{"id":65977,"date":"2026-03-27T09:09:18","date_gmt":"2026-03-27T02:09:18","guid":{"rendered":"https:\/\/hbbgroup.net\/apac-fx-inflation-channel-and-valuation-gaps-bny\/"},"modified":"2026-03-27T10:20:58","modified_gmt":"2026-03-27T03:20:58","slug":"apac-fx-inflation-channel-and-valuation-gaps-bny","status":"publish","type":"post","link":"https:\/\/hbbgroup.net\/zh\/apac-fx-inflation-channel-and-valuation-gaps-bny\/","title":{"rendered":"APAC FX: K\u00eanh l\u1ea1m ph\u00e1t v\u00e0 ch\u00eanh l\u1ec7ch \u0111\u1ecbnh gi\u00e1 \u2013 BNY"},"content":{"rendered":"<div id=\"post-content-section\">\n<p>Geoff Yu c\u1ee7a <strong>BNY<\/strong> nh\u1eadn \u0111\u1ecbnh r\u1eb1ng c\u00e1c n\u1ec1n kinh t\u1ebf B\u1eafc \u00c1 v\u1eabn \u0111\u1ed1i m\u1eb7t v\u1edbi nh\u1eefng r\u1ee7i ro li\u00ean quan \u0111\u1ebfn ngu\u1ed3n cung \u0111\u1ed1i v\u1edbi <strong>c\u00e1n c\u00e2n thanh to\u00e1n<\/strong>, b\u1ea5t ch\u1ea5p d\u1ef1 tr\u1eef n\u0103ng l\u01b0\u1ee3ng d\u1ed3i d\u00e0o. \u00d4ng cho r\u1eb1ng vi\u1ec7c <strong>l\u1ea1m ph\u00e1t to\u00e0n ph\u1ea7n<\/strong> gia t\u0103ng trong khi t\u0103ng tr\u01b0\u1edfng ti\u1ec1n l\u01b0\u01a1ng th\u1ea5p h\u01a1n so v\u1edbi c\u00e1c th\u1ecb tr\u01b0\u1eddng ph\u00e1t tri\u1ec3n \u0111\u00e3 k\u00e9o <strong>t\u1ef7 gi\u00e1 h\u1ed1i \u0111o\u00e1i th\u1ef1c hi\u1ec7u l\u1ef1c (REER)<\/strong> c\u1ee7a khu v\u1ef1c <strong>APAC<\/strong> xu\u1ed1ng m\u1ee9c th\u1ea5p; tuy nhi\u00ean, m\u1ed9t l\u00e0n s\u00f3ng l\u1ea1m ph\u00e1t m\u1edbi do c\u00fa s\u1ed1c ngu\u1ed3n cung tr\u00ean ph\u1ea1m vi to\u00e0n c\u1ea7u c\u00f3 th\u1ec3 gi\u00fap c\u00e1c \u0111\u1ed3ng ti\u1ec1n n\u00e0y ch\u1ea5p nh\u1eadn m\u1eb7t b\u1eb1ng <strong>REER<\/strong> cao h\u01a1n v\u00e0 thu h\u1eb9p kho\u1ea3ng ch\u00eanh l\u1ec7ch \u0111\u1ecbnh gi\u00e1.<\/p>\n<h2><strong>Di\u1ec5n bi\u1ebfn FX B\u1eafc \u00c1 v\u00e0 \u0111\u1ed9ng l\u1ef1c l\u1ea1m ph\u00e1t<\/strong><\/h2>\n<p>\u201cM\u1eb7c d\u00f9 c\u00f3 nhi\u1ec1u th\u00f4ng tin cho th\u1ea5y d\u1ef1 tr\u1eef n\u0103ng l\u01b0\u1ee3ng v\u1eabn d\u1ed3i d\u00e0o, c\u00e1c n\u1ec1n kinh t\u1ebf v\u00e0 \u0111\u1ed3ng ti\u1ec1n B\u1eafc \u00c1 v\u1eabn ti\u1ebfp t\u1ee5c \u0111\u1ed1i m\u1eb7t v\u1edbi nh\u1eefng r\u1ee7i ro li\u00ean quan \u0111\u1ebfn ngu\u1ed3n cung \u0111\u1ed1i v\u1edbi <strong>c\u00e1n c\u00e2n thanh to\u00e1n<\/strong>.\u201d<\/p>\n<p>\u201cM\u1eb7c d\u00f9 m\u1ed9t ph\u1ea7n ngu\u1ed3n l\u1ef1c t\u00e0i kh\u00f3a s\u1ebd \u0111\u01b0\u1ee3c tri\u1ec3n khai \u0111\u1ec3 h\u1ea1n ch\u1ebf \u0111\u00e0 t\u0103ng c\u1ee7a gi\u00e1 n\u0103ng l\u01b0\u1ee3ng, <strong>l\u1ea1m ph\u00e1t to\u00e0n ph\u1ea7n<\/strong>nhi\u1ec1u kh\u1ea3 n\u0103ng v\u1eabn s\u1ebd t\u0103ng trong ng\u1eafn h\u1ea1n, v\u00e0 c\u00e1c <strong>ng\u00e2n h\u00e0ng trung \u01b0\u01a1ng<\/strong> s\u1ebd c\u1ea7n c\u00f3 ph\u1ea3n \u1ee9ng ch\u00ednh s\u00e1ch ph\u00f9 h\u1ee3p.