{"id":8296,"date":"2026-03-26T01:27:05","date_gmt":"2026-03-25T17:27:05","guid":{"rendered":"https:\/\/www.syfe.com\/hk\/magazine\/?p=8296"},"modified":"2026-03-28T19:33:49","modified_gmt":"2026-03-28T11:33:49","slug":"%e7%b8%ae-%e8%a1%a8-%e6%98%af-%e4%bb%80%e9%ba%bc-%e6%84%8f%e6%80%9d","status":"publish","type":"post","link":"https:\/\/www.syfe.com\/hk\/magazine\/zh-hant\/%e7%b8%ae-%e8%a1%a8-%e6%98%af-%e4%bb%80%e9%ba%bc-%e6%84%8f%e6%80%9d\/","title":{"rendered":"\u806f\u5132\u5c40\u7e2e\u8868\u662f\u4ec0\u9ebc\u610f\u601d\uff1f\u4e00\u6587\u5b78\u61c2\u9019\u500b\u5de6\u53f3\u80a1\u5e02\u7684\u806f\u5132\u5c40\u653f\u7b56"},"content":{"rendered":"\n<p>\u5728\u65b0\u805e\u4e2d\u983b\u983b\u51fa\u73fe\u7684\u300c\u806f\u5132\u5c40\u7e2e\u8868\u300d\u4e00\u8a5e\u5f88\u6613\u4ee4\u4eba\u4e00\u982d\u9727\u6c34\u3002\u4e8b\u5be6\u4e0a\uff0c\u7e2e\u8868\u9019\u500b\u770b\u4f3c\u9059\u9060\u7684\u7f8e\u570b\u8ca8\u5e63\u653f\u7b56\uff0c\u5176\u5be6\u6b63\u6084\u6084\u5f71\u97ff\u8457\u5168\u7403\u5404\u570b\u6c11\u773e\u7684\u623f\u8cb8\u5229\u7387\u3001\u80a1\u7968\u6295\u8cc7\uff0c\u751a\u81f3\u662f\u65e5\u5e38\u6d88\u8cbb\u3002\u672c\u6587\u5e36\u4f60\u5feb\u901f\u7406\u89e3\u7e2e\u8868\u662f\u4ec0\u9ebc\u610f\u601d\uff0c\u4ee5\u53ca\u7e2e\u8868\u5982\u4f55\u5f71\u97ff\u91d1\u878d\u53ca\u80a1\u7968\u5e02\u5834\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/www.syfe.com\/hk\/magazine\/wp-content\/uploads\/2026\/03\/\u7e2e-\u8868-\u662f-\u4ec0\u9ebc-\u610f\u601d-1024x576.png\" alt=\"\" class=\"wp-image-8297\" srcset=\"https:\/\/www.syfe.com\/hk\/magazine\/wp-content\/uploads\/2026\/03\/\u7e2e-\u8868-\u662f-\u4ec0\u9ebc-\u610f\u601d-1024x576.png 1024w, https:\/\/www.syfe.com\/hk\/magazine\/wp-content\/uploads\/2026\/03\/\u7e2e-\u8868-\u662f-\u4ec0\u9ebc-\u610f\u601d-300x169.png 300w, https:\/\/www.syfe.com\/hk\/magazine\/wp-content\/uploads\/2026\/03\/\u7e2e-\u8868-\u662f-\u4ec0\u9ebc-\u610f\u601d-768x432.png 768w, https:\/\/www.syfe.com\/hk\/magazine\/wp-content\/uploads\/2026\/03\/\u7e2e-\u8868-\u662f-\u4ec0\u9ebc-\u610f\u601d-1536x864.png 1536w, https:\/\/www.syfe.com\/hk\/magazine\/wp-content\/uploads\/2026\/03\/\u7e2e-\u8868-\u662f-\u4ec0\u9ebc-\u610f\u601d-747x420.png 747w, https:\/\/www.syfe.com\/hk\/magazine\/wp-content\/uploads\/2026\/03\/\u7e2e-\u8868-\u662f-\u4ec0\u9ebc-\u610f\u601d-696x392.png 