{"id":5555,"date":"2023-03-13T10:09:29","date_gmt":"2023-03-13T02:09:29","guid":{"rendered":"https:\/\/fanyuzhao.com\/?p=5555"},"modified":"2023-03-13T10:09:29","modified_gmt":"2023-03-13T02:09:29","slug":"usd%e6%b5%81%e8%bd%ac-%e4%bf%a1%e7%94%a8-%e7%a1%85%e8%b0%b7%e9%93%b6%e8%a1%8c","status":"publish","type":"post","link":"https:\/\/fanyuzhao.com\/?p=5555","title":{"rendered":"USD\u6d41\u8f6c \u4fe1\u7528 \u7845\u8c37\u94f6\u884c"},"content":{"rendered":"\n<h3 class=\"wp-block-heading\">QE<\/h3>\n\n\n\n<p>\u672c\u6765\u7f8e\u5143\u4f5c\u4e3a\u901a\u7528\u8d27\u5e01\uff0c\u800c\u4e14\u5f88\u7a33\u5b9a\uff0c\u7f8e\u56fd\u6162\u6162\u5370\u94b1\u6162\u6162\u704c\u6c34\u5c31\u884c\u4e86\uff0c\u53ef\u60dc\u6765\u4e86\u75ab\u60c5\uff0c\u4e3a\u4e86\u523a\u6fc0US\u5185\u7684\u7ecf\u6d4e\u5faa\u73af\uff0c\u5168\u4e16\u754c\u59d4\u5c48\u4e0b\uff0c\u7136\u540e\u5f00\u59cb\u5927\u91cf\u5370\u94b1\uff0c\u7f8e\u56fd\u725b\u903c\u3002\u77ed\u671f\u60c5\u51b5\u4e0b\u4ef7\u683c\u6c34\u5e73\u4e0d\u53d8\uff0c\uff081\uff09\u8d85\u989d\u5370\u51fa\u7684\u7f8e\u5143\u53ef\u4ee5\u7528\u6765\u8d2d\u4e70import\u5176\u4ed6\u56fd\u5bb6\u7684\u8d44\u4ea7\uff082\uff09\u4fc3\u8fdb\u56fd\u5185\u6d88\u8d39\uff0c\u5e26\u52a8\u5065\u5eb7\u7684\u7ecf\u6d4e\u5faa\u73af\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">QT<\/h3>\n\n\n\n<p>\u968f\u7740\u65f6\u95f4\u6bb5\u53d8\u957f\uff0c\u4e2d\u957f\u671f\u5e02\u573a\u4f1a\u8d85\u989d\u5370\u94b1\u901f\u4e86\u7f8e\u5143\u8d2c\u503c\uff0c\u4e00\u822c\u60c5\u51b5\u4e0b\uff0c\u6bcf\u6b21\u8d2c\u503c\u5230\u4e00\u5b9a\u7a0b\u5ea6\u7684\u65f6\u5019\u90fd\u4f1a\u52a0\u606f\u8ba9\u7f8e\u5143\u56de\u6d41\u3002\u56e0\u4e3a\u52a0\u606f\u4e4b\u540e\u6536\u76ca\u5229\u7387\u53d8\u9ad8\uff0c\u6295\u8d44\u8005\u53ef\u4ee5\u4e70\u7f8e\u5143\u5b58\u94f6\u884c\u6216\u8005\u6362\u7f8e\u5143\u4e70\u7f8e\u56fd\u5176\u4ed6\u8d44\u4ea7\uff0c\u5e26\u6765USD\u9700\u6c42\u589e\u52a0\uff0c\u8ba9\u5728\u5916\u6d41\u52a8\u7684\u7f8e\u5143\u51cf\u5c11\uff0c\u63a8\u52a8\u7f8e\u5143\u5347\u503c\u3002\u7136\u540eUS\u4ed8\u5229\u606f\u3002\u8d22\u653f\u8d39\u7528\u652f\u51fa\u589e\u52a0\uff08\u8d22\u653f\u90e8\uff0ccb\u914d\u5408\uff0c\u4ee5\u53caus gov\u8d44\u4ea7\u8d1f\u503a\u8868\u7814\u7a76 wait to be done\uff09\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">QE+QT