![""]("http:\/\/image.webservices.ft.com\/v1\/images\/raw\/http%3A%2F%2Fi.ftimg.net%2Fpicture%2F9%2F000064369_piclink.jpg?source=ftchinese&width=670&height=377&fit=cover")
<\/center><\/p>\n\u3000\u3000\u82f1\u570b\u300a\u91d1\u878d\u6642\u5831\u300b \u73cd\u59ae\u5f17•\u4f11\u65af \u9999\u6e2f , \u694a\u7de3 \u5317\u4eac\u5831\u9053<\/p>\n
\u3000\u3000\u53bb\u5e74\u4eca\u65e5\u7684\u65e9\u4e0a\uff0c\u6709\u95dc\u4eba\u6c11\u5e63\u7684\u6700\u5927\u65b0\u805e\u4f3c\u4e4e\u662f\u6709\u95dc\u65b0\u7248100\u5143\u9762\u984d\u4eba\u6c11\u5e63\u5c07\u6709\u52a9\u65bc\u9632\u507d\u7684\u6d88\u606f\u3002\u96a8\u5f8c\u50b3\u51fa\u4e00\u689d\u66f4\u5927\u7684\u65b0\u805e\uff1a\u4e2d\u570b\u592e\u884c(PBoC)\u628a\u4eba\u6c11\u5e63\u514c\u7f8e\u5143\u532f\u7387\u4e2d\u9593\u50f9\u8f03\u524d\u4e00\u65e5\u4e0b\u8abf1.9%\u3002<\/p>\n
\u3000\u3000\u4ea4\u6613\u54e1\u5011\u5982\u6b64\u9707\u9a5a\uff0c\u4ee5\u81f3\u65bc\u4ed6\u5011\u6700\u521d\u4ee5\u70ba\u81ea\u5df1\u7684\u807d\u529b\u51fa\u4e86\u554f\u984c\u3002<\/p>\n
\u3000\u3000\u90a3\u6b21\u4eba\u6c11\u5e63\u532f\u7387\u4e2d\u9593\u50f9\u2014\u2014\u5728\u5cb8\u532f\u7387\u6bcf\u5929\u6ce2\u52d5\u5e45\u5ea6\u88ab\u9650\u5b9a\u5728\u4e2d\u9593\u50f9\u4e0a\u4e0b2%\u7684\u7bc4\u570d\u5167\u2014\u2014\u7684\u964d\u5e45\uff0c\u662f\u6b64\u524d\u4e2d\u570b\u592e\u884c\u6700\u5927\u4e2d\u9593\u50f9\u8abf\u6574\u5e45\u5ea6\u76845\u500d\uff0c\u4e26\u4e14\u4ecd\u662f\u81ea\u90a3\u6b21\u8abf\u6574\u5f15\u767c\u52d5\u76ea\u4ee5\u4f86\u6700\u5927\u8b8a\u52d5\u5e45\u5ea6\u7684\u5169\u500d\u3002<\/p>\n
\u3000\u3000\u4e00\u5e74\u5f8c\u7684\u4eca\u5929\uff0c\u96a8\u8457\u5f88\u591a\u731c\u6e2c\u4eba\u6c11\u5e63\u9032\u4e00\u6b65\u4e0b\u8dcc\u7684\u4eba\u8981\u9ebd\u5df2\u7d93\u6b7b\u5fc3\u3001\u8981\u9ebd\u627e\u5230\u4e86\u5176\u4ed6\u66f4\u6709\u5229\u53ef\u5716\u7684\u6253\u8ced\u5c0d\u8c61\uff0c\u4eba\u6c11\u5e63\u5e02\u5834\u5dee\u4e0d\u591a\u6062\u5fa9\u4e86\u5e73\u975c\u3002<\/p>\n