696w, https:\/\/www.syfe.com\/hk\/magazine\/wp-content\/uploads\/2026\/03\/\u7e2e-\u8868-\u662f-\u4ec0\u9ebc-\u610f\u601d-1068x601.png 1068w, https:\/\/www.syfe.com\/hk\/magazine\/wp-content\/uploads\/2026\/03\/\u7e2e-\u8868-\u662f-\u4ec0\u9ebc-\u610f\u601d.png 1920w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\t\t\t\t<div class=\"wp-block-uagb-table-of-contents uagb-toc__align-left uagb-toc__columns-1  uagb-block-5bfcfde0      \"\n\t\t\t\t\tdata-scroll= \"1\"\n\t\t\t\t\tdata-offset= \"30\"\n\t\t\t\t\tstyle=\"\"\n\t\t\t\t>\n\t\t\t\t<div class=\"uagb-toc__wrap\">\n\t\t\t\t\t\t<div class=\"uagb-toc__title\">\n\t\t\t\t\t\t\tQT\u7684\u610f\u601d\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"uagb-toc__list-wrap \">\n\t\t\t\t\t\t<ol class=\"uagb-toc__list\"><li class=\"uagb-toc__list\"><a href=\"#\u7e2e\u8868\u662f\u4ec0\u9ebc\" class=\"uagb-toc-link__trigger\">\u7e2e\u8868\u662f\u4ec0\u9ebc\uff1f<\/a><ul class=\"uagb-toc__list\"><li class=\"uagb-toc__list\"><a href=\"#\u806f\u5132\u5c40\u8cc7\u7522\u8ca0\u50b5\u8868\u64f4\u5f35\u7684\u6b77\u53f2\u8108\u7d61\" class=\"uagb-toc-link__trigger\">\u806f\u5132\u5c40\u8cc7\u7522\u8ca0\u50b5\u8868\u64f4\u5f35\u7684\u6b77\u53f2\u8108\u7d61<\/a><li class=\"uagb-toc__list\"><li class=\"uagb-toc__list\"><a href=\"#\u806f\u5132\u5c40\u5be6\u969b\u4e0a\u600e\u6a23\u7e2e\u8868\" class=\"uagb-toc-link__trigger\">\u806f\u5132\u5c40\u5be6\u969b\u4e0a\u600e\u6a23\u7e2e\u8868\uff1f<\/a><\/li><\/ul><\/li><li class=\"uagb-toc__list\"><a href=\"#\u7e2e\u8868\u5c0d\u91d1\u878d\u50b5\u5238\u80a1\u7968\u5e02\u5834\u7684\u5f71\u97ff\" class=\"uagb-toc-link__trigger\">\u7e2e\u8868\u5c0d\u91d1\u878d\uff0f\u50b5\u5238\uff0f\u80a1\u7968\u5e02\u5834\u7684\u5f71\u97ff<\/a><\/ul><\/ol>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\n\n\n<h2 class=\"wp-block-heading\"><strong>\u7e2e\u8868\u662f\u4ec0\u9ebc\uff1f<\/strong><\/h2>\n\n\n\n<p>\u7e2e\u8868\uff08\u82f1\u6587\uff1aQuantitative Tightening, \u7c21\u7a31\uff1aQT\uff09\u5728\u6280\u8853\u4e0a\u662f\u7f8e\u570b<a href=\"https:\/\/www.syfe.com\/hk\/magazine\/zh-hant\/%E8%81%AF%E5%84%B2-%E5%B1%80-%E8%AD%B0-%E6%81%AF-%E6%9C%83%E8%AD%B0-%E6%97%A5%E6%9C%9F-%E4%B8%BB%E5%B8%AD\/\">\u806f\u5132\u5c40<\/a>\u8ca8\u5e63\u653f\u7b56\u6b63\u5e38\u5316\u7684\u6838\u5fc3\u5de5\u5177\uff0c\u5176\u672c\u8cea\u70ba\u91cf\u5316\u5bec\u9b06\u653f\u7b56\uff08\u82f1\u6587\uff1aQuantitative