\u6295\u8d44\u8005\u8d8a\u6765\u8d8a\u4e0d\u80fd\u5ffd\u89c6\u4e2d\u56fd\u30024\u6708\u4efd\uff0c\u9887\u6709\u5f71\u54cd\u529b\u7684\u503a\u5238\u6307\u6570\u5f6d\u535a\u5df4\u514b\u83b1\u5168\u7403\u7efc\u5408\u6307\u6570(Bloomberg Barclays Global Aggregate)\u5c06\u628a\u4e2d\u56fd\u653f\u5e9c\u503a\u5238\u548c\u4e2d\u56fd\u4e3b\u8981\u653f\u7b56\u6027\u94f6\u884c\u503a\u5238\u7eb3\u5165\u5176\u4e2d\u3002\u5728\u8fd9\u4e4b\u524d\uff0cMSCI\u660e\u665f(MSCI)\u548c\u5bcc\u65f6\u7f57\u7d20(FTSE Russell)\u4e5f\u91c7\u53d6\u4e86\u7c7b\u4f3c\u884c\u52a8\uff0c\u5c06\u6caa\u6df1\u80a1\u4efd\u7eb3\u5165\u65d7\u4e0b\u6307\u6570\u3002\u4e0b\u9762\u662f\u6295\u8d44\u8005\u9700\u8981\u4e86\u89e3\u7684\u91cd\u70b9\u3002 <\/p>\n
\u4e2d\u56fd\u6599\u5c06\u5f88\u5feb\u6210\u4e3a\u5168\u7403\u7b2c\u4e8c\u5927\u503a\u5238\u5e02\u573a<\/p>\n
\u636e\u56fd\u9645\u6e05\u7b97\u94f6\u884c(Bank for International Settlement)\u6570\u636e\u663e\u793a\uff0c\u5728\u501f\u8d37\u5927\u6f6e\u63a8\u52a8\u4e0b\uff0c\u4e2d\u56fd\u503a\u5238\u5e02\u573a\u89c4\u6a21\u572810\u5e74\u95f4\u4ece2.13\u4e07\u4ebf\u7f8e\u5143\u6269\u5927\u81f312.42\u4e07\u4ebf\u7f8e\u5143\uff0c\u53ef\u80fd\u5f88\u5feb\u8d85\u8fc7\u65e5\u672c\u3002<\/p>\n
\u4e2d\u56fd\u4e0d\u540c\u4e8e\u5176\u4ed6\u65b0\u5174\u5e02\u573a<\/p>\n
\u4eba\u6c11\u5e01\u4e3b\u6743\u503a\u5e02\u573a\u7531\u672c\u5730\u673a\u6784\u4e3b\u5bfc\uff0c\u8fd9\u4e9b\u673a\u6784\u5728\u5e02\u573a\u627f\u538b\u65f6\u4ece\u76f8\u5bf9\u5b89\u5168\u7684\u653f\u5e9c\u503a\u5238\u4e2d\u5bfb\u6c42\u5e87\u62a4\uff0c\u8fd9\u5e26\u52a8\u4e2d\u56fd\u503a\u5238\u4ef7\u683c\u5728\u5168\u7403\u503a\u5238\u906d\u5230\u629b\u552e\u65f6\u4e0a\u626c\uff0c\u6bd4\u59822013\u5e74\u7684\u201c\u51cf\u7f29\u6050\u614c\u201d(taper tantrum)\u671f\u95f4\u3002<\/p>\n
\u5728\u5370\u5ea6\u5c3c\u897f\u4e9a\u548c\u5357\u975e\u7b49\u56fd\uff0c\u5916\u56fd\u6295\u8d44\u8005\u53ef\u4ee5\u5f71\u54cd\u503a\u5238\u4ef7\u683c\uff0c\u5e76\u4e14\u5728\u5371\u673a\u7206\u53d1\u65f6\u5f80\u5f80\u4f1a\u9009\u62e9\u9003\u79bb\u3002\u76f8\u6bd4\u4e4b\u4e0b\uff0c\u4e2d\u56fd\u503a\u5238\u7684\u8868\u73b0\u5219\u6709\u6240\u4e0d\u540c\uff0c\u8fd9\u5728\u6e34\u671b\u8d44\u4ea7\u7ec4\u5408\u591a\u5143\u5316\u7684\u6295\u8d44\u8005\u773c\u4e2d\u66f4\u6709\u5438\u5f15\u529b\u3002<\/p>\n
\u4e2d\u56fd\u503a\u5238\u5c06\u88ab\u7eb3\u5165\u4e00\u7cfb\u5217\u6709\u5f71\u54cd\u529b\u7684\u6307\u6570<\/p>\n