\u3000\u3000\u4f46\u662f\uff0c\u5982\u679c\u6c92\u6709\u53bb\u5e748\u6708\u90a3\u5834\u98a8\u6ce2\uff0c\u60c5\u6cc1\u4e0d\u6703\u662f\u73fe\u5728\u7684\u6a23\u5b50\u3002\u90a3\u5834\u98a8\u6ce2\u8feb\u4f7f\u4e2d\u570b\u592e\u884c\u6539\u9032\u6e9d\u901a\uff0c\u4e26\u4f7f\u5f88\u591a\u6295\u8cc7\u8005\u9818\u609f\u5230\uff1a\u9664\u4e86\u53e4\u8001\u7684\u683c\u8a00\u201c\u4e0d\u8981\u8207\u7f8e\u806f\u5132(Fed)\u5c0d\u8457\u4e7e\u201d\u4ee5\u5916\uff0c\u4ed6\u5011\u6216\u8a31\u9084\u61c9\u8a72\u518d\u52a0\u4e0a\u4e00\u689d\uff1a\u201c\u4e0d\u8981\u903c\u4e2d\u570b\u592e\u884c\u201d\u3002<\/p>\n
\u3000\u3000\u201c(\u532f\u6539\u7684)\u52d5\u6a5f\u6c92\u932f\uff0c\u4f46\u662f(\u53bb\u5e748\u6708)\u4ed6\u5011\u641e\u7838\u4e86\u9019\u500b\u904e\u7a0b\uff0c\u81ea\u90a3\u4ee5\u4f86\u4ed6\u5011\u5b78\u5230\u4e86\u5f88\u591a\u7d93\u9a57\uff0c\u201d\u99ac\u9d3b(\u5317\u4eac)\u6295\u8cc7\u7ba1\u7406\u9867\u554f\u516c\u53f8(Mahon Beijing
\nInvestment Management Advisors)\u8463\u4e8b\u9577\u99ac\u5927\u5049(David
\nMahon)\u8868\u793a\uff0c\u201c\u897f\u65b9\u89c0\u5bdf\u4eba\u58eb\u592a\u904e\u7cfe\u7d50\u65bc\u4ed6\u5011\u773c\u88e1\u7684\u532f\u7387\u64cd\u7e31\u884c\u70ba\u3002\u9019\u7a2e(\u7591\u5fc3)\u6e90\u81ea\u5c0d\u4e2d\u570b\u7d93\u6fdf\u7f3a\u4e4f\u7406\u89e3\u3002\u201d<\/p>\n
\u3000\u3000\u4e2d\u570b\u592e\u884c\u7684\u6e9d\u901a\u610f\u9858\u589e\u52a0\u662f\u6700\u5927\u8b8a\u5316\u3002\u53bb\u5e748\u670811\u65e5\u7684\u90a3\u6b21\u91cd\u5927\u8abf\u6574\u4f34\u96a8\u8457\u4e00\u4efd\u975e\u5e38\u7c21\u77ed\u7684\u8072\u660e\uff0c\u53ea\u8868\u793a\u6b64\u8209\u662f\u70ba\u4e86\u5b8c\u5584\u4eba\u6c11\u5e63\u5e02\u5834\u5316\u6a5f\u5236\u800c\u9032\u884c\u7684\u201c\u4e00\u6b21\u6027\u6821\u6b63\u201d\u548c\u8b8a\u52d5\uff0c\u6c92\u6709\u7d30\u7bc0\u3002<\/p>\n
\u3000\u3000\u9019\u4e00\u6709\u9650\u7684\u4fe1\u606f\u4fc3\u4f7f\u5916\u754c\u64d4\u6182\uff0c\u90a3\u6b21\u8cb6\u503c\u662f\u4e2d\u570b\u7d93\u6fdf\u6bd4\u4eba\u5011\u9810\u60f3\u7684\u8981\u7cdf\u7cd5\u5f97\u591a\u7684\u4e00\u500b\u6a19\u5fd7\uff0c\u800c\u4e2d\u570b\u592e\u884c\u5c0d\u8cc7\u672c\u6d41\u52d5\u7684\u7ba1\u5236\u53ef\u80fd\u6b63\u5728\u51fa\u73fe\u88c2\u7e2b\u3002<\/p>\n
\u3000\u3000\u4ed6\u5011\u9084\u64d4\u5fc3\uff0c\u4e2d\u570b\u6b63\u5728\u532f\u7387\u6230\u722d\u4e2d\u958b\u95e2\u4e00\u689d\u65b0\u6230\u7dda\uff0c\u5c0b\u6c42\u7af6\u722d\u6027\u8cb6\u503c\u4f86\u63d0\u632f\u51fa\u53e3\u3002<\/p>\n
