{ "id": 84209, "date": "2026-06-02T09:36:56", "date_gmt": "2026-06-02T02:36:56", "guid": { "rendered": "https:\/\/hbbgroup.net\/global-markets-policy-volatility-contrasts-with-calm-assets-hsbc\/" }, "modified": "2026-06-02T10:12:14", "modified_gmt": "2026-06-02T03:12:14", "slug": "thi-truong-toan-cau-bien-dong-chinh-sach-gia-tang-trai-nguoc-voi-su-binh-lang-cua-cac-loai-tai-san-hsbc", "status": "publish", "type": "post", "link": "https:\/\/hbbgroup.net\/en_us\/thi-truong-toan-cau-bien-dong-chinh-sach-gia-tang-trai-nguoc-voi-su-binh-lang-cua-cac-loai-tai-san-hsbc\/", "title": { "rendered": "Th\u1ecb tr\u01b0\u1eddng to\u00e0n c\u1ea7u: Bi\u1ebfn \u0111\u1ed9ng ch\u00ednh s\u00e1ch gia t\u0103ng tr\u00e1i ng\u01b0\u1ee3c v\u1edbi s\u1ef1 b\u00ecnh l\u1eb7ng c\u1ee7a c\u00e1c lo\u1ea1i t\u00e0i s\u1ea3n \u2013 HSBC." }, "content": { "rendered": "
\n

HSBC Asset Management nh\u1eadn \u0111\u1ecbnh r\u1eb1ng n\u0103m 2026 ch\u1ee9ng ki\u1ebfn nh\u1eefng bi\u1ebfn \u0111\u1ed9ng m\u1ea1nh trong k\u1ef3 v\u1ecdng l\u00e3i su\u1ea5t \u0111\u1ed1i v\u1edbi Ng\u00e2n h\u00e0ng Trung \u01b0\u01a1ng Anh (BoE) v\u00e0 Ng\u00e2n h\u00e0ng Trung \u01b0\u01a1ng Ch\u00e2u \u00c2u (ECB), khi th\u1ecb tr\u01b0\u1eddng chuy\u1ec3n t\u1eeb k\u1ef3 v\u1ecdng c\u1eaft gi\u1ea3m sang t\u0103ng l\u00e3i su\u1ea5t do r\u1ee7i ro l\u1ea1m ph\u00e1t gia t\u0103ng li\u00ean quan \u0111\u1ebfn gi\u00e1 d\u1ea7u. Tuy nhi\u00ean, bi\u1ebfn \u0111\u1ed9ng tr\u00ean th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu, ti\u1ec1n t\u1ec7 v\u00e0 ch\u1ee9ng kho\u00e1n v\u1eabn \u1edf m\u1ee9c th\u1ea5p, trong khi hi\u1ec7u su\u1ea5t c\u1ee7a c\u00e1c lo\u1ea1i t\u00e0i s\u1ea3n nh\u00ecn chung v\u1eabn kh\u00e1 v\u1eefng v\u00e0ng, cho th\u1ea5y vai tr\u00f2 ng\u00e0y c\u00e0ng l\u1edbn c\u1ee7a c\u00e1c y\u1ebfu t\u1ed1 t\u00e0i kh\u00f3a, ch\u00ednh s\u00e1ch c\u00f4ng nghi\u1ec7p v\u00e0 \u0111\u1ecba ch\u00ednh tr\u1ecb trong vi\u1ec7c \u0111\u1ecbnh h\u00ecnh b\u1ed1i c\u1ea3nh kinh t\u1ebf v\u0129 m\u00f4.<\/p>\n

Bi\u1ebfn \u0111\u1ed9ng l\u00e3i su\u1ea5t tr\u00e1i ng\u01b0\u1ee3c v\u1edbi s\u1ef1 \u1ed5n \u0111\u1ecbnh c\u1ee7a th\u1ecb tr\u01b0\u1eddng<\/h3>\n

