{"id":16603,"date":"2015-02-11T11:12:46","date_gmt":"2015-02-11T03:12:46","guid":{"rendered":"http:\/\/buzzorange.com\/citiorange\/2015\/02\/11\/inspiration-from-swiss-franc-2\/"},"modified":"2015-02-11T11:12:46","modified_gmt":"2015-02-11T03:12:46","slug":"inspiration-from-swiss-franc-2","status":"publish","type":"post","link":"https:\/\/buzzorange.com\/citiorange\/2015\/02\/11\/inspiration-from-swiss-franc-2\/","title":{"rendered":"\u5b58\u9322\u6c92\u5229\u606f\u9084\u8981\u7e73\u4fdd\u7ba1\u8cbb\uff0c\u53f0\u7063\u5b78\u745e\u58eb\u592e\u884c\u9019\u5957\u4e5f\u6709\u6548\u55ce\uff1f"},"content":{"rendered":"<p>2014 \u5e74 12 \u6708 18 \u65e5\uff0c\u745e\u58eb\u570b\u5bb6\u9280\u884c (Swiss National Bank, SNB) \u5ba3\u5e03\u300c\u8ca0\u5229\u7387\u653f\u7b56\u300d\uff0c\u5f9e 2015 \u5e74 1 \u6708 22 \u65e5\u8d77\uff0c\u592e\u884c\u5c07\u5c0d\u5b58\u5165\u8a72\u884c\u7684\u9694\u591c\u5b58\u6b3e\u6536\u53d6 0.25% \u7684\u5229\u606f\uff0c\u5373\u5229\u7387\u70ba -0.25%\uff0c\u8d85\u904e 1,000 \u842c\u745e\u90ce \u7684\u6d3b\u671f\u5b58\u6b3e\u5e33\u6236\u4e5f\u5be6\u65bd\u540c\u6a23\u7684\u8ca0\u5229\u7387 -0.25%\uff0c\u4e26\u4e14\u5c07\u4e09\u500b\u6708\u671f\u745e\u58eb\u6cd5\u90ce\u502b\u6566\u9280\u884c\u540c\u696d\u62c6\u606f (Libor) \u76ee\u6a19\u5340\u9593\u5f9e\u5148\u524d\u7684 0.0%-0.25% \u64f4\u5927\u81f3 -0.75%~0.25%\u3002<\/p>\n<p>2015 \u5e74 1 \u6708 15 \u65e5\u745e\u58eb\u570b\u5bb6\u9280\u884c\u66f4\u767c\u4f48\u516c\u544a\uff0c\u53d6\u6d88\u6b50\u5143\u514c\u745e\u58eb\u6cd5\u90ce\u7684\u532f\u7387\u4e0a\u9650 (CHF 1.20\/EUR)\uff0c\u540c\u6642\u5c07\u9694\u591c\u5b58\u6b3e\u6536\u53d6\u7684\u5229\u606f\u8abf\u5347\u81f3 0.75%\uff0c\u5373\u5229\u7387\u70ba -0.75%\uff0c\u8d85\u904e 1,000 \u842c\u745e\u90ce\u7684\u6d3b\u671f\u5b58\u6b3e\u5e33\u6236\u7684\u5229\u7387\u4e5f\u70ba -0.75%\uff0c\u4e26 \u4e14\u4e09\u500b\u6708\u671f\u745e\u58eb\u6cd5\u90ce\u502b\u6566\u9280\u884c\u540c\u696d\u62c6\u606f (Libor) \u76ee\u6a19\u5340\u9593\u8fd1\u4e00\u6b65\u4e0b\u4fee\u81f3 -1.25%~-0.25%\u3002<\/p>\n<p>\u745e\u58eb\u570b\u5bb6\u9280\u884c\u5728 2014 \u5e74\u5e74\u5e95\u8207 2015 \u5e74\u5e74\u521d\u9019\u5169\u9805\u8209\u52d5\uff0c\u745e\u58eb\u570b\u5bb6\u9280\u884c\u5728\u8ca8\u5e63\u653f\u7b56\u4e0a\u5c55\u9732\u51fa\u4e86\u8207\u904e\u53bb\u4e0d\u540c\u7684\u614b\u5ea6\u8207\u653f\u7b56\uff0c\u5728\u7f8e\u570b\u806f\u90a6\u806f\u6e96\u6703 (Federal Reserve Bank, Fed)\u3001\u65e5\u672c\u592e\u884c (Bank of Japan, BOJ)\u3001\u82f1\u570b\u592e\u884c (Bank of England, BOE) \u8207\u6b50\u6d32\u4e2d\u592e\u9280\u884c (European Central