{
    "id": 70468,
    "date": "2026-04-10T09:13:02",
    "date_gmt": "2026-04-10T02:13:02",
    "guid": {
        "rendered": "https:\/\/hbbgroup.net\/cny-safe-haven-role-and-cgb-demand-bny\/"
    },
    "modified": "2026-04-10T09:28:14",
    "modified_gmt": "2026-04-10T02:28:14",
    "slug": "cny-vai-tro-tai-san-tru-an-an-toan-va-nhu-cau-doi-voi-trai-phieu-chinh-phu-trung-quoc-cgb-bny",
    "status": "publish",
    "type": "post",
    "link": "https:\/\/hbbgroup.net\/en_us\/cny-vai-tro-tai-san-tru-an-an-toan-va-nhu-cau-doi-voi-trai-phieu-chinh-phu-trung-quoc-cgb-bny\/",
    "title": {
        "rendered": "CNY: Vai tr\u00f2 t\u00e0i s\u1ea3n tr\u00fa \u1ea9n an to\u00e0n v\u00e0 nhu c\u1ea7u \u0111\u1ed1i v\u1edbi tr\u00e1i phi\u1ebfu ch\u00ednh ph\u1ee7 Trung Qu\u1ed1c (CGB) \u2013 BNY"
    },
    "content": {
        "rendered": "<div id=\"post-content-section\">\n<p>Chi\u1ebfn l\u01b0\u1ee3c gia Geoff Yu c\u1ee7a BNY cho bi\u1ebft \u0111\u1ed3ng CNY ban \u0111\u1ea7u ho\u1ea1t \u0111\u1ed9ng nh\u01b0 m\u1ed9t t\u00e0i s\u1ea3n tr\u00fa \u1ea9n an to\u00e0n th\u1ee9 c\u1ea5p trong giai \u0111o\u1ea1n xung \u0111\u1ed9t, v\u1edbi hi\u1ec7u su\u1ea5t m\u1ea1nh v\u00e0 bi\u1ebfn \u0111\u1ed9ng \u0111\u01b0\u1ee3c ki\u1ec3m so\u00e1t, trong khi d\u00f2ng v\u1ed1n cho th\u1ea5y m\u1ed1i quan h\u1ec7 ngh\u1ecbch v\u1edbi l\u01b0\u1ee3ng n\u1eafm gi\u1eef tr\u00e1i phi\u1ebfu ch\u00ednh ph\u1ee7 Trung Qu\u1ed1c (CGB). D\u1eef li\u1ec7u \u0111\u1ea7u qu\u00fd 2 hi\u1ec7n cho th\u1ea5y c\u1ea3 CNY v\u00e0 CGB \u0111\u1ec1u \u0111\u01b0\u1ee3c mua v\u00e0o \u0111\u1ed3ng th\u1eddi, cho th\u1ea5y m\u1ee9c \u0111\u1ed9 ti\u1ebfp x\u00fac tr\u1ef1c ti\u1ebfp v\u1edbi CNY \u0111ang gia t\u0103ng, d\u00f9 l\u1ee3i su\u1ea5t t\u01b0\u01a1ng \u0111\u1ed1i v\u1eabn th\u1ea5p v\u00e0 PBoC v\u1eabn h\u1ea1n ch\u1ebf vi\u1ec7c t\u0103ng gi\u00e1 theo REER.<\/p>\n<p><strong>D\u00f2ng v\u1ed1n cho th\u1ea5y vai tr\u00f2 tr\u00fa \u1ea9n c\u1ee7a CNY \u0111ang thay \u0111\u1ed5i<\/strong><\/p>\n<p>\u201cTrong tu\u1ea7n \u0111\u1ea7u c\u1ee7a xung \u0111\u1ed9t, CNY l\u00e0 \u0111\u1ed3ng ti\u1ec1n t\u0103ng m\u1ea1nh nh\u1ea5t, khi\u1ebfn ch\u00fang t\u00f4i xem x\u00e9t li\u1ec7u n\u00f3 c\u00f3 th\u1ec3 \u0111\u00f3ng vai tr\u00f2 nh\u01b0 m\u1ed9t t\u00e0i s\u1ea3n tr\u00fa \u1ea9n th\u1ee9 c\u1ea5p (sau USD) hay kh\u00f4ng. So v\u1edbi c\u00e1c n\u1ec1n kinh t\u1ebf ch\u00e2u \u00c1 \u2013 Th\u00e1i B\u00ecnh D\u01b0\u01a1ng c\u00f3 t\u1ef7 l\u1ec7 ti\u1ebft ki\u1ec7m cao, kh\u1ea3 n\u0103ng ch\u1ed1ng ch\u1ecbu v\u1edbi gi\u00e1 n\u0103ng l\u01b0\u1ee3ng c\u1ee7a Trung Qu\u1ed1c t\u1ed1t h\u01a1n, v\u00e0 bi\u1ebfn \u0111\u1ed9ng t\u1ef7 gi\u00e1 \u0111\u01b0\u1ee3c ki\u1ec3m so\u00e1t ch\u1eb7t ch\u1ebd.