\u8ffd\u8e2a\u5168\u7403\u4e3b\u8981\u503a\u5238\u6307\u6570\u7684\u8d44\u91d1\u6709\u6570\u4e07\u4ebf\u7f8e\u5143\u4e4b\u5de8\u3002\u636e\u6c47\u4e30(HSBC)\u5206\u6790\u5e08\u4f30\u8ba1\uff0c\u5f6d\u535a\u5c06\u4e2d\u56fd\u503a\u5238\u7eb3\u5165\u65d7\u4e0b\u6307\u6570\u5c06\u5438\u5f151,500\u4ebf\u7f8e\u5143\u6d41\u5411\u4e2d\u56fd\u503a\u5238\u5e02\u573a\uff0c\u8fd8\u4f1a\u5bf9\u53e6\u5916\u4e24\u4e2a\u6307\u6570\u4ea7\u751f\u5f71\u54cd\u3002\u8be5\u6307\u6570\u7684\u8ffd\u968f\u8005\u5305\u62ec\u8d1d\u83b1\u5fb7(BlackRock Inc., BLK)\u65d7\u4e0biShares\u90e8\u95e8\u7684ETF\uff0c\u4ee5\u53ca\u5fb7\u610f\u5fd7\u94f6\u884c(Deutsche Bank AG, DB)\u65d7\u4e0bXtrackers\u8d44\u4ea7\u7ba1\u7406\u90e8\u95e8\u7684ETF\u3002<\/p>\n
\u6469\u6839\u5927\u901a(JPMorgan)\u4ece2016\u5e74\u5f00\u59cb\u4fbf\u4e00\u76f4\u5728\u8bc4\u4f30\u4e2d\u56fd\u56fd\u503a\uff0c\u8003\u8651\u5c06\u4e4b\u7eb3\u5165\u65d7\u4e0b\u5173\u952e\u57fa\u51c6\u6307\u6570\u3002\u4e2d\u56fd\u56fd\u503a\u76ee\u524d\u5df2\u88ab\u7eb3\u5165\u7531\u5bcc\u65f6\u7f57\u7d20\u8fd0\u8425\u7684\u4e00\u4e2a\u65b0\u5174\u5e02\u573a\u6307\u6570\uff0c\u4f46\u5c1a\u672a\u88ab\u7eb3\u5165\u5176\u4e3b\u8981\u6307\u6570\u3002\u8fd9\u4e9b\u6307\u6570\u539f\u672c\u5c5e\u4e8e\u82b1\u65d7\u96c6\u56e2(Citigroup Inc., C)\u3002<\/p>\n
\u652f\u6301\u8005\u79f0\u4e2d\u56fd\u503a\u5238\u5e02\u573a\u6548\u7387\u6b63\u9010\u6b65\u63d0\u9ad8<\/p>\n
2017\u5e74\u5e74\u5e95\u4ee5\u6765\uff0c\u8bc4\u7ea7\u8f83\u4f4e\u7684\u503a\u5238\u6536\u76ca\u7387\u5347\u9ad8\uff0c\u8bc4\u7ea7\u8f83\u9ad8\u7684\u503a\u5238\u6536\u76ca\u7387\u4e0b\u964d\u3002\u503a\u5238\u6536\u76ca\u7387\u4e0e\u4ef7\u683c\u53cd\u5411\u53d8\u52a8\u3002<\/p>\n
\u5bcc\u8fbe\u56fd\u9645(Fidelity International)\u56fa\u5b9a\u6536\u76ca\u6295\u8d44\u7ec4\u5408\u7ecf\u7406Morgan Lau\u8bf4\uff0c\u503a\u5238\u6536\u76ca\u7387\u4e4b\u5dee\u4e0d\u65ad\u6269\u5927\uff0c\u8bf4\u660e\u6295\u8d44\u8005\u7684\u98ce\u9669\u5b9a\u4ef7\u80fd\u529b\u5728\u63d0\u9ad8\u3002<\/p>\n
\u4f46\u503a\u5238\u4ef7\u683c\u4e0a\u6da8\uff0c\u9650\u5236\u4e86\u56de\u62a5<\/p>\n
\u5728\u65b0\u6295\u8d44\u8005\u8fdb\u5165\u524d\uff0c\u4e2d\u56fd\u503a\u5238\u4ef7\u683c\u5df2\u7ecf\u51fa\u73b0\u4e86\u4e00\u6ce2\u4e0a\u6da8\u300210\u5e74\u671f\u4e2d\u56fd\u56fd\u503a\u6536\u76ca\u7387\u6700\u65b0\u62a53.2%\u5de6\u53f3\uff0c\u4f4e\u4e8e1\u5e74\u524d\u76843.8%\u3002<\/p>\n
\u5927\u80c6\u7684\u4e70\u5bb6\u9700\u8981\u505a\u597d\u529f\u8bfe<\/p>\n