\u3000\u3000\u201c\u653f\u7b56\u5236\u5b9a\u8005\u986f\u7136\u4f4e\u4f30\u4e86\u5c0d\u5e02\u5834\u9020\u6210\u7684\u6c96\u64ca\uff0c\u201d\u8607\u683c\u862d\u7687\u5bb6\u9280\u884c(RBS)\u9ad8\u7d1a\u5e02\u5834\u7b56\u7565\u5e2b\u66fc\u8607\u723e•\u83ab\u5e0c-\u70cf\u4e01(Mansoor
\nMohi-uddin)\u8868\u793a\u3002\u201c\u81ea\u90a3\u4ee5\u4f86\uff0c\u4ed6\u5011\u4e0d\u5f97\u4e0d\u505a\u51fa\u5f88\u5927\u6539\u8b8a\u3002\u201d<\/p>\n
\u3000\u3000\u6e9d\u901a\u5206\u5e7e\u6b65\u767c\u5c55\u3002\u53bb\u5e7412\u6708\uff0c\u4e2d\u570b\u592e\u884c\u958b\u59cb\u516c\u4f48\u5176\u8ffd\u8e64\u4eba\u6c11\u5e63\u532f\u7387\u6642\u53c3\u8003\u7684\u4e00\u7c43\u5b50\u8ca8\u5e63\u7684\u69cb\u6210\u3002\u81ea\u90a3\u4ee5\u4f86\uff0c\u591a\u6578\u5206\u6790\u5e2b\u5f97\u51fa\u7684\u7d50\u8ad6\u662f\u4e2d\u570b\u592e\u884c\u5728\u8a2d\u5b9a\u4eba\u6c11\u5e63\u4e2d\u9593\u50f9\u6642\u78ba\u5be6\u5728\u9075\u5faa\u5e02\u5834\u5b9a\u50f9\u2014\u2014\u81f3\u5c11\u6bd4\u4ee5\u524d\u5728\u66f4\u5927\u7a0b\u5ea6\u4e0a\u9075\u5faa\u5e02\u5834\uff0c\u800c\u4e14\u53ea\u8981\u9019\u9ebd\u505a\u7b26\u5408\u7576\u5c40\u7684\u610f\u5716\u3002<\/p>\n
\u3000\u3000\u516c\u958b\u767c\u8868\u8ac7\u8a71\u5247\u662f\u66f4\u5927\u7684\u5962\u6c42\uff1a\u9664\u4e86\u53bb\u5e749\u6708\u7684\u4e00\u6b21\u77ed\u66ab\u9732\u9762\uff0c\u4e2d\u570b\u592e\u884c\u884c\u9577\u5468\u5c0f\u5ddd\u76f4\u81f3\u4eca\u5e742\u6708\u63a5\u53d7\u4e00\u5bb6\u96dc\u5fd7\u63a1\u8a2a\u6642\u624d\u6253\u7834\u6c89\u9ed8\u2014\u2014\u9019\u9084\u662f\u57281\u6708\u4eba\u6c11\u5e63\u532f\u7387\u5927\u8dcc\u5f15\u767c\u65b0\u4e00\u8f2a\u5168\u7403\u52d5\u76ea\u3001\u62db\u81f4\u5404\u65b9\u6279\u8a55\u5f8c\u624d\u767c\u751f\u7684\u3002<\/p>\n
\u3000\u3000\u201c\u4e2d\u570b\u592e\u884c\u5b98\u54e1\u5df2\u7d93\u52a0\u5f37\u4e86\u4ed6\u5011\u7684\u6e9d\u901a\uff0c\u201d\u532f\u8c50(HSBC)\u4e9e\u6d32\u7d93\u6fdf\u7814\u7a76\u4e3b\u7ba1\u7bc4\u529b\u6c11(Frederic
\nNeumann)\u8aaa\uff0c\u201c\u4ed6\u5011(\u5df2\u7d93)\u8b93\u6295\u8cc7\u8005\u660e\u767d(\u532f\u7387\u6539\u9769)\u95dc\u4e4e\u5f48\u6027\uff0c\u800c\u975e\u6253\u97ff\u5168\u7403\u532f\u7387\u6230\u7684\u7b2c\u4e00\u69cd\u3002\u201d<\/p>\n