Easing, \u7c21\u7a31\uff1aQE\uff09\u7684\u53cd\u5411\u64cd\u4f5c\u3002<\/p>\n\n\n\n<p>\u5728\u91d1\u878d\u5371\u6a5f\u6216\u7d93\u6fdf\u8870\u9000\u671f\u9593\uff0c\u806f\u5132\u5c40\u6703\u900f\u904e\u5927\u898f\u6a21\u8cfc\u5165\u7f8e\u570b\u570b\u50b5\u53ca\u6a5f\u69cb\u62b5\u62bc\u8cb8\u6b3e\u8b49\u5238\uff08MBS\uff09\u5411\u91d1\u878d\u9ad4\u7cfb\u6ce8\u5165\u6d41\u52d5\u6027\uff0c\u81f4\u4f7f\u5c40\u65b9\u8cc7\u7522\u8ca0\u50b5\u8868\u898f\u6a21\u6025\u5287\u81a8\u8139\u3002\u7e2e\u8868\u653f\u7b56\u5247\u65e8\u5728\u7cfb\u7d71\u6027\u964d\u4f4e\u8cc7\u7522\u8ca0\u50b5\u8868\u898f\u6a21\uff0c\u56de\u6536\u904e\u5269\u6d41\u52d5\u6027\uff0c\u4f7f\u8ca8\u5e63\u653f\u7b56\u6846\u67b6\u56de\u6b78\u5e38\u614b\u5316\u904b\u4f5c\uff0c\u70ba\u672a\u4f86\u6f5b\u5728\u7684\u7d93\u6fdf\u4e0b\u884c\u9810\u7559\u653f\u7b56\u7a7a\u9593\u3002<\/p>\n\n\n\n<p>\u53e6\u5916\uff0c\u82e5\u679c\u806f\u5132\u5c40\u8cc7\u7522\u8ca0\u50b5\u8868\u592a\u5927\uff0c\u5728\u9ad8\u5229\u7387\u74b0\u5883\u4e0b\u66f4\u5bb9\u6613\u51fa\u73fe\u5229\u606f\u652f\u51fa\u9ad8\u65bc\u8cc7\u7522\u6536\u76ca\u7684\u60c5\u6cc1\uff0c\u800c\u7e2e\u8868\u53ef\u4ee5<a href=\"https:\/\/www.richmondfed.org\/publications\/research\/econ_focus\/2022\/q3_federal_reserve\">\u6e1b\u5c11<\/a>\u9019\u7a2e\u58d3\u529b\u3002<\/p>\n\n\n\n<p><strong>\u66f4\u591a\u50b5\u5238\u6295\u8cc7\u8cc7\u8a0a\uff5c<\/strong><a href=\"https:\/\/www.syfe.com\/hk\/magazine\/zh-hant\/%E9%A6%99%E6%B8%AF-%E6%80%8E%E9%BA%BC-%E8%B2%B7-%E7%BE%8E%E5%82%B5-10%E5%B9%B4-etf\/\"><strong>\u5982\u4f55\u8cb7\u7f8e\u50b5<\/strong><\/a><strong>\uff5c<\/strong><a href=\"https:\/\/www.syfe.com\/hk\/magazine\/zh-hant\/%E5%B7%A8%E7%81%BD%E5%82%B5%E5%88%B8-%E6%98%AF%E4%BB%80%E9%BA%BC-%E9%A6%99%E6%B8%AF-%E5%9F%BA%E9%87%91-%E5%8E%9F%E7%90%86-%E4%BF%9D%E9%9A%AA%E7%9B%B8%E9%80%A3-%E8%8B%B1%E6%96%87\/\"><strong>\u5de8\u707d\u50b5\u5238<\/strong><\/a><strong>\uff5c<\/strong><a href=\"https:\/\/www.syfe.com\/hk\/magazine\/zh-hant\/%E6%B0%B8%E7%BA%8C-%E5%82%B5%E5%88%B8-perpetual-bond\/\"><strong>\u6c38\u7e8c\u50b5\u5238<\/strong><\/a>\uff5c<a href=\"https:\/\/www.syfe.com\/hk\/magazine\/zh-hant\/%e5%9f%8e-%e6%8a%95-%e5%82%b5\/\">\u57ce\u6295\u50b5<\/a>\uff5c<a