uff0c\u5728\u904e\u53bb\u5341\u591a\u5e74\u671f\u9593\uff0c\u525b\u597d\u5e7e\u4e4e\u6240\u6709\u65b0\u8208\u5e02\u5834\u8ca8\u5e63\u5168\u90fd\u662f\u8cb6\u503c\uff0c<\/p>\n\n\n\n<p>\u50c5\u6709\u90e8\u5206\u4e2d\u6771\u77f3\u6cb9\u570b\u5bb6\u53ca\u4e2d\u570b\u662f\u76f8\u5c0d\u9328\u5b9a\u7f8e\u5143\uff0c\u4e0d\u53d7\u8ca8\u5e63\u532f\u7387\u5f71\u97ff\uff0c<\/p>\n\n\n\n<p>\u4f46\u5305\u62ec\u571f\u8033\u5176(-94%)\u3001\u5df4\u897f(-62%)\u3001\u54e5\u502b\u6bd4\u4e9e(-51%)\uff0c\u5370\u5c3c(-40%)\u3001\u58a8\u897f\u54e5(-25%)\u3001\u83f2\u5f8b\u8cd3(-17%)\uff0c\u5728\u7d71\u8a08\u7684\u9019\u6bb5\u671f\u9593\u5168\u90e8\u90fd\u76f8\u5c0d\u7f8e\u5143\u8cb6\u503c\u3002<\/p>\n\n\n\n<p>\u9019\u4e9b\u8cb6\u503c\uff0c\u4fbf\u6703\u5927\u5e45\u7684\u5f71\u97ff\u7576\u5730\u8ca8\u5e63\u8a08\u50f9\u50b5\u5238\u7684\u5831\u916c\uff0c\u9020\u6210\u640d\u5931\u3002<\/p>\n\n\n\n<p><strong>\u65b0\u8208\u5e02\u5834\u50b5\u5238\u7e3e\u6548\u8868\u73fe &#8211; \u7f8e\u5143\u50b5 vs \u7576\u5730\u8ca8\u5e63\u50b5 (\u7f8e\u5143\u8a08\u50f9)<\/strong><\/p>\n\n\n\n<p>\u4e0b\u5716\u662f\u65b0\u8208\u5e02\u5834\u7f8e\u5143\u50b5(\u85cd\u8272)\u3001\u65b0\u8208\u5e02\u5834\u7576\u5730\u8ca8\u5e63\u50b5(\u7d05\u8272)\u3001\u4e2d\u671f\u7f8e\u570b\u516c\u50b5(\u9ec3\u8272)\u7684\u7e3e\u6548\uff0c\u4ee5\u7f8e\u5143\u8a08\u50f9\u7684\u6bd4\u8f03\u5716\u3002<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p>\u53ef\u4ee5\u767c\u73fe\u7576\u5730\u8ca8\u5e63\u8a08\u50f9\u50b5\u5238\uff0c\u53d7\u5230\u904e\u53bb\u5341\u591a\u5e74\u5c0d\u7f8e\u5143\u532f\u7387\u8f03\u5f31\u7684\u5f71\u97ff\uff0c\u6574\u9ad4\u8868\u73fe\u5dee\u4e86\u4e0d\u5c11\uff0c\u96d6\u7136\u50b5\u5238\u53ef\u4ee5\u9818\u5229\u606f\uff0c\u4f46\u63db\u7b97\u56de\u7f8e\u5143\u7372\u5229\u537b\u90fd\u88ab\u532f\u7387\u5403\u6389\uff0c\u9019\u662f\u7576\u5730\u8ca8\u5e63\u8a08\u50f9\u50b5\u5238\u7684\u98a8\u96aa\u3002<\/p>\n\n\n\n<p>\u76ee\u524d\u5728\u898f\u6a21\u5927\u7684\u5e7e\u6a94ETF\u4e2d\uff0c\u9084\u6c92\u6709\u770b\u5230\u4f7f\u7528\u7576\u5730\u8ca8\u5e63\u8a08\u50f9\u4f46\u9032\u884c\u7f8e\u5143\u907f\u96aa(USD hedge)\u7684\u50b5\u5238\uff0c\u5047\u5982\u6709\u7684\u8a71\uff0c\u90a3\u6210\u6548\u53ef\u80fd\u53c8\u6703\u4e0d\u4e00\u6a23\uff0c\u9810\u671f\u8868\u73fe\u6703\u6bd4\u8f03\u63a5\u8fd1\u7f8e\u5143\u8a08\u50f9\u50b5\u5238\u3002<\/p>\n\n\n\n<p>\u7576\u7136\uff0c\u5982\u679c\u904e\u53bb\u672a\u4f86\u67d0\u500b\u671f\u9593\u525b\u597d\u662f\u7f8e\u5143\u5f31\u52e2\u3001\u65b0\u8208\u5e02\u5834\u8ca8\u5e63\u5927\u5e45\u5347\u503c\uff0c\u90a3\u7576\u5730\u8ca8\u5e63\u8a08\u50f9\u50b5\u5238\u4e5f\u6703\u53cd\u904e\u4f86\u6709\u5f88\u5f37\u7684\u8868\u73fe\u3002<\/p>\n\n\n\n<p>\u4f46\u6211\u5011\u8981\u7406\u89e3\u5230\uff0c\u9019\u5df2\u7d93\u4e0d\u662f\u50b5\u5238\u672c\u8eab\u7684\u8868\u73fe\uff0c\u800c\u662f\u5305\u542b\u4e86\u8ca8\u5e63\u7684\u532f\u7387\u5f71\u97ff\u5728\u88e1\u9762\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"1156\" height=\"785\" src=/index.html"https:\/\/\/wp-content\/uploads\/2023\/12\/20231226141655_0.jpg\" alt=\"\u65b0\u8208\u5e02\u5834 \u7f8e\u5143\u50b5 \u7576\u5730\u8ca8\u5e63\u50b5\u5238 \u7e3e\u6548\u53d7\u532f\u7387\u5f71\u97ff\" class=\"wp-image-65698\"\/><\/figure>\n\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E7%B8%BD%E7%B5%90%EF%BC%9A%E6%96%B0%E8%88%88%E5%B8%82%E5%A0%B4%E7%99%BC%E8%A1%8C%E5%82%B5%E5%88%B8%EF%BC%8C%E7%BE%8E%E5%85%83%E5%82%B5%E8%88%87%E7%95%B6%E5%9C%B0%E8%B2%A8%E5%B9%A3%E5%82%B5%E7%9A%84%E5%B7%AE%E7%95%B0\"><\/span>\u7e3d\u7d50\uff1a\u65b0\u8208\u5e02\u5834\u767c\u884c\u50b5\u5238\uff0c\u7f8e\u5143\u50b5\u8207\u7576\u5730\u8ca8\u5e63\u50b5\u7684\u5dee\u7570<span 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href=/index.html"https:\/\/\/what-is-high-yield-bond-spread\/\" data-type=\"post\" data-id=\"12246\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener 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href=/index.html"https:\/\/\/risk-of-emerging-market-bond-0\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u6295\u8cc7\u65b0\u8208\u5e02\u5834\u50b5\u5b89\u5168\u55ce\uff1f\u6709\u4ec0\u9ebc\u98a8\u96aa\uff1f\u6df1\u5165\u4e86\u89e3\u4e3b\u6b0a\u9055\u7d04\u7684\u539f\u56e0\u53ca\u7279\u6027<\/a><\/p>\n\n\n\n<p>2.<a href=/index.html"https:\/\/\/developed-vs-emerging-markets\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u5df2\u958b\u767c\u5e02\u5834vs\u65b0\u8208\u5e02\u5834\u300b\u6709\u54ea\u4e9b\u570b\u5bb6\uff1f\u6295\u8cc7\u8981\u6ce8\u610f\u4ec0\u9ebc\uff1f(\u57fa\u91d1\u3001ETF)<\/a><\/p>\n\n\n\n<p>3.<a href=/index.html"https:\/\/\/emerging-market-bonds-1\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u65b0\u8208\u5e02\u5834\u50b5\u5238\u662f\u4ec0\u9ebc\uff1f\u503c\u5f97\u6295\u8cc7\u55ce\uff1f\u4e00\u6b21\u770b\u61c2\u65b0\u8208\u5e02\u5834\u50b5\u5238<\/a><\/p>\n\n\n\n<p>4.<a href=/index.html"https:\/\/\/emb-etf-review\/\" data-type=\"link\" data-id=\"https:\/\/\/emb-etf-review\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">EMB \u503c\u5f97\u6295\u8cc7\u55ce\uff1f\u5e02\u5834\u5148\u751f\u5b8c\u6574\u8a55\u50f9EMB\/ iShares\u6469\u6839\u65b0\u8208\u5e02\u5834\u7f8e\u5143\u50b5\u5238ETF<\/a><\/p>\n\n\n<p>\u7de8\u8f2f\uff1aJessica\u3000\u4e3b\u7de8\uff1a\u5e02\u5834\u5148\u751f<\/p>\n\n\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\n\n<p><strong><span style=\"font-size: 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