Bank, ECB) \u70ba\u4e3b\u8981\u53c3\u8207\u8005\u7684\u8ca8\u5e63\u6230\u4e2d\uff0c\u589e\u6dfb\u4e86\u4e0d\u540c\u7684\u8b8a\u6578\u3002<\/p>\n<ul>\n<li>\u00a0<b>\u904e\u53bb\u7684\u745e\u58eb\u6cd5\u6717 (CHF)<\/b><b>\uff1a\u907f\u96aa\u3001\u532f\u7387\u4e0a\u9650<\/b><\/li>\n<\/ul>\n<p>\u7531\u65bc\u745e\u58eb\u7684\u91d1\u878d\u74b0\u5883\u7a69\u5b9a\uff0c\u4e14\u662f\u5728\u6b50\u6d32\u5730\u5340\u5c6c\u65bc\u767c\u9054\u7d93\u6fdf\u9ad4\u4f46\u537b\u4e26\u4e0d\u5c6c\u65bc\u6b50\u5143\u5340\u7684\u570b\u5bb6\uff0c\u745e\u58eb\u6cd5\u6717\u4e00\u76f4\u4ee5\u4f86\u90fd\u662f\u88ab\u6b78\u985e\u70ba\u907f\u96aa\u8ca8\u5e63\u7684\u4e00\u7a2e\u3002\u904e\u53bb\u53ea\u8981\u6b50\u6d32\u5730\u5340\u7684\u7d93\u6fdf\u91d1\u878d\u60c5\u6cc1\u6709\u4e9b\u98a8\u5439\u8349\u52d5\uff0c\u6b50\u6d32\u5404\u5730\u8cc7\u91d1\u901a\u5e38\u7684\u4f5c\u6cd5\u4fbf\u662f\u5927\u8209\u8cb7\u5165\u745e\u58eb\u6cd5\u90ce\uff0c\u671f\u671b\u9054\u5230\u907f\u96aa\u7684\u4f5c\u7528\uff0c\u5c24\u5176\u662f\u5728 2011 \u5e74\u6b50\u50b5\u5371\u6a5f\u6700\u9ad8\u5cf0\u6642\uff0c\u907f\u96aa\u7684\u72c0\u6cc1\u66f4\u52a0\u660e\u986f\uff0c\u745e\u58eb\u6cd5\u6717\u5347\u503c\u5230\u6bcf 1 \u6b50\u5143\u53ef\u514c 1.0847 \u745e\u58eb\u6cd5\u90ce (CHF 1.0847\/EUR)\u3002<\/p>\n<p>\u4f46\u4e5f\u7531\u65bc\u745e\u58eb\u662f\u51fa\u53e3\u5c0e\u5411\u578b\u570b\u5bb6\uff0c\u8a72\u570b\u7d93\u6fdf\u767c\u5c55\u53d7\u5230\u5176\u6b50\u5143\u5340\u4ea4\u6613\u5925\u4f34\u548c\u7f8e\u570b\u7684\u5f71\u97ff\uff0c\u5018\u82e5\u745e\u58eb\u6cd5\u90ce\u6301\u7e8c\u5347\u503c\u5c07\u5c0d\u672c\u570b\u51fa\u53e3\u9020\u6210\u4e0d\u5229\u7684\u5f71\u97ff\uff0c\u56e0\u6b64 2011 \u5e74 9 \u6708\u745e\u58eb\u570b\u5bb6\u9280\u884c\u516c\u4f48\u6b50\u5143\u514c\u745e\u58eb\u6cd5\u90ce\u532f\u7387\u7684\u4e0a\u9650\u70ba\u6bcf 1 \u6b50\u5143\u6700\u4f4e\u53ef\u514c 1.2 \u745e\u58eb\u6cd5\u90ce (CHF 1.2\/EUR) \u7684\u6c34\u6e96\uff0c\u900f\u904e\u8cfc\u8cb7\u6b50\u5143\u7684\u516c\u958b\u5e02\u5834\u64cd\u4f5c\uff0c\u4f86\u634d\u885b\u6b50\u5143\u514c\u745e\u90ce\u532f\u7387\u4e26\u9032\u884c\u8abf\u6574\uff0c\u622a\u81f3\u76ee\u524d\u70ba\u6b62\u5df2\u4f7f\u745e\u58eb\u592e\u884c\u7684\u5916\u532f\u5132\u5099\u898f\u6a21\u8d85\u904e\u4e86 4,600 \u5104\u745e\u58eb \u6cd5\u90ce\uff08\u5408 4,730 \u5104\u7f8e\u5143\uff09\u3002<\/p>\n<p>\u7531\u4e0b\u5716\u53ef\u4ee5\u89c0\u5bdf\uff0c\u7684\u78ba\u5728 2011 \u5e74 8 \u6708\u6642\uff0c\u745e\u58eb\u6cd5\u90ce\u7684\u5e63\u503c\u4f86\u5230\u4e00\u500b\u6b77\u53f2\u4f4e\u9ede\uff0c\u4e4b\u5f8c\u7531\u65bc\u745e\u58eb\u570b\u5bb6\u9280\u884c\u7684\u516c\u958b\u5e02\u5834\u64cd\u4f5c\uff0c\u96a8\u5f8c\u6b50\u5143\u514c\u745e\u58eb\u6cd5\u90ce\u532f\u7387\u7dad\u6301\u5728\u7a69\u5b9a\u7684\u6bcf 