“N\u1ebfu l\u00e3i su\u1ea5t bi\u1ebfn \u0111\u1ed9ng m\u1ea1nh nh\u01b0 v\u1eady, t\u1ea1i sao c\u00e1c th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh r\u1ed9ng l\u1edbn h\u01a1n l\u1ea1i b\u00ecnh l\u1eb7ng \u0111\u1ebfn th\u1ebf? K\u1ef3 v\u1ecdng \u0111\u1ed1i v\u1edbi c\u00e1c ng\u00e2n h\u00e0ng trung \u01b0\u01a1ng \u0111\u00e3 thay \u0111\u1ed5i m\u1ea1nh trong n\u0103m 2026, nh\u01b0ng hi\u1ec7u su\u1ea5t t\u1ed5ng th\u1ec3 c\u1ee7a c\u00e1c lo\u1ea1i t\u00e0i s\u1ea3n v\u1eabn kh\u00e1 b\u1ec1n v\u1eefng. V\u00e0 s\u1ef1 t\u00e1ch bi\u1ec7t n\u00e0y c\u00f3 th\u1ec3 \u0111ang ph\u00e1t \u0111i m\u1ed9t t\u00edn hi\u1ec7u quan tr\u1ecdng v\u1ec1 ch\u1ebf \u0111\u1ed9 kinh t\u1ebf v\u0129 m\u00f4 hi\u1ec7n nay.”<\/p>\n

“Th\u1ee9 nh\u1ea5t, vi\u1ec7c t\u0103ng l\u00e3i su\u1ea5t \u0111\u00e3 quay tr\u1edf l\u1ea1i b\u00e0n th\u1ea3o lu\u1eadn. Tr\u01b0\u1edbc \u0111\u00e2y, kh\u1ea3 n\u0103ng BoE ho\u1eb7c ECB t\u0103ng l\u00e3i su\u1ea5t th\u00eam v\u00e0i l\u1ea7n d\u01b0\u1eddng nh\u01b0 kh\u00e1 xa v\u1eddi. Nh\u01b0ng hi\u1ec7n nay, c\u00e1c nh\u00e0 ho\u1ea1ch \u0111\u1ecbnh ch\u00ednh s\u00e1ch \u1edf c\u1ea3 hai b\u1edd \u0110\u1ea1i T\u00e2y D\u01b0\u01a1ng \u0111ang c\u00f3 gi\u1ecdng \u0111i\u1ec7u c\u1ee9ng r\u1eafn h\u01a1n v\u00e0 lo ng\u1ea1i v\u1ec1 nh\u1eefng t\u00e1c \u0111\u1ed9ng lan t\u1ecfa t\u1eeb c\u00fa s\u1ed1c gi\u00e1 h\u00e0ng h\u00f3a.”<\/p>\n

“Th\u1ee9 hai, bi\u1ebfn \u0111\u1ed9ng c\u1ee7a l\u00e3i su\u1ea5t ng\u1eafn h\u1ea1n \u0111ang \u1edf m\u1ee9c b\u1ea5t th\u01b0\u1eddng. \u0110\u1ea7u n\u0103m nay, th\u1ecb tr\u01b0\u1eddng c\u00f2n \u0111\u1ecbnh gi\u00e1 BoE s\u1ebd c\u1eaft gi\u1ea3m l\u00e3i su\u1ea5t hai l\u1ea7n, nh\u01b0ng hi\u1ec7n t\u1ea1i l\u1ea1i chuy\u1ec3n sang k\u1ef3 v\u1ecdng hai l\u1ea7n t\u0103ng l\u00e3i su\u1ea5t. C\u00e1c d\u1ef1 b\u00e1o ch\u00ednh s\u00e1ch \u0111\u00e3 thay \u0111\u1ed5i c\u00f9ng v\u1edbi di\u1ec5n bi\u1ebfn c\u1ee7a gi\u00e1 d\u1ea7u giao ngay.”<\/p>\n