href=\"https:\/\/www.syfe.com\/hk\/magazine\/zh-hant\/%e4%bf%a1%e7%94%a8-%e8%a9%95%e7%b4%9a-%e6%a9%9f%e6%a7%8b\/\">\u4fe1\u7528\u8a55\u7d1a\u6a5f\u69cb<\/a><\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u806f\u5132\u5c40\u8cc7\u7522\u8ca0\u50b5\u8868\u64f4\u5f35\u7684\u6b77\u53f2\u8108\u7d61<\/h3>\n\n\n\n<p>\u8981\u7406\u89e3\u7e2e\u8868\u70ba\u4ec0\u9ebc\u91cd\u8981\uff0c\u5fc5\u9808\u7406\u89e3\u806f\u5132\u5c40\u8cc7\u7522\u8ca0\u50b5\u8868\u7684\u6f14\u8b8a\u8ecc\u8de1\u30022008\u5e74\u91d1\u878d\u6d77\u562f\u524d\uff0c\u806f\u5132\u5c40\u8cc7\u7522\u898f\u6a21<a href=\"https:\/\/www.frbsf.org\/research-and-insights\/publications\/economic-letter\/2019\/06\/why-is-fed-balance-sheet-still-so-big\/\">\u7d04<\/a>\u70ba8,700\u5104\u7f8e\u5143\uff0c\u4e3b\u8981\u70ba\u7f8e\u570b<a href=\"https:\/\/www.syfe.com\/hk\/magazine\/zh-hant\/%E6%94%BF%E5%BA%9C-%E5%82%B5%E5%88%B8\/\">\u570b\u50b5<\/a>\u3002\u70ba\u61c9\u5c0d\u6b21\u8cb8\u5371\u6a5f\uff0c\u806f\u5132\u5c40\u555f\u52d53\u8f2a\u91cf\u5316\u5bec\u9b06\uff0c\u8cc7\u7522\u898f\u6a21\u57282014\u5e74\u5e95\u81a8\u8139\u81f3\u9054\u52304.5\u5146\u7f8e\u5143\u3002<\/p>\n\n\n\n<p>\u96a8\u5f8c2017\u5e74\u81f32019\u5e74\u7684\u806f\u5132\u5c40\u9996\u6b21\u7e2e\u8868\u5617\u8a66\uff0c\u50c5\u5c07\u898f\u6a21\u964d\u81f33.8\u5146\u7f8e\u5143\u4fbf\u4e2d\u65b7\u3002\u57282020\u5e74\u65b0\u51a0\u75ab\u60c5\u7206\u767c\uff0c\u806f\u5132\u5c40\u518d\u5ea6\u555f\u52d5\u7121\u9650\u91cfQE\uff0c\u8cc7\u7522\u8ca0\u50b5\u8868\u65bc2022\u5e744\u6708\u9054\u5230\u6b77\u53f2\u5cf0\u503c8.96\u5146\u7f8e\u5143\u3002<\/p>\n\n\n\n<p>\u9019\u7a2e\u53f2\u7121\u524d\u4f8b\u7684\u64f4\u5f35\u96d6\u7136\u7a69\u5b9a\u91d1\u878d\u5e02\u5834\uff0c\u4f46\u4e5f\u9020\u6210\u8cc7\u91d1\u904e\u5269\u3001\u8cc7\u7522\u50f9\u683c\u626d\u66f2\u53ca\u901a\u8139\u58d3\u529b\u7d2f\u7a4d\u7b49\u7d50\u69cb\u6027\u554f\u984c\u3002\u622a\u81f32026\u5e742\u6708\u4e2d\uff0c\u806f\u5132\u5c40\u8cc7\u7522\u8ca0\u50b5\u8868\u5df2\u7531\u6b77\u53f2\u9ad8\u4f4d\u56de\u843d<a href=\"https:\/\/tradingeconomics.com\/united-states\/central-bank-balance-sheet\">\u81f3<\/a>6.6\u5146\u7f8e\u5143\uff0c\u4f46\u7e2e\u8868\u884c\u52d52025\u5e74\u5167\u5df2\u9010\u6b65\u653e\u6162\uff0c\u4e26\u65bc2025\u5e7412\u6708<a href=\"https:\/\/www.comerica.com\/insights\/economic-insights\/general-economic-commentary\/fed-signals-end-to-balance-sheet-runoff.html\">\u5df2<\/a>\u7d50\u675f\u7e2e\u8868\uff0c\u5982\u4eca\u806f\u5132\u5c40\u8cc7\u7522\u8ca0\u50b5\u8868\u5448\u6a6b\u884c\u8d70\u52e2\u3002<\/p>\n\n\n\n<h3 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