1 \u6b50\u5143\u6700\u4f4e\u53ef\u514c 1.2 \u745e\u58eb\u6cd5\u90ce (CHF 1.2\/EUR)\uff0c\u76f4\u5230\u6700\u8fd1\u7684\u4e0a\u9650\u653f\u7b56\u89e3\u9664\u624d\u6709\u6240\u6539\u8b8a\u3002<\/p>\n<p align=\"center\"><a href=\"\/\/vikingbar.org\/wp-content\/uploads\/2015\/01\/%E7%91%9E%E5%A3%AB%E8%B2%A0%E5%88%A9%E7%8E%87_10%E5%B9%B4%E5%85%A7%E7%91%9E%E5%A3%AB%E6%B3%95%E6%9C%97%E5%85%8C%E6%AD%90%E5%85%83%E8%B5%B0%E5%8B%A21.png\"><img loading=\"lazy\" class=\"  wp-image-5229 aligncenter\" src=\"\/\/vikingbar.org\/wp-content\/uploads\/2015\/01\/%E7%91%9E%E5%A3%AB%E8%B2%A0%E5%88%A9%E7%8E%87_10%E5%B9%B4%E5%85%A7%E7%91%9E%E5%A3%AB%E6%B3%95%E6%9C%97%E5%85%8C%E6%AD%90%E5%85%83%E8%B5%B0%E5%8B%A21.png\" alt=\" \u745e\u58eb\u8ca0\u5229\u7387 _10 \u5e74\u5167\u745e\u58eb\u6cd5\u6717\u514c\u6b50\u5143\u8d70\u52e2 1\" width=\"601\" height=\"291\" \/><\/a><\/p>\n<p align=\"center\">\u904e\u53bb 10 \u5e74 (\u745e\u58eb\u6cd5\u90ce \/ \u6b50\u5143) \u532f\u7387\u8d70\u52e2\u5716\u3000\u8cc7\u6599\u4f86\u6e90\uff1a<a href=\"https:\/\/www.ecb.europa.eu\/stats\/exchange\/eurofxref\/html\/eurofxref-graph-chf.en.html\" target=\"_blank\" rel=\"noopener\">European Central Bank<\/a><\/p>\n<ul>\n<li><b>\u745e\u58eb\u570b\u5bb6\u9280\u884c\u8ca0\u5229\u7387\u653f\u7b56\u7684\u76ee\u7684\uff1a\u8feb\u4f7f\u745e\u58eb\u6cd5\u90ce\u8cb6\u503c<\/b><\/li>\n<\/ul>\n<p>\u8ca0\u5229\u7387\u653f\u7b56\u7406\u8ad6\u4e0a\u7684\u904b\u4f5c\u65b9\u5f0f\uff0c\u662f\u5e0c\u671b\u63d0\u9ad8\u9280\u884c\u8cc7\u91d1\u56e4\u7a4d\u5728\u592e\u884c\u7684\u8cc7\u91d1\u6210\u672c\uff0c\u9032\u800c\u8feb\u4f7f\u9280\u884c\u5c07\u8cc7\u91d1\u6d41\u5411\u5176\u4ed6\u5831\u916c\u66f4\u9ad8\u7684\u8cc7\u7522\uff0c\u4f8b\u5982\u6295\u8cc7\u5340\u57df\u5167\u6709\u751f\u7522\u529b\u7684\u8cc7\u7522\uff0c\u76f4\u63a5\u63a8\u5347\u5340\u57df\u5167\u7d93\u6fdf\u6210\u9577\uff0c\u6216\u662f\u5c07\u8cc7\u91d1\u8f49\u79fb\u81f3\u570b\u5916\u7684\u907f\u96aa\u8cc7\u7522\uff0c\u4f7f\u672c\u570b\u8ca8\u5e63\u8cb6\u503c\uff0c\u5229\u65bc\u672c\u570b\u5546\u54c1\u51fa\u53e3\u3002<\/p>\n<p>\u745e\u58eb\u7684\u8ca0\u5229\u7387\u653f\u7b56\u4e0d\u53ea\u91dd\u5c0d<span style=\"color: #0000ff;\">\u5546\u696d\u9280\u884c\u5b58\u653e\u5728\u745e\u58eb\u570b\u5bb6\u9280\u884c\u7684\u8cc7\u91d1<\/span>\uff0c<span style=\"color: #0000ff;\">\u4e5f\u5c0d\u8d85\u904e 1,000 \u842c\u745e\u90ce\u7684\u6d3b\u671f\u5b58\u6b3e\u5e33\u6236\u5be6\u65bd\u540c\u6a23\u7684\u8ca0\u5229\u7387\u653f\u7b56<\/span>\u3002\u745e\u58eb\u570b\u5bb6\u9280\u884c\u78ba\u5be6\u4e5f\u5728\u8072\u660e\u7a3f\u4e2d\u95e1\u91cb\u4e86\u63a1\u53d6\u8ca0\u5229\u7387\u653f\u7b56\u7684\u539f\u56e0\u3002<\/p>\n<p><strong>\u5b58\u653e\u592e\u884c\u8cc7\u91d1\u8ca0\u5229\u7387\u653f\u7b56\u964d\u4f4e\u4e86\u6301\u6709\u745e\u58eb\u6cd5\u90ce\u6295\u8cc7\u54c1\u7684\u5438\u5f15\u529b\uff0c\u671f\u671b\u6291\u5236\u745e\u58eb\u6cd5\u90ce\u7684\u4e0a\u6f32\u8da8\u52e2\u4e26\u964d\u4f4e\u8f38\u5165\u6027\u901a\u7e2e\u98a8\u96aa\uff0c\u63d0\u5347\u745e\u58eb\u7684\u51fa\u53e3\u7af6\u722d\u529b\u3002<\/strong>\u800c\u6d3b\u671f\u5b58\u6b3e\u5e33\u6236\u7684\u8ca0\u5229\u7387\u653f\u7b56\uff0c\u53ef\u4ee5\u6709\u6548\u7684\u6253\u64ca\u6d41\u5165\u745e\u58eb\u5883\u5167\u7684\u71b1\u9322\uff0c\u4e14\u5c0d\u9577\u671f\u548c\u907f\u96aa\u6295\u8cc7\u8005\u800c\u8a00\uff0c\u745e\u58eb\u6cd5\u90ce\u5438\u5f15\u529b\u5c07\u4e0b\u964d\uff0c\u800c\u5176\u4ed6\u4f4e\u98a8\u96aa\u8cc7\u7522\u53ef\u80fd\u66f4\u53d7\u6b61\u8fce\uff0c\u4fc3\u4f7f\u745e\u58eb\u6cd5\u90ce\u8cb6 \u503c\u3002<\/p>\n<ul>\n<li>\u00a0<b>\u53d6\u6d88\u532f\u7387\u4e0a\u9650\uff1a\u745e\u58eb\u6cd5\u90ce\u5347\u503c\u4e86\uff0c\u4f46\u672a\u4f86\u532f\u7387\u6ce2\u52d5\u537b\u964d\u4f4e\u4e86<\/b><\/li>\n<\/ul>\n<p>\u7531\u65bc\u6b50\u5143\u5340\u6b50\u50b5\u5371\u6a5f\u5f8c\u7d93\u6fdf\u6301\u7e8c\u4f4e\u8ff7\uff0c\u4e14\u4fc4\u7f85\u65af\u7684\u76e7\u5e03\u91cd\u8cb6\uff0c\u4f7f\u745e\u58eb\u6cd5\u90ce\u56e0\u907f\u96aa\u9700\u6c42\u4e00\u76f4\u6709\u8457\u5347\u503c\u7684\u58d3\u529b\uff0c\u904e\u53bb\u9019\u6bb5\u6642\u9593\u745e\u58eb\u6cd5\u90ce\u6709\u8cf4\u65bc\u745e\u58eb\u570b\u5bb6\u9280\u884c\u8a2d\u7acb\u7684 \u532f\u7387\u4e0a\u9650\u653f\u7b56\u5f97\u4ee5\u8b93\u6b50\u5143\u514c\u745e\u58eb\u6cd5\u90ce\u532f\u7387\u7dad\u6301\u5728\u7a69\u5b9a\u7684\u6bcf 1 \u6b50\u5143\u6700\u4f4e\u53ef\u514c 1.2 \u745e\u58eb\u6cd5\u90ce (CHF 1.2\/EUR)\uff0c\u7a69\u5b9a\u4e86\u532f\u7387\u6ce2\u52d5\uff0c\u4e0d\u81f3\u65bc\u4f7f\u745e\u58eb\u6cd5\u90ce\u5927\u5e45\u5347\u503c\uff0c\u4f46\u745e\u58eb\u570b\u5bb6\u9280\u884c\u4e5f\u4ed8\u51fa\u7684\u6975\u5927\u7684\u4ee3\u50f9\uff0c\u90a3\u5c31\u662f\u745e\u58eb\u570b\u5bb6\u9280\u884c\u64c1\u6709\u5927\u91cf\u7684\u6b50\u5143\u5916\u532f\u5b58\u5e95\u3002<\/p>\n<p>\u8ca0\u5229\u7387\u653f\u7b56\u7684\u5be6\u65bd\uff0c\u5f88\u660e\u986f\u5fb7\u662f\u60f3\u4fc3\u4f7f\u745e\u58eb\u6cd5\u90ce\u8cb6\u503c\uff0c\u4f46\u5728 2015 \u5e74 1 \u6708 15 \u65e5\u53d6\u6d88\u6b50\u5143\u514c\u745e\u58eb\u6cd5\u90ce\u7684\u532f\u7387\u4e0a\u9650\u9019\u9805\u653f\u7b56\u537b\u4f7f\u570b\u5916\u8cc7\u91d1\u53c8\u5927\u5e45\u6d41\u5165\u745e\u58eb\u5883 \u5167\uff0c\u4f7f\u745e\u58eb\u6cd5\u90ce\u5927\u5e45\u5347\u503c\uff0c\u77ed\u77ed\u4e0d\u5230 1 \u500b\u6708\u7684\u5169\u500b\u653f\u7b56\uff0c\u5c0d\u532f\u7387\u5f71\u97ff\u7684\u60c5\u6cc1\u537b\u5982\u6b64\u8fe5\u7570\uff0c\u9019\u5230\u5e95\u662f\u70ba\u4ec0\u9ebc\uff1f\u9019\u5c31\u8981\u6ce8\u610f\u5230\u6b50\u6d32\u592e\u884c\u7684 QE \u653f\u7b56\u4e86\uff01<\/p>\n<p>2015 \u5e74 1 \u6708 23 \u65e5\uff0c\u6b50\u6d32\u592e\u884c\u5ba3\u5e03\uff0c\u5c07\u7528\u65b0\u767c\u884c\u7684\u8ca8\u5e63\u6bcf\u6708\u8cfc\u8cb7 600 \u5104\u6b50\u5143\u8cc7\u7522\uff0c\u7e3d\u8a08\u898f\u6a21\u53ef\u80fd\u8d85\u904e 1 \u842c\u5104\u6b50\u5143\uff08\u7d04 1.14 \u842c\u5104\u7f8e\u5143\uff09\uff0c\u96d6\u7136\u5e02\u5834\u65e9 \u5df2\u9810\u671f\u6b50\u6d32\u592e\u884c\u6703\u63a1\u53d6 QE \u653f\u7b56\uff0c\u4f46\u5982\u6b64\u5927\u7684\u898f\u6a21\u4e5f\u9707\u9a5a\u4e86\u91d1\u878d\u5e02\u5834\uff0c\u4f7f\u80a1\u5e02\u548c\u50b5\u5e02\u8d70\u9ad8\uff0c\u6b50\u5143\u5927\u5e45\u4e0b\u8dcc\u3002\u5fb7\u62c9\u5409 (Mario Draghi) \u66f4\u6697\u793a\uff0c\u5982\u679c\u6b50\u6d32\u592e\u884c\u7121\u6cd5\u5be6\u73fe 2% \u7684\u901a\u8139\u76ee\u6a19\uff0c\u90a3\u9ebc\u5c07\u9032\u4e00\u6b65\u5ef6\u9577\u50b5\u5238\u8cfc\u8cb7\u8a08\u5283\u7684\u5be6\u65bd\u671f\u9650\u3002<\/p>\n<p>\u6b50\u6d32\u592e\u884c\u9019\u6b21\u7684\u91cf\u5316\u5bec\u9b06\u653f\u7b56\uff0c\u4ee3\u8868\u8457\u6b50\u5143\u5c07\u5927\u5e45\u7684\u4e0b\u8dcc\uff0c\u5728\u745e\u58eb\u6cd5\u90ce\u9084\u662f\u907f\u96aa\u8ca8\u5e63\u7684\u60c5\u6cc1\u4e0b\uff0c\u5b58\u5728\u6b50\u5143\u5340\u7684\u8cc7\u91d1\u52e2\u5fc5\u5927\u8209\u9032\u5165\u745e\u58eb\uff0c\u745e\u58eb\u6cd5\u90ce\u5fc5\u7136\u5347\u503c\uff0c\u56e0 \u6b64\u745e\u58eb\u570b\u5bb6\u9280\u884c\u4e7e\u8106\u6436\u5728\u6b50\u6d32\u592e\u884c QE \u653f\u7b56\u4e4b\u524d\uff0c\u53d6\u6d88\u6b50\u5143\u514c\u745e\u58eb\u6cd5\u90ce\u7684\u532f\u7387\u4e0a\u9650\uff0c\u4f7f\u745e\u58eb\u6cd5\u90ce\u7684\u5e63\u503c\u4e00\u6b21\u5347\u8db3\uff0c\u671f\u671b\u5728\u4e00\u6b21\u5347\u8db3\u5f8c\uff0c\u6b50\u6d32 QE \u653f\u7b56\u4e0b\u518d\u964d\u4f4e\u745e\u58eb\u6cd5 \u90ce\u5c0d\u5916\u8cc7\u7684\u5438\u5f15\u529b\uff0c\u9054\u5230\u4e00\u5b9a\u7a0b\u5ea6\u7684\u532f\u7387\u7a69\u5b9a\u3002<\/p>\n<p>\u518d\u8005\uff0c\u5728\u6b50\u6d32\u592e\u884c QE \u653f\u7b56\u4e0b\uff0c\u82e5\u745e\u58eb\u592e\u884c\u7e7c\u7e8c\u8cb7\u9032\u6b50\u5143\u8667\u640d\u7684\u4ee3\u50f9\u592a\u5927\uff0c\u7dad\u6301\u532f\u7387\u4e0a\u9650\u6642\u5927\u91cf\u8cfc\u9032\u7684\u6b50\u5143\u53ef\u80fd\u5728\u672a\u4f86\u6210\u70ba\u8ca0\u50b5\uff0c\u4e14\u6b50\u5143\u7684\u91cf\u5316 QE \u653f\u7b56\u4e0b\u82e5\u60f3\u7dad\u6301\u532f\u7387\u4e0a\u9650\uff0c\u745e\u58eb\u570b\u5bb6\u9280\u884c\u5fc5\u9808\u8cfc\u5165\u66f4\u591a\u6b50\u5143\uff0c\u70ba\u4e86\u907f\u514d\u9020\u6210\u66f4\u5927\u7684\u8ca0\u64d4\uff0c\u56e0\u6b64\u4e0d\u5f97\u4e0d\u53d6\u6d88\u6b50\u5143\u514c\u745e\u58eb\u6cd5\u90ce\u7684\u532f\u7387\u4e0a\u9650\u3002<\/p>\n<p>\u56e0\u6b64\uff0c\u53ef\u4ee5\u770b\u5230\u4e0b\u5716\uff0c\u745e\u58eb\u6cd5\u90ce\u5728 2015 \u5e74 1 \u6708 14 \u65e5\u8207 15 \u65e5\u9019\u5169\u5929\u6025\u907d\u5347\u503c\uff0c\u6f32\u5e45\u9054 19%\u3002<\/p>\n<p align=\"center\">\u00a0 <a href=\"\/\/vikingbar.org\/wp-content\/uploads\/2015\/01\/%E7%91%9E%E5%A3%AB%E8%B2%A0%E5%88%A9%E7%8E%87_2%E6%97%A5%E7%9A%84%E5%8C%AF%E7%8E%87%E6%B3%A2%E5%8B%95.png\"><img loading=\"lazy\" class=\" size-full wp-image-5228 aligncenter\" src=\"\/\/vikingbar.org\/wp-content\/uploads\/2015\/01\/%E7%91%9E%E5%A3%AB%E8%B2%A0%E5%88%A9%E7%8E%87_2%E6%97%A5%E7%9A%84%E5%8C%AF%E7%8E%87%E6%B3%A2%E5%8B%95.png\" alt=\" \u745e\u58eb\u8ca0\u5229\u7387 _2 \u65e5\u7684\u532f\u7387\u6ce2\u52d5\" width=\"598\" height=\"358\" \/><\/a>\u53d6\u6d88\u532f\u7387\u4e0a\u9650\u7576\u5929\u532f\u7387\u6bd4\u8f03\u5716<\/p>\n<ul>\n<li><b>\u745e\u58eb\u7684\u653f\u7b56\uff0c\u9084\u9020\u6210\u4e86\u54ea\u4e9b\u5f71\u97ff\uff1f<\/b><\/li>\n<\/ul>\n<p>\u745e\u58eb\u7684\u653f\u7b56\uff0c\u9023\u5e36\u4e86\u4e5f\u5f71\u97ff\u4e86\u5728\u6b50\u6d32\u975e\u5c6c\u6b50\u5143\u5340\u7684\u7d93\u6fdf\u9ad4\uff0c\u4e39\u9ea5\u592e\u884c (Danmarks Nationalbank) \u4e5f\u5728 2015 \u5e74 1 \u6708 20 \u65e5\u5ba3\u5e03\uff0c\u5c07\u5b58\u6b3e\u5229\u7387\u5f9e -0.05% \u964d\u81f3 -0.2%\uff0c\u5c07\u8cb8\u6b3e\u5229\u7387\u5f9e 0.2% \u964d\u81f3 0.05%\u3002<\/p>\n<p>\u5168\u7403\u7684\u907f\u96aa\u57fa\u91d1\u4e5f\u56e0\u70ba\u745e\u58eb\u570b\u5bb6\u9280\u884c\u53d6\u6d88\u532f\u7387\u4e0a\u9650\u7684\u653f\u7b56\uff0c\u8499\u53d7\u9245\u984d\u8667\u640d\uff0c\u56e0\u70ba 2014 \u5e74\u5e95\u7684\u8ca0\u5229\u7387\u653f\u7b56\uff0c\u8de1\u8c61\u662f\u8feb\u4f7f\u745e\u58eb\u6cd5\u90ce\u8cb6\u503c\uff0c\u5927\u591a\u6578\u7684\u907f\u96aa\u57fa\u91d1\u90fd \u62bc\u6ce8\u745e\u58eb\u6cd5\u90ce\u6703\u8cb6\u503c\uff0c\u4f46\u53d6\u6d88\u532f\u7387\u4e0a\u9650\u653f\u7b56\u9020\u6210\u745e\u58eb\u6cd5\u90ce\u5927\u5e45\u5347\u503c\u9020\u6210\u4ed6\u5011\u640d\u5931\u6158\u91cd\uff0cEverest Capital \u65d7\u4e0b\u6700\u5927\u7684\u907f\u96aa\u57fa\u91d1 (\u5168\u7403\u57fa\u91d1) \u66f4\u662f\u5e7e\u4e4e\u55aa\u5931\u6240\u6709\u8cc7\u7522\uff0c\u9078\u64c7\u76f4\u63a5\u95dc\u9589\u3002<\/p>\n<p>\u4e0d\u53ea\u662f\u907f\u96aa\u57fa\u91d1\u9762\u81e8\u8667\u640d\uff0c\u5e7e\u4e4e\u6240\u6709\u5916\u532f\u4ea4\u6613\u5546\u4e5f\u90fd\u9762\u81e8\u8667\u640d\uff0c\u82b1\u65d7\u96c6\u5718 (Citigroup Inc.) \u8667\u640d 1.5 \u5104\u7f8e\u5143\u3001\u5fb7\u610f\u5fd7\u9280\u884c (Deutsche Bank AG) \u8667\u640d 1.5 \u5104\u7f8e\u5143\u3001\u5df4\u514b\u840a\u9280\u884c (Barclays) \u8667\u640d 1 \u5104\u7f8e\u5143\u3001\u76c8\u900f\u8b49\u5238\uff08Interactive Brokers LLC\uff09\u8667\u640d 1.2 \u5104\u7f8e\u5143\u3001\u798f\u532f\u96c6\u5718\uff08FXCM\uff09\u8667\u640d 2.25 \u5104\u7f8e\u5143\uff0c\u82f1\u570b\u827e\u798f\u745e (Alpari UK) \u751a\u81f3\u5ba3\u5e03\u7834\u7522\u3002<\/p>\n<p>\u4e5f\u7531\u65bc\u745e\u58eb\u6cd5\u90ce\u9019\u907f\u96aa\u8ca8\u5e63\u7684\u76f8\u95dc\u653f\u7b56\u8b8a\u52d5\u904e\u5927\uff0c\u4fc3\u4f7f\u8cc7\u91d1\u518d\u5ea6\u6d41\u5f80\u9ec3\u91d1\u907f\u96aa\u5821\u58d8\uff0c\u540c\u6642\u9ec3\u91d1 ETF-SPDR \u6301\u5009\u91cf 1 \u6708 15 \u65e5\u589e\u52a0 12.31 \u5678\uff0c\u7e3d\u91cf\u9054 717.15 \u5678\uff0c\u4f86\u5230 3 \u5468\u65b0\u9ad8\uff0c\u66ff\u983b\u983b\u6d41\u51fa\u7684\u9ec3\u91d1\u6301\u5009\u91cf\u6ce8\u5165\u4e00\u80a1\u6d3b\u6c34\uff0c\u4e5f\u8b93\u91d1\u50f9\u4e0d\u65b7\u5f80\u4e0a\u8d70\u9ad8\u3002(\u8a3b 1)<\/p>\n<ul>\n<li>\u00a0<b>\u767c\u60f3<\/b><\/li>\n<\/ul>\n<p>\u8ca0\u5229\u7387\u653f\u7b56\u8207\u53d6\u6d88\u532f\u7387\u4e0a\u9650\u7684\u76ee\u7684\u6027\u4e0d\u540c\uff0c\u4e00\u500b\u662f\u671f\u671b\u745e\u58eb\u6cd5\u90ce\u8cb6\u503c\u3001\u4e00\u500b\u662f\u5e0c\u671b\u7a69\u5b9a\u672a\u4f86\u745e\u58eb\u6cd5\u90ce\u532f\u7387\uff0c\u53ea\u662f\u525b\u597d\u90fd\u4f5c\u7528\u5728\u745e\u58eb\u6cd5\u90ce\u7684\u532f\u7387\u65b9\u5411\u4e0a\uff0c\u745e\u58eb\u6cd5\u90ce\u5728\u4e00\u6b21\u5347\u8db3\u5f8c\u518d\u85c9\u7531\u8ca0\u5229\u7387\u7de9\u6162\u8cb6\u503c\uff0c\u4e14\u53ef\u907f\u514d\u745e\u58eb\u570b\u5bb6\u9280\u884c\u672a\u4f86\u8cfc\u8cb7\u4e0d\u65b7\u8cb6\u503c\u7684\u6b50\u5143\u9020\u6210\u7684\u8667\u640d\uff0c\u9019\u7a2e\u60c5\u6cc1\u4e0b\u5169\u7a2e\u653f\u7b56\u7684\u63a1\u884c\u4f3c\u4e4e\u4e5f\u6709\u8de1\u53ef\u5faa\uff0c\u4e0d\u81f3\u65bc\u592a\u904e\u5510 \u7a81\u3002<\/p>\n<p>\u6b50\u6d32\u592e\u884c\u7684 QE \u653f\u7b56\uff0c\u5c0d\u745e\u58eb\u7684\u672a\u4f86\u60c5\u6cc1\u4e5f\u662f\u6709\u5229\u6709\u5f0a\uff0c\u5229\u76ca\u9ede\u5728\u65bc\u53ef\u80fd\u6539\u5584\u6b50\u5143\u5340\u7684\u7d93\u6fdf\u60c5\u6cc1\uff0c\u9019\u5c0d\u745e\u58eb\u51fa\u53e3\u6709\u5f88\u5927\u7684\u52a9\u76ca\uff0c\u800c\u53e6\u4e00\u65b9\u9762\u7684\u5f0a\u75c5\u9ede\u4e5f\u5728\u65bc\u5148\u524d\u6240\u8ff0\uff0c\u745e\u58eb\u6cd5\u90ce\u7684\u5347\u503c\u6703\u5c0d\u745e\u58eb\u7684\u51fa\u53e3\u9020\u6210\u4e00\u5b9a\u7684\u5f71\u97ff\uff0c\u56e0\u6b64\u6700\u91cd\u8981\u7684\u74b0\u7bc0\u9084\u662f\u5728\u65bc\u6b50\u5143\u5340\u7684\u7d93\u6fdf\u9ad4\u8cea\u662f\u5426\u6709\u88ab\u6539\u5584\uff0c\u5018\u82e5\u6709\u6539\u5584\u7684\u60c5\u6cc1\u767c\u751f\uff0c\u90a3\u9ebc\u745e\u58eb\u6cd5\u90ce\u7684\u5347 \u503c\u4f3c\u4e4e\u9084\u7b97\u53ef\u4ee5\u63a5\u53d7\u3002<\/p>\n<p>\u8ca0\u5229\u7387\u653f\u7b56\u5230\u5e95\u7ba1\u4e0d\u7ba1\u7528\uff0c<strong>\u6700\u5927\u7684\u554f\u984c\u9ede\u662f\u5728\u6295\u8cc7\u5927\u773e\u9858\u4e0d\u9858\u610f\u70ba\u4ed6\u8cb7\u55ae<\/strong>\uff0c\u5728\u6295\u8cc7\u524d\u666f\u4e0d\u660e\u4e14\u98a8\u96aa\u6975\u5927\u7684\u60c5\u6cc1\u4e0b\uff0c<span style=\"color: #0000ff;\">\u6295\u8cc7\u8005\u5f88\u6709\u53ef\u80fd\u5c07\u985e\u4f3c\u9019\u7a2e\u8ca0\u5229\u7387\u8996\u4f5c\u76f8\u6bd4\u5176\u4ed6\u9ad8\u98a8\u96aa\u5e02\u5834\uff0c\u9078\u64c7\u5b58\u6b3e\u907f\u96aa\u9700\u8981\u4ea4\u7d0d\u7684\u4fdd\u96aa\u8cbb\u7528\u3002<\/span>\u82e5\u6295\u8cc7\u8005\u6709\u9019\u7a2e\u5fc3\u614b\u7684\u60c5\u6cc1\u4e0b\uff0c\u8ca0\u5229\u7387\u653f\u7b56\u7684\u6548\u679c\u5c07\u5927\u6253\u6298\u6263\u3002<\/p>\n<p>\u503c\u5f97\u53bb\u6ce8\u610f\u7684\u662f\uff0c\u8ca8\u5e63\u5347\u503c\u907f\u4e0d\u53ef\u907f\u7684\u60c5\u6cc1\u4e0b\uff0c\u8a72\u9078\u64c7\u7684\u662f\u7de9\u6162\u5347\u503c\uff0c\u6216\u8005\u662f\u9577\u75db\u4e0d\u5982\u77ed\u75db\uff0c\u9078\u64c7\u4e00\u6b21\u5347\u8db3\uff0c\u9019\u662f\u5fc5\u9808\u53bb\u6df1\u5ea6\u601d\u8003\u7684\uff0c\u800c\u9019\u6b21\u745e\u58eb\u570b\u5bb6\u9280\u884c\u9078\u64c7\u7684\u662f\u5f8c\u8005\uff0c\u4e5f\u503c\u5f97\u6211\u5011\u505a\u5f8c\u7e8c\u7684\u89c0\u5bdf\u3002<\/p>\n<p><b>\u53c3\u8003\u8cc7\u6599\uff1a<\/b><\/p>\n<p>\u8a3b 1\uff1a<a href=\"\/\/udn.com\/news\/story\/6811\/650538\" target=\"_blank\" rel=\"noopener\">\u806f\u5408\u65b0\u805e\u7db2\uff1a\u9ec3\u91d1\u4eae\u9ede\uff0f\u745e\u58eb\u9707\u64bc\u5f48 \u91d1\u50f9\u4e00\u8def\u885d<\/a><br \/>\n\u8a3b 2\uff1a<a href=\" \u53c3\u8003\u8cc7\u6599 %20    \u8a3b 1\uff1a\u806f\u5408\u65b0\u805e\u7db2\uff1a\u9ec3\u91d1\u4eae\u9ede\uff0f\u745e\u58eb\u9707\u64bc\u5f48 \u91d1\u50f9\u4e00\u8def\u885d  \/\/udn.com\/news\/story\/6811\/650538     \u8a3b 2\uff1aBloomberg\uff1aSwiss National Bank Starts Negative Interest Rate of 0.25% to Stave Off Inflows  \/\/www.bloomberg.com\/news\/2014-12-18\/snb-starts-negative-interest-rate-of-0-25-to-stave-off-inflows.html\" target=\"_blank\" rel=\"noopener\">Bloomberg\uff1aSwiss National Bank Starts Negative Interest Rate of 0.25% to Stave Off Inflows<\/a><\/p>\n<p><strong>\u5ef6\u4f38\u95b1\u8b80\uff1a<\/strong><a href=\"buzzorange.com\/2015\/01\/28\/inspiration-from-swiss-franc\/?utm_source=relatedboc\" 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