Circulate<\/h3>\n\n\n\n<p>\u5438\u6536\u5230\u4e00\u5b9a\u7a0b\u5ea6\u540e\uff0cUSD\u5347\u503c\uff0c\u5e02\u573a\u4e2d\u7684USD\u91cf\u8fbe\u5230\u9002\u5f53\uff08quasi-equilibrium\uff09\u6c34\u5e73\u540e\uff0c\u53ef\u4ee5\u91cd\u590dQE QT\u8fc7\u7a0b\u3002<\/p>\n\n\n\n<p>\u7efc\u4e0a\uff1aQE+QT\u7ed3\u5408\u76f8\u5f53\u4e8e\uff1a\u6295\u8d44\u8005\uff08\u5176\u4ed6\u56fd\u5bb6\uff09\u628a\u94b1\u5b58\u5165\u94f6\u884c\uff08US\uff09\uff0c\u94f6\u884c\uff08US\uff09\u7ed9\u6295\u8d44\u8005\u5229\u606f\uff0c\u7136\u540e\u7528\u6295\u8d44\u8005\u7684\u94b1\uff0c\u4e70\u6295\u8d44\u8005\uff08\u5176\u4ed6\u56fd\u5bb6\uff09\u7684\u8d44\u4ea7\u3002In short, US\u7528\u4ed8\u5229\u606f\uff08money\uff09\u53bb\u4e70\u4e16\u754c\u7684goods and services\u3002 \u4f46\u662f\uff0c\u6240\u8c13\u5229\u606f\uff0c\u4e0d\u8fc7\u662f\u5f20\u7eb8\uff0c\u6216\u8005\u8bf4credit paper\u7f62\u4e86\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Some Facts in Reality<\/h3>\n\n\n\n<ul><li>\u4e2d\u56fd\u901a\u8fc7\u51fa\u53e3\uff0c\u6323\u4e86\u5f88\u591aCurrent account surplus \u8d38\u6613\u987a\u5dee\uff0c\u5373\u4e2d\u56fd\u5728\u51fa\u53e3\u5546\u54c1\u7684\u8fc7\u7a0b\u4e2d\uff0c\u6323\u4e86\u5f88\u591aUSD\u3002\u6b64\u65f6\u3002\u4e2d\u56fd\u4e16\u754c\u5de5\u5382\u7684\u804c\u80fd\u4f7f\u5f97\uff0c\u8fdb\u53e3\u5546\u8fdb\u53e3\u4e2d\u56fd\u5546\u54c1\u7684\u65f6\u5019\uff0c\u5bf9CNY\u9700\u6c42\u589e\u52a0\uff0c\u4f7f\u5f97CNY\u76f8\u5bf9\u5347\u503c\u3002\u66fe\u7ecf\u4e2d\u56fd\u5bf9CA surplus\u7684\u5904\u7406\u662f\uff0c\u4e70gov bond\uff0c\u4f46\u662f\u8fd1\u5e74\u9010\u6b65\u589e\u52a0\u5bf9\u5b9e\u4f53\u8d44\u4ea7\u7684\u6301\u6709\uff0c\u4ee5\u53ca\u5bf9gold\u7684\u6301\u6709\uff082020-2021\u5168\u7403QE\u7684\u80cc\u666f\u4e0b\uff0cgold\u50a8\u5907\u91cf\u4fdd\u8bc1\u8be5\u56fd\u8d27\u5e01\u7684\u4fe1\u7528\u6c34\u5e73\u3002USD\u6301\u6709\u4e5f\u6709\u4e3a\u5176\u4ed6\u56fd\u5bb6\u8d27\u5e01\u63d0\u4f9bcredibility\u7684\u529f\u80fd\uff0c\u4f46\u662f\u8be5\u529f\u80fd\u5728US\u8d85\u91cfQE\u7684\u80cc\u666f\u4e0b\u9010\u6e10\u4e0b\u964d\uff09\u3002\u6301\u6709\u5b9e\u4f53\u8d44\u4ea7\u7684\u597d\u5904\u5728\u4e8e\uff0c\u4e0d\u662fpaper currency\uff0c\u76f8\u5bf9\u66f4\u52a0\u4fdd\u503c\u4e14\u6709\u80fd\u529b\u8f6c\u6362\u4e3a\u751f\u4ea7\u529b\uff0c\u53d7\u5230\u98ce\u9669\u65f6\u4e5f\u66f4\u52a0\u7a33\u5b9a\u3002<\/li><li>US