\u201d<\/p>\n<p>\u201cTuy nhi\u00ean, d\u1eef li\u1ec7u d\u00f2ng v\u1ed1n cho th\u1ea5y giai \u0111o\u1ea1n mua CNY tr\u00f9ng kh\u1edbp ho\u00e0n to\u00e0n v\u1edbi d\u00f2ng v\u1ed1n r\u00fat m\u1ea1nh kh\u1ecfi tr\u00e1i phi\u1ebfu ch\u00ednh ph\u1ee7 Trung Qu\u1ed1c. M\u1ed1i quan h\u1ec7 ngh\u1ecbch gi\u1eefa CNY v\u00e0 CGB \u0111\u00e3 di\u1ec5n ra xuy\u00ean su\u1ed1t ph\u1ea7n l\u1edbn n\u0103m nay, n\u00ean vi\u1ec7c mua CNY ph\u1ea3n \u00e1nh vi\u1ec7c tho\u00e1i v\u1ed1n kh\u1ecfi CGB, c\u00f3 th\u1ec3 do lo ng\u1ea1i l\u1ea1m ph\u00e1t t\u0103ng l\u00e0m gi\u1ea3m l\u00e3i su\u1ea5t th\u1ef1c.\u201d<\/p>\n<p>\u201cNhu c\u1ea7u v\u1edbi CGB quay tr\u1edf l\u1ea1i v\u00e0o cu\u1ed1i th\u00e1ng, v\u00e0 ch\u00fang t\u00f4i c\u0169ng th\u1ea5y d\u00f2ng v\u1ed1n CNY chuy\u1ec3n sang b\u00e1n r\u00f2ng khi ho\u1ea1t \u0111\u1ed9ng ph\u00f2ng h\u1ed9 gia t\u0103ng. Tuy nhi\u00ean, d\u1eef li\u1ec7u \u0111\u1ea7u qu\u00fd 2 cho th\u1ea5y s\u1ef1 thay \u0111\u1ed5i h\u00e0nh vi, khi c\u1ea3 CNY v\u00e0 CGB \u0111\u1ec1u \u0111\u01b0\u1ee3c mua r\u00f2ng. \u0110\u00e2y c\u00f3 th\u1ec3 l\u00e0 d\u1ea5u hi\u1ec7u ban \u0111\u1ea7u cho th\u1ea5y th\u1ecb tr\u01b0\u1eddng \u0111ang t\u00ecm ki\u1ebfm m\u1ee9c \u0111\u1ed9 ti\u1ebfp x\u00fac tr\u1ef1c ti\u1ebfp v\u1edbi CNY cao h\u01a1n \u2013 trong khi CGB hi\u1ec7n \u0111\u01b0\u1ee3c mua v\u1edbi t\u1ef7 l\u1ec7 ph\u00f2ng h\u1ed9 th\u1ea5p h\u01a1n.\u201d<\/p>\n<p>\u201cM\u1eb7t kh\u00e1c, c\u0169ng c\u00f3 kh\u1ea3 n\u0103ng l\u1ea7n \u0111\u1ea7u ti\u00ean k\u1ec3 t\u1eeb sau khi m\u1edf c\u1eeda h\u1eadu \u0111\u1ea1i d\u1ecbch, Trung Qu\u1ed1c \u0111ang th\u1ef1c s\u1ef1 b\u01b0\u1edbc v\u00e0o giai \u0111o\u1ea1n t\u00e1i l\u1ea1m ph\u00e1t, v\u00e0 th\u1ecb tr\u01b0\u1eddng c\u00f3 th\u1ec3 \u0111ang \u0111\u00e1nh gi\u00e1 sai tri\u1ec3n v\u1ecdng l\u1ee3i su\u1ea5t ng\u1eafn h\u1ea1n. K\u1ebft h\u1ee3p v\u1edbi k\u1ef3 v\u1ecdng Fed c\u00f3 xu h\u01b0\u1edbng n\u1edbi l\u1ecfng (ngay c\u1ea3 tr\u01b0\u1edbc khi l\u1ec7nh ng\u1eebng b\u1eafn \u0111\u01b0\u1ee3c c\u00f4ng b\u1ed1), vi\u1ec7c duy tr\u00ec chi\u1ebfn l\u01b0\u1ee3c ph\u00f2ng h\u1ed9 nh\u01b0 tr\u01b0\u1edbc \u0111\u00e2y \u0111\u1ed1i v\u1edbi t\u00e0i s\u1ea3n Trung Qu\u1ed1c c\u00f3 th\u1ec3 kh\u00f4ng c\u00f2n mang l\u1ea1i t\u1ef7 l\u1ec7 r\u1ee7i ro\/l\u1ee3i nhu\u1eadn h\u1ea5p d\u1eabn nh\u01b0 c\u00e1c n\u0103m tr\u01b0\u1edbc.\u201d<\/p>\n<p>(B\u00e0i vi\u1ebft \u0111\u01b0\u1ee3c t\u1ea1o v\u1edbi s\u1ef1 h\u1ed7 tr\u1ee3 c\u1ee7a c\u00f4ng c\u1ee5 AI v\u00e0 \u0111\u00e3 \u0111\u01b0\u1ee3c bi\u00ean t\u1eadp l\u1ea1i.)<\/p>\n<\/div>",
        "protected": false
    },
    "excerpt": {
        "rendered": "<p>Chi\u1ebfn l\u01b0\u1ee3c gia Geoff Yu c\u1ee7a BNY cho bi\u1ebft \u0111\u1ed3ng CNY ban \u0111\u1ea7u ho\u1ea1t \u0111\u1ed9ng nh\u01b0 m\u1ed9t t\u00e0i s\u1ea3n tr\u00fa [&hellip;]<\/p>",
        "protected": false
    },
    "author": 5,