\u5f6d\u535a\u7684\u8fd9\u9879\u4e3e\u63aa\u53ea\u6d89\u53ca\u4e2d\u592e\u653f\u5e9c\u548c\u51e0\u5bb6\u653f\u7b56\u6027\u94f6\u884c\u53d1\u884c\u7684\u8bc1\u5238\u3002\u653f\u7b56\u6027\u94f6\u884c\u662f\u6307\u4e2d\u56fd\u56fd\u5bb6\u5f00\u53d1\u94f6\u884c(China Development Bank)\u7b49\u83b7\u4e2d\u56fd\u653f\u5e9c\u5168\u9762\u652f\u6301\u7684\u91cd\u8981\u56fd\u6709\u94f6\u884c\u3002<\/p>\n
\u66f4\u6df1\u5165\u5730\u770b\uff0c\u4e2d\u56fd\u503a\u5238\u5e02\u573a\u7684\u60c5\u51b5\u66f4\u4e3a\u590d\u6742\u3002\u8d39\u57ceBrandywine Global\u8d44\u4ea7\u7ec4\u5408\u7ecf\u7406\u517c\u7ed3\u6784\u6027\u4ea7\u54c1\u8d1f\u8d23\u4ebaTracy Chen\u79f0\uff0c\u4e2d\u56fd\u8bc4\u7ea7\u516c\u53f8\u5bf9\u5927\u90e8\u5206\u503a\u5238\u7684\u8bc4\u7ea7\u90fd\u662fAA\u53ca\u4ee5\u4e0a\u7ea7\u522b\uff0c\u4f46\u8fd9\u4e9b\u8bc4\u7ea7\u53ea\u76f8\u5f53\u4e8e\u7a46\u8fea\u6295\u8d44\u8005\u670d\u52a1\u516c\u53f8(Moody’s Investors Service Inc.)\u548c\u6807\u666e\u5168\u7403(S&P Global Inc., SPGI)\u7b49\u8de8\u56fd\u8bc4\u7ea7\u673a\u6784\u7684BB\u6216BBB\u8bc4\u7ea7\u3002<\/p>\n
\u5979\u8868\u793a\uff0c\u4e2d\u56fd\u5883\u5185\u8bc4\u7ea7\u5f88\u4e0d\u53ef\u9760\u3002<\/p>\n","protected":false},"excerpt":{"rendered":"
\u6295\u8d44\u8005\u8d8a\u6765\u8d8a\u4e0d\u80fd\u5ffd\u89c6\u4e2d\u56fd\u30024\u6708\u4efd\uff0c\u9887\u6709\u5f71\u54cd\u529b\u7684\u503a\u5238\u6307\u6570\u5f6d\u535a\u5df4\u514b\u83b1\u5168\u7403\u7efc […]<\/a><\/p>\n<\/div>","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-4554","post","type-post","status-publish","format-standard","category-news"],"_links":{"self":[{"href":"https:\/\/cn.dailyeconomic.com\/finance\/wp-json\/wp\/v2\/posts\/4554","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cn.dailyeconomic.com\/finance\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cn.dailyeconomic.com\/finance\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cn.dailyeconomic.com\/finance\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cn.dailyeconomic.com\/finance\/wp-json\/wp\/v2\/comments?post=4554"}],"version-history":[{"count":1,"href":"https:\/\/cn.dailyeconomic.com\/finance\/wp-json\/wp\/v2\/posts\/4554\/revisions"}],"predecessor-version":[{"id":4555,"href":"https:\/\/cn.dailyeconomic.com\/finance\/wp-json\/wp\/v2\/posts\/4554\/revisions\/4555"}],"wp:attachment":[{"href":"https:\/\/cn.dailyeconomic.com\/finance\/wp-json\/wp\/v2\/media?parent=4554"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cn.dailyeconomic.com\/finance\/wp-json\/wp\/v2\/categories?post=4554"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cn.dailyeconomic.com\/finance\/wp-json\/wp\/v2\/tags?post=4554"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}