QE\u7684\u65f6\u5019\uff0c\u4e2d\u56fd\u4e5f\u5904\u5728\u75ab\u60c5\u5168\u56fdquarantine\u7684\u9636\u6bb5\uff0c\u51fa\u53e3\u51cf\u5c11\uff0c\u5bfc\u81f4\u5168\u7403\u5e02\u573a\u4e0a\u8d85\u989d\u5370\u53d1\u7684USD\u6ca1\u6709\u529e\u6cd5\u8d2d\u4e70\u8db3\u591f\u7684\u5546\u54c1\uff08\u4e2d\u56fdsupply\u5c11\u4e86\u5f88\u591a\uff0c\u5176\u4ed6\u56fd\u5bb6\u540c\u6837export\u5c11\u4e86\uff09\u3002\u6b64\u65f6US QE\u7684\u8d85\u91cf\u4e0d\u80fd\u88ab\u5e02\u573a\u6d88\u5316\uff0cUS\u901a\u80c0\u5927\u5e45\u4e0a\u6da8\u3002US\u4e3a\u4e86\u907f\u514dhyper- inflation\uff0c\u52a0\u606f\u6536\u56deUSD\u3002<\/li><li>\u5404\u56fdEU\uff0cCanada\uff0cUK\u7b49\uff08JP\u4e0d\u540c\uff09\u4e3a\u4e86\u907f\u514d\u5728USD\u5347\u8d2c\u503c\u7684\u8fc7\u7a0b\u4e2d\u88abUS\u6536\u5272\u8d44\u4ea7\uff0c\u57fa\u672c\u4e0a\u9009\u62e9\u548cUS\u7c7b\u4f3c\u8282\u594f\u7684\u5347\u964d\u606f\uff0c\u4ee5\u907f\u514d\u672c\u56fd\u8d44\u4ea7\u5927\u5e45\u6d41\u51fa\u3002\u4e2d\u56fd\u5916\u6c47\u7ba1\u5236\uff0c\u8d44\u4ea7\u96be\u4ee5\u6d41\u51fa\u3002 =&gt; \u8d85\u989dUSD\u96be\u4ee5\u88ab\u6d88\u8017\u3002<\/li><\/ul>\n\n\n\n<ul><li>\u4fc4\u4e4c\u95ee\u9898+\u5404\u79cdsanction\u4f7f\u5f97\u5982\u4fc4\u7f57\u65af\uff0c\u4f0a\u6717\u7b49\u56fd\u5bb6\u51fa\u73b0\u65e0\u6cd5\u8f6c\u8d26\u7b49\u95ee\u9898\uff0c\u8fd9\u4e9b\u56fd\u5bb6\u7684\u8d27\u5e01\u6d41\u901a\u51fa\u73b0\u56f0\u96be\uff0c\u4f7f\u5f97\u8fd9\u4e9b\u56fd\u5bb6\u8d27\u5e01\u7684credit\u4e0b\u964d\u3002\uff08\u6b64\u65f6\u8fd9\u4e9b\u56fd\u5bb6\u5bf9\u4e8eUSD\u7684\u9700\u6c42\u589e\u52a0\uff09\u3002<\/li><li>\u77f3\u6cb9\u7f8e\u5143\u7684\u52fe\u5728\u65b0\u80fd\u6e90\u5927\u80cc\u666f\u4e0b\u7a0d\u5fae\u51cf\u5f31\uff0c\u4f46\u662f\u5df2\u7ecf\u7a33\u5b9a\u3002<\/li><li>etc<\/li><\/ul>\n\n\n\n<p>\u603b\u4e4b\uff0c\u5728\u76ee\u524d\u77ed\u671f\u5185\uff0c\u8d85\u989dUSD\u96be\u4ee5\u88ab\u6d88\u8017\uff0cUS\u53ea\u80fd\u7ee7\u7eed\u5927\u5e45\u52a0\u606f\uff0c\u9ad8\u5229\u606f\u9ad8\u6536\u76ca\uff0c\u4e3a\u4e86\u5438\u5f15\u5176\u4ed6\u56fd\u5bb6\u94b1\u6d41\u5165\uff0c\u4e3a\u4e86\u6536\u56de\u8d85\u53d1\u7684\u8d27\u5e01\u907f\u514d\u901a\u80c0\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u7845\u8c37\u94f6\u884c<\/h3>\n\n\n\n<p>US