    "featured_media": 70469,
    "comment_status": "open",
    "ping_status": "open",
    "sticky": false,
    "template": "",
    "format": "standard",
    "meta": {
        "_acf_changed": false,
        "footnotes": ""
    },
    "categories": [
        222
    ],
    "tags": [],
    "class_list": [
        "post-70468",
        "post",
        "type-post",
        "status-publish",
        "format-standard",
        "has-post-thumbnail",
        "hentry",
        "category-ngoai-hoi"
    ],
    "acf": [],
    "_links": {
        "self": [
            {
                "href": "https:\/\/hbbgroup.net\/en_us\/wp-json\/wp\/v2\/posts\/70468",
                "targetHints": {
                    "allow": [
                        "GET"
                    ]
                }
            }
        ],
        "collection": [
            {
                "href": "https:\/\/hbbgroup.net\/en_us\/wp-json\/wp\/v2\/posts"
            }
        ],
        "about": [
            {
                "href": "https:\/\/hbbgroup.net\/en_us\/wp-json\/wp\/v2\/types\/post"
            }
        ],
        "author": [
            {
                "embeddable": true,
                "href": "https:\/\/hbbgroup.net\/en_us\/wp-json\/wp\/v2\/users\/5"
            }
        ],
        "replies": [
            {
                "embeddable": true,
                "href": "https:\/\/hbbgroup.net\/en_us\/wp-json\/wp\/v2\/comments?post=70468"
            }
        ],
        "version-history": [
            {
                "count": 1,
                "href": "https:\/\/hbbgroup.net\/en_us\/wp-json\/wp\/v2\/posts\/70468\/revisions"
            }
        ],
        "predecessor-version": [
            {
                "id": 70505,
                "href": "https:\/\/hbbgroup.net\/en_us\/wp-json\/wp\/v2\/posts\/70468\/revisions\/70505"
            }
        ],
        "wp:featuredmedia": [
            {
                "embeddable": true,
                "href": "https:\/\/hbbgroup.net\/en_us\/wp-json\/wp\/v2\/media\/70469"
            }
        ],
        "wp:attachment": [
            {
                "href": "https:\/\/hbbgroup.net\/en_us\/wp-json\/wp\/v2\/media?parent=70468"
            }
        ],
        "wp:term": [
            {
                "taxonomy": "category",
                "embeddable": true,
                "href": "https:\/\/hbbgroup.net\/en_us\/wp-json\/wp\/v2\/categories?post=70468"
            },
            {
                "taxonomy": "post_tag",
                "embeddable": true,
                "href": "https:\/\/hbbgroup.net\/en_us\/wp-json\/wp\/v2\/tags?post=70468"
            }
        ],
        "curies": [
            {
                "name": "wp",
                "href": "https:\/\/api.w.org\/{rel}",
                "templated": true
            }
        ]
    }
}