\u3000\u3000\u4e2d\u570b\u592e\u884c\u4e5f\u8b49\u660e\u77ad\u5176\u5df2\u7d93\u6e96\u5099\u597d\u6253\u786c\u4ed7\u3002\u4eca\u5e741\u6708\uff0c\u5c0d\u96e2\u5cb8\u5e02\u5834\u7684\u5927\u8209\u4e7e\u9810\u6253\u64ca\u4e86\u7a7a\u982d\uff0c\u963b\u6b62\u4e86\u4eba\u6c11\u5e63\u4e0b\u8dcc\u3002\u8207\u6b64\u540c\u6642\uff0c\u9996\u6b21\u5c0d\u96e2\u5cb8\u4eba\u6c11\u5e63\u5b58\u6b3e\u57f7\u884c\u65b0\u7684\u6e96\u5099\u91d1\u8981\u6c42\uff0c\u4f7f\u5f97\u9999\u6e2f\u77ed\u671f\u4eba\u6c11\u5e63\u501f\u6b3e\u5229\u7387\u57283\u6708\u5e95\u7684\u4e00\u5929\u8dcc\u81f3\u8ca0\u503c\u3002\u5176\u7d50\u679c\u662f\u4eba\u6c11\u5e63\u5728\u7d50\u675f\u7b2c\u4e00\u5b63\u5ea6\u4e4b\u969b\u8d70\u5f37\u3002<\/p>\n
\u3000\u3000\u770b\u8dcc\u4eba\u6c11\u5e63\u7684\u6295\u6a5f\u8005\u4f3c\u4e4e\u5df2\u6539\u8b8a\u4e3b\u610f\uff0c\u4ee5\u81f3\u65bc\u4e0a\u6708\u4eba\u6c11\u5e63\u532f\u7387\u8dcc\u81f35\u5e74\u4f4e\u9ede\u6642\uff0c\u5e02\u5834\u4e26\u672a\u51fa\u73fe\u53bb\u5e748\u6708\u7684\u90a3\u7a2e\u6fc0\u70c8\u53cd\u61c9\u3002<\/p>\n
\u3000\u3000\u4e2d\u570b\u592e\u884c\u7684\u8209\u63aa\u4e5f\u660e\u78ba\u8868\u660e\uff0c\u4e2d\u570b\u4f9d\u7136\u6709\u529b\u7ba1\u5236\u8457\u8cc7\u672c\u8cec\u6236\u3002<\/p>\n
\u3000\u3000\u5728\u53bb\u5e7412\u6708\u548c\u4eca\u5e741\u6708\uff0c\u4e2d\u570b\u5916\u532f\u5132\u5099\u5206\u5225\u4e0b\u964d\u903e1000\u5104\u7f8e\u5143\uff0c\u9019\u652f\u6301\u4e86\u770b\u8dcc\u4eba\u6c11\u5e63\u7684\u7406\u7531\u3002\u4f46\u96a8\u5f8c\u8cc7\u672c\u5916\u6d41\u6025\u5287\u653e\u7de9\uff0c\u6709\u5831\u9053\u7a31\u4e2d\u570b\u901a\u904e\u591a\u7a2e\u65b9\u5f0f\u6536\u7dca\u7ba1\u5236\u3002<\/p>\n
\u3000\u3000\u5176\u4e2d\u4e00\u4e9b\u65b9\u5f0f\u662f\u57f7\u884c\u73fe\u6709\u898f\u5247\u3002\u4e00\u4f4d\u6d88\u606f\u4eba\u58eb\u7a31\uff0c\u76e1\u7ba1\u5927\u578b\u6d77\u5916\u6536\u8cfc\u59cb\u7d42\u9700\u8981\u7372\u5f97\u4e2d\u570b\u570b\u5bb6\u5916\u532f\u7ba1\u7406\u5c40(SAFE)\u7684\u6279\u6e96\uff0c\u4f46\u73fe\u5728\u4eba\u5011\u611f\u89ba\uff0c\u201c\u4f60\u771f\u7684\u9700\u8981\u6709\u4e00\u7b46\u503c\u5f97\u512a\u5148\u65bc\u5176\u4ed6\u5c0d\u5916\u6295\u8cc7\u7684\u4ea4\u6613\u201d\u3002<\/p>\n