\u201d<\/p>\n<p>\u201cTr\u00e1i l\u1ea1i, c\u00e1c \u0111\u1ed1i t\u00e1c thu\u1ed9c <strong>th\u1ecb tr\u01b0\u1eddng ph\u00e1t tri\u1ec3n<\/strong> \u0111ang ch\u1ee9ng ki\u1ebfn t\u00ecnh tr\u1ea1ng ti\u1ec1n l\u01b0\u01a1ng neo \u1edf m\u1ee9c cao, qua \u0111\u00f3 th\u00fac \u0111\u1ea9y l\u1ea1m ph\u00e1t v\u00e0 t\u1ea1o ra ch\u00eanh l\u1ec7ch gi\u00e1 \u0111\u00e1ng k\u1ec3, khi\u1ebfn <strong>REER<\/strong> c\u1ee7a khu v\u1ef1c <strong>APAC<\/strong> ch\u1ecbu \u00e1p l\u1ef1c suy gi\u1ea3m m\u1ea1nh.\u201d<\/p>\n<p>\u201cM\u1ed9t \u0111\u1ee3t l\u1ea1m ph\u00e1t to\u00e0n c\u1ea7u m\u1edbi b\u1eaft ngu\u1ed3n t\u1eeb ph\u00eda ngu\u1ed3n cung l\u00e0 c\u01a1 h\u1ed9i \u0111\u1ec3 thay \u0111\u1ed5i t\u01b0 duy th\u1ecb tr\u01b0\u1eddng.\u201d<\/p>\n<p>\u201cC\u00e1c n\u1ec1n kinh t\u1ebf n\u00e0y, \u0111\u1eb7c bi\u1ec7t, c\u00f3 kh\u1ea3 n\u0103ng h\u1ea5p th\u1ee5 m\u1eb7t b\u1eb1ng <strong>REER<\/strong> cao h\u01a1n th\u00f4ng qua k\u00eanh l\u1ea1m ph\u00e1t.\u201d<\/p>\n<p><em>(B\u00e0i vi\u1ebft n\u00e0y \u0111\u01b0\u1ee3c t\u1ea1o v\u1edbi s\u1ef1 h\u1ed7 tr\u1ee3 c\u1ee7a c\u00f4ng c\u1ee5 Tr\u00ed tu\u1ec7 Nh\u00e2n t\u1ea1o v\u00e0 \u0111\u00e3 \u0111\u01b0\u1ee3c m\u1ed9t bi\u00ean t\u1eadp vi\u00ean r\u00e0 so\u00e1t.)<\/em><\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>Geoff Yu c\u1ee7a BNY nh\u1eadn \u0111\u1ecbnh r\u1eb1ng c\u00e1c n\u1ec1n kinh t\u1ebf B\u1eafc \u00c1 v\u1eabn \u0111\u1ed1i m\u1eb7t v\u1edbi nh\u1eefng r\u1ee7i ro [&hellip;]<\/p>","protected":false},"author":5,"featured_media":65978,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[222],"tags":[],"class_list":["post-65977","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ngoai-hoi"],"acf":[],"_links":{"self":[{"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/posts\/65977","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/comments?post=65977"}],"version-history":[{"count":1,"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/posts\/65977\/revisions"}],"predecessor-version":[{"id":66144,"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/posts\/65977\/revisions\/66144"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/media\/65978"}],"wp:attachment":[{"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/media?parent=65977"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/categories?post=65977"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/tags?post=65977"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}