QE+QT\u6bd5\u7adf\u662f\u5b8f\u89c2\u884c\u4e3a\uff0c\u4f46\u662f\u5b83\u6539\u53d8\u4e86\u6536\u76ca\u7387\u7684\u6a21\u5f0f\u3002\u6700\u660e\u663e\u7684\u7279\u5f81\u5c31\u662f\u6536\u76ca\u7387\u66f2\u7ebf\u5012\u6302\u3002\u957f\u671f\u5229\u7387\u4f4e\u4e8e\u77ed\u671f\u5229\u7387\u3002\u8fd9\u5bfc\u81f4\u5fae\u89c2\u5c42\u9762\uff0c\u6d88\u8d39\u8005\u5b58\u5165\u94f6\u884c\u7684\u94b1\u957f\u671f\u4e0d\u5982\u77ed\u671f\u7ed9\u7684\u5229\u606f\u591a\uff0c\u6d88\u8d39\u8005\u7f29\u51cf\u6295\u8d44\u671f\u9650\u7684\u60c5\u51b5\u589e\u52a0\u3002\u94f6\u884c\u6324\u5151\u51fa\u73b0\u3002<\/p>\n\n\n\n<p><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-medium\"><img loading=\"lazy\" decoding=\"async\" width=\"300\" height=\"187\" src=\"https:\/\/fanyuzhao.com\/wp-content\/uploads\/2023\/03\/Screenshot-2023-03-13-at-10.08.09-300x187.png\" alt=\"\" class=\"wp-image-5558\" srcset=\"http:\/\/fanyuzhao.com\/wp-content\/uploads\/2023\/03\/Screenshot-2023-03-13-at-10.08.09-300x187.png 300w, http:\/\/fanyuzhao.com\/wp-content\/uploads\/2023\/03\/Screenshot-2023-03-13-at-10.08.09-1024x637.png 1024w, http:\/\/fanyuzhao.com\/wp-content\/uploads\/2023\/03\/Screenshot-2023-03-13-at-10.08.09-768x478.png 768w, http:\/\/fanyuzhao.com\/wp-content\/uploads\/2023\/03\/Screenshot-2023-03-13-at-10.08.09-1536x956.png 1536w, http:\/\/fanyuzhao.com\/wp-content\/uploads\/2023\/03\/Screenshot-2023-03-13-at-10.08.09.png 1784w\" sizes=\"(max-width: 300px) 100vw, 300px\" \/><figcaption><a href=\"https:\/\/www.ustreasuryyieldcurve.com\">https:\/\/www.ustreasuryyieldcurve.com<\/a><\/figcaption><\/figure><\/div>\n\n\n<p>USD\u4fe1\u7528\u5d29\u584c\u7684\u60c5\u51b5\u9010\u6e10\u51fa\u73b0\u3002<\/p>\n","protected":false},"excerpt":{"rendered":"<p>QE \u672c\u6765\u7f8e\u5143\u4f5c\u4e3a\u901a\u7528\u8d27\u5e01\uff0c\u800c\u4e14\u5f88\u7a33\u5b9a\uff0c\u7f8e\u56fd\u6162\u6162\u5370\u94b1\u6162\u6162\u704c\u6c34\u5c31\u884c\u4e86\uff0c\u53ef\u60dc\u6765\u4e86\u75ab\u60c5\uff0c\u4e3a\u4e86\u523a\u6fc0US\u5185\u7684\u7ecf\u6d4e\u5faa\u73af\uff0c\u5168\u4e16\u754c\u59d4\u5c48\u4e0b\uff0c\u7136\u540e\u5f00\u59cb\u5927\u91cf\u5370\u94b1\uff0c\u7f8e\u56fd\u725b\u903c\u3002\u77ed\u671f\u60c5\u51b5\u4e0b\u4ef7\u683c\u6c34\u5e73\u4e0d\u53d8\uff0c\uff081\uff09\u8d85\u989d\u5370\u51fa\u7684\u7f8e\u5143\u53ef\u4ee5\u7528\u6765\u8d2d\u4e70import\u5176\u4ed6\u56fd\u5bb6\u7684\u8d44\u4ea7\uff082\uff09\u4fc3\u8fdb\u56fd\u5185\u6d88\u8d39\uff0c\u5e26\u52a8\u5065\u5eb7\u7684\u7ecf\u6d4e\u5faa\u73af\u3002 QT \u968f\u7740\u65f6\u95f4\u6bb5\u53d8\u957f\uff0c\u4e2d\u957f\u671f\u5e02\u573a\u4f1a\u8d85\u989d\u5370\u94b1\u901f\u4e86\u7f8e\u5143\u8d2c\u503c\uff0c\u4e00\u822c\u60c5\u51b5\u4e0b\uff0c\u6bcf\u6b21\u8d2c\u503c\u5230\u4e00\u5b9a\u7a0b\u5ea6\u7684\u65f6\u5019\u90fd\u4f1a\u52a0\u606f\u8ba9\u7f8e\u5143\u56de\u6d41\u3002\u56e0\u4e3a\u52a0\u606f\u4e4b\u540e\u6536\u76ca\u5229\u7387\u53d8\u9ad8\uff0c\u6295\u8d44\u8005\u53ef\u4ee5\u4e70\u7f8e\u5143\u5b58\u94f6\u884c\u6216\u8005\u6362\u7f8e\u5143\u4e70\u7f8e\u56fd\u5176\u4ed6\u8d44\u4ea7\uff0c\u5e26\u6765USD\u9700\u6c42\u589e\u52a0\uff0c\u8ba9\u5728\u5916\u6d41\u52a8\u7684\u7f8e\u5143\u51cf\u5c11\uff0c\u63a8\u52a8\u7f8e\u5143\u5347\u503c\u3002\u7136\u540eUS\u4ed8\u5229\u606f\u3002\u8d22\u653f\u8d39\u7528\u652f\u51fa\u589e\u52a0\uff08\u8d22\u653f\u90e8\uff0ccb\u914d\u5408\uff0c\u4ee5\u53caus gov\u8d44\u4ea7\u8d1f\u503a\u8868\u7814\u7a76 wait to be done\uff09\u3002 QE+QT Circulate \u5438\u6536\u5230\u4e00\u5b9a\u7a0b\u5ea6\u540e\uff0cUSD\u5347\u503c\uff0c\u5e02\u573a\u4e2d\u7684USD\u91cf\u8fbe\u5230\u9002\u5f53\uff08quasi-equilibrium\uff09\u6c34\u5e73\u540e\uff0c\u53ef\u4ee5\u91cd\u590dQE QT\u8fc7\u7a0b\u3002 \u7efc\u4e0a\uff1aQE+QT\u7ed3\u5408\u76f8\u5f53\u4e8e\uff1a\u6295\u8d44\u8005\uff08\u5176\u4ed6\u56fd\u5bb6\uff09\u628a\u94b1\u5b58\u5165\u94f6\u884c\uff08US\uff09\uff0c\u94f6\u884c\uff08US\uff09\u7ed9\u6295\u8d44\u8005\u5229\u606f\uff0c\u7136\u540e\u7528\u6295\u8d44\u8005\u7684\u94b1\uff0c\u4e70\u6295\u8d44\u8005\uff08\u5176\u4ed6\u56fd\u5bb6\uff09\u7684\u8d44\u4ea7\u3002In short, US\u7528\u4ed8\u5229\u606f\uff08money\uff09\u53bb\u4e70\u4e16\u754c\u7684goods and services\u3002 \u4f46\u662f\uff0c\u6240\u8c13\u5229\u606f\uff0c\u4e0d\u8fc7\u662f\u5f20\u7eb8\uff0c\u6216\u8005\u8bf4credit paper\u7f62\u4e86\u3002 Some Facts in Reality \u4e2d\u56fd\u901a\u8fc7\u51fa\u53e3\uff0c\u6323\u4e86\u5f88\u591aCurrent account surplus \u8d38\u6613\u987a\u5dee\uff0c\u5373\u4e2d\u56fd\u5728\u51fa\u53e3\u5546\u54c1\u7684\u8fc7\u7a0b\u4e2d\uff0c\u6323\u4e86\u5f88\u591aUSD\u3002\u6b64\u65f6\u3002\u4e2d\u56fd\u4e16\u754c\u5de5\u5382\u7684\u804c\u80fd\u4f7f\u5f97\uff0c\u8fdb\u53e3\u5546\u8fdb\u53e3\u4e2d\u56fd\u5546\u54c1\u7684\u65f6\u5019\uff0c\u5bf9CNY\u9700\u6c42\u589e\u52a0\uff0c\u4f7f\u5f97CNY\u76f8\u5bf9\u5347\u503c\u3002\u66fe\u7ecf\u4e2d\u56fd\u5bf9CA surplus\u7684\u5904\u7406\u662f\uff0c\u4e70gov 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