\u3000\u3000\u4e2d\u570b\u9084\u51fa\u53f0\u4e86\u65b0\u7684\u63aa\u65bd\uff1a\u5f9e\u4eca\u5e742\u6708\u958b\u59cb\uff0c\u4e2d\u570b\u592e\u884c\u958b\u59cb\u70ba\u5167\u5730\u4eba\u58eb\u5728\u9999\u6e2f\u8cfc\u8cb7\u4eba\u58fd\u4fdd\u96aa\u7684\u4ea4\u6613\u8a2d\u7f6e\u4e0a\u9650\uff0c\u4ee5\u963b\u6b62\u4ed6\u5011\u5229\u7528\u6f0f\u6d1e\u5411\u6d77\u5916\u8f49\u79fb\u8cc7\u91d1\u3002<\/p>\n
\u3000\u3000\u5916\u7ba1\u5c40\u4e0d\u518d\u5411\u570b\u5167\u6295\u8cc7\u8005\u6388\u4e88\u6d77\u5916\u6295\u8cc7\u984d\u5ea6\uff0c\u4e26\u505c\u6b62\u958b\u5c55\u7b2c\u4e8c\u6279\u5408\u683c\u5883\u5167\u6a5f\u69cb\u6295\u8cc7\u8005(QDII)\u9805\u76ee\u3002QDII\u9805\u76ee\u5141\u8a31\u570b\u5167\u6295\u8cc7\u8005\u5728\u570b\u5916\u8cfc\u8cb7\u80a1\u7968\u3002<\/p>\n
\u3000\u3000\u5b98\u54e1\u5011\u4e5f\u958b\u59cb\u9f13\u52f5\u5927\u578b\u9280\u884c\u548c\u5916\u570b\u4f01\u696d\u7684\u6f5b\u5728\u6536\u8cfc\u65b9\u501f\u5165\u7f8e\u5143\u4ee5\u5275\u5efa\u96e2\u5cb8\u8cc7\u91d1\u6c60\uff0c\u800c\u4e0d\u662f\u5c07\u73fe\u6709\u4eba\u6c11\u5e63\u8cc7\u91d1\u8f49\u79fb\u51fa\u53bb\u3002<\/p>\n
\u3000\u3000\u6700\u8fd1\u6c92\u6709\u98a8\u6ce2\u7684\u6700\u5f8c\u4e00\u500b\u539f\u56e0\u53ef\u80fd\u662f\u5168\u7403\u5176\u4ed6\u5730\u5340\u7206\u767c\u4e86\u5176\u4ed6\u5371\u6a5f\u3002<\/p>\n
\u3000\u3000\u99ac\u5927\u5049\u8868\u793a\uff1a\u201c\u4eba\u5011\u5df2\u7d93\u5206\u6563\u4e86\u8a3b\u610f\u529b\uff1a\u82f1\u570b\u9000\u6b50\u7b49\u5168\u7403\u6027\u4e8b\u4ef6\u610f\u5473\u8457\uff0c\u4e2d\u570b\u592e\u884c\u7ba1\u7406\u4eba\u6c11\u5e63\u53d7\u5230\u7684\u95dc\u8a3b\u548c\u5be9\u8996\u6e1b\u5c11\u4e86\u3002\u201d<\/p>\n
\u3000\u3000\u76e1\u7ba1\u4e2d\u570b\u592e\u884c\u52a0\u5f37\u4e86\u6e9d\u901a\uff0c\u4e26\u81f4\u529b\u65bc\u5e02\u5834\u5316\u532f\u7387\u7ba1\u7406\uff0c\u4f46\u5b83\u4ecd\u53ef\u80fd\u6b61\u8fce\u5168\u7403\u5927\u683c\u5c40\u7684\u9019\u7a2e\u8b8a\u5316\u3002<\/p>\n
\u3000\u3000\u5f7c\u5f97•\u97cb\u723e\u65af(Peter Wells)\u88dc\u5145\u5831\u9053<\/p>\n
\u3000\u3000\u8b6f\u8005\/\u4f55\u9ece<\/p>\n","protected":false},"excerpt":{"rendered":"
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