“Trong m\u1ed9t th\u1ebf gi\u1edbi \u0111\u1ea7y b\u1ea5t \u1ed5n v\u00e0 li\u00ean t\u1ee5c ch\u1ecbu c\u00e1c c\u00fa s\u1ed1c v\u1ec1 ngu\u1ed3n cung, s\u1ef1 bi\u1ebfn \u0111\u1ed9ng \u0111\u00f3 kh\u00f4ng ph\u1ea3i \u0111i\u1ec1u b\u1ea5t ng\u1edd. \u0110\u00e2y l\u00e0 m\u00f4i tr\u01b0\u1eddng m\u00e0 c\u00e1c \u0111\u1ecbnh h\u01b0\u1edbng ch\u00ednh s\u00e1ch trong t\u01b0\u01a1ng lai (forward guidance) ng\u00e0y c\u00e0ng k\u00e9m hi\u1ec7u qu\u1ea3.”<\/p>\n

“\u0110i\u1ec3m quan tr\u1ecdng h\u01a1n l\u00e0: chi ph\u00ed v\u1ed1n kh\u00f4ng c\u00f2n ch\u1ec9 ph\u1ee5 thu\u1ed9c v\u00e0o l\u00e3i su\u1ea5t ch\u00ednh s\u00e1ch. C\u00e1c ch\u00ednh s\u00e1ch t\u00e0i kh\u00f3a, ch\u00ednh s\u00e1ch c\u00f4ng nghi\u1ec7p v\u00e0 c\u00e1c y\u1ebfu t\u1ed1 \u0111\u1ecba ch\u00ednh tr\u1ecb hi\u1ec7n \u0111ang \u0111\u00f3ng vai tr\u00f2 d\u1eabn d\u1eaft ch\u1ebf \u0111\u1ed9 kinh t\u1ebf v\u0129 m\u00f4.”<\/p>\n

(B\u00e0i vi\u1ebft \u0111\u01b0\u1ee3c h\u1ed7 tr\u1ee3 b\u1edfi c\u00f4ng c\u1ee5 AI v\u00e0 \u0111\u00e3 \u0111\u01b0\u1ee3c bi\u00ean t\u1eadp vi\u00ean r\u00e0 so\u00e1t.)<\/em><\/p>\n<\/div>", "protected": false }, "excerpt": { "rendered": "

HSBC Asset Management nh\u1eadn \u0111\u1ecbnh r\u1eb1ng n\u0103m 2026 ch\u1ee9ng ki\u1ebfn nh\u1eefng bi\u1ebfn \u0111\u1ed9ng m\u1ea1nh trong k\u1ef3 v\u1ecdng l\u00e3i su\u1ea5t \u0111\u1ed1i […]<\/p>", "protected": false }, "author": 5, "featured_media": 84210, "comment_status": "open", "ping_status": "open", "sticky": false, "template": "", "format": "standard", "meta": { "_acf_changed": false, "footnotes": "" }, "categories": [ 222 ], "tags": [], "class_list": [ "post-84209", "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\/84209", "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=84209" } ], "version-history": [ { "count": 1, "href": "https:\/\/hbbgroup.net\/en_us\/wp-json\/wp\/v2\/posts\/84209\/revisions" } ], "predecessor-version": [ { "id": 84343, "href": "https:\/\/hbbgroup.net\/en_us\/wp-json\/wp\/v2\/posts\/84209\/revisions\/84343" } ], "wp:featuredmedia": [ { "embeddable": true, "href": "https:\/\/hbbgroup.net\/en_us\/wp-json\/wp\/v2\/media\/84210" } ], "wp:attachment": [ { "href": "https:\/\/hbbgroup.net\/en_us\/wp-json\/wp\/v2\/media?parent=84209" } ], "wp:term": [ { "taxonomy": "category", "embeddable": true, "href": "https:\/\/hbbgroup.net\/en_us\/wp-json\/wp\/v2\/categories?post=84209" }, { "taxonomy": "post_tag", "embeddable": true, "href": "https:\/\/hbbgroup.net\/en_us\/wp-json\/wp\/v2\/tags?post=84209" } ], "curies": [ { "name": "wp", "href": "https:\/\/api.w.org\/{rel}", "templated": true } ] } }