{"id":2230,"date":"2024-09-04T11:18:55","date_gmt":"2024-09-04T11:18:55","guid":{"rendered":"https:\/\/www.bloomberg.com\/tc\/blog\/expanding-benchmark-coverage-in-ultrashort-maturities\/"},"modified":"2025-07-15T05:33:58","modified_gmt":"2025-07-15T05:33:58","slug":"expanding-benchmark-coverage-in-ultrashort-maturities","status":"publish","type":"post","link":"https:\/\/www.bloomberg.com\/tc\/blog\/expanding-benchmark-coverage-in-ultrashort-maturities\/","title":{"rendered":"\u64f4\u5927\u8d85\u77ed\u671f\u91d1\u878d\u5de5\u5177\u7684\u57fa\u6e96\u6db5\u84cb\u7bc4\u570d"},"content":{"rendered":"
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\"\"<\/p>\n

\u6301\u6709\u81f3\u5230\u671f\u6307\u6578<\/p>\n

\u9664 1\u5e74\u5230\u671f\u6307\u6578\u9069\u683c\u6027\u898f\u5247\u5916\uff0c\u65b0\u7684\u300c\u6301\u6709\u81f3\u5230\u671f\u300d\uff08HTM\uff09\u6307\u6578\u8207\u76f8\u61c9\u7684\u65d7\u8266\u6307\u6578\u64c1\u6709\u76f8\u540c\u7684\u8b49\u5238\u7d0d\u5165\u548c\u5254\u9664\u898f\u5247\u3002\u65d7\u8266\u56fa\u5b9a\u6536\u76ca\u6307\u6578\u6703\u5728\u8ddd\u96e2\u5230\u671f\u65e5\u4e0d\u8db3\u4e00\u5e74\u6642\u51fa\u552e\u8b49\u5238\uff0c\u800c HTM \u6307\u6578\u5247\u6703\u4fdd\u7559\u9019\u4e9b\u50b5\u5238\u76f4\u81f3\u5230\u671f\u3002\u56e0\u6b64\uff0c\u9019\u7e2e\u77ed\u4e86\u5176\u7e3d\u9ad4\u5b58\u7e8c\u671f\u9593\uff0c\u4e26\u964d\u4f4e\u4e86\u56e0\u6210\u4ea4\/\u4ea4\u6613\u5e36\u4f86\u7684\u6210\u672c\u640d\u8017\u3002\u6b77\u53f2\u6578\u64da\u986f\u793a<\/strong>\uff0c1\u5e74\u5230\u671f\u65e5\u9019\u4e00\u6a19\u6e96\u5c0e\u81f4\u6bcf\u6708\u7d04\u6709<\/strong>2\/3\u7684\u8b49\u5238\u5f9e\u65d7\u8266\u6307\u6578\u4e2d\u5254\u9664\u3002<\/p>\n

\"\"<\/p>\n

\u5716 2 \u986f\u793a\u4e86\u5728\u5169\u500b\u7cfb\u5217\u6307\u6578\u53ef\u7528\u671f\u9593\uff0c\u65b0\u7684\u6301\u6709\u81f3\u5230\u671f\u6307\u6578\u8207\u5176\u76f8\u61c9\u7684\u65d7\u8266\u6307\u6578\u5728\u5e02\u503c\u3001\u50f9\u5dee\u3001\u5b58\u7e8c\u671f\u9593\u53ca\u8868\u73fe\u4e0a\u7684\u5dee\u7570\u3002<\/p>\n

 <\/p>\n

\u622a\u81f3 2024 \u5e74 6 \u6708 28 \u65e5\uff0cHTM \u5168\u7403\u516c\u50b5\u6307\u6578\uff08\u672a\u907f\u96aa\uff09\u8207\u65d7\u8266\u5168\u7403\u570b\u50b5\u6307\u6578\u76f8\u6bd4\uff0c\u589e\u52a0\u4e86 13% \u7684\u5e02\u5834\u50f9\u503c\uff08\u7d04 4 \u5146\u7f8e\u5143\uff09\u3002 \u5176\u5b58\u7e8c\u671f\u9593\u7e2e\u77ed\u4e86 9 \u500b\u6708\uff0c\u5c0e\u81f4\u904e\u53bb 12\u5e74\u7684\u5e74\u6ce2\u52d5\u7387\u964d\u4f4e\u4e86 6%\u3002\u81ea 2013 \u5e74\u4ee5\u4f86\uff0c\u5169\u500b\u6307\u6578\u7684\u7e3d\u9ad4\u5831\u916c\u7387\u76f8\u7576\uff08\u5747\u70ba -1%\uff09\uff0c\u6a23\u672c\u6578\u64da\u5728\u65e9\u671f\u968e\u6bb5\u8868\u73fe\u4e0d\u4f73\uff0c\u96a8\u5f8c\u65bc 2021 \u5e74\u5e95\u958b\u59cb\u8868\u73fe\u512a\u7570\u3002\u5168\u7403\u592e\u884c\u70ba\u61c9\u5c0d\u901a\u8139\u4e0a\u5347\u6240\u63a1\u53d6\u7684\u7dca\u7e2e\u653f\u7b56\uff0c\u5c0e\u81f4\u5927\u90e8\u5206\u5df2\u958b\u767c\u5e02\u5834\u7684\u6b96\u5229\u7387\u66f2\u7dda\u5012\u639b\u3002\u5982\u5716 3 \u6240\u793a\uff0c\u6301\u6709\u81f3\u5230\u671f\u6307\u6578\u5728\u8a72\u671f\u9593\u7684\u8868\u73fe\u512a\u65bc\u5927\u76e4\u7d04 2%\u3002<\/p>\n

\u622a\u81f3 2024 \u5e74 6 \u6708 28 \u65e5\uff0c\u7f8e\u570b\u548c\u6b50\u5143\u7d9c\u5408\u6307\u6578\u7684 HTM \u7248\u8207\u76f8\u61c9\u7684\u65d7\u8266\u6307\u6578\u76f8\u6bd4\uff0c\u5e02\u503c\u589e\u52a0\u4e86 11%\u3002\u5176\u5404\u81ea\u7684\u5b58\u7e8c\u671f\u9593\u5747\u7e2e\u77ed\u4e86 6 \u500b\u6708\u3002<\/p>\n

\"\"<\/p>\n

\u540c\u6a23\u5730\uff0c\u5728 2016-2024 \u5e74\u6574\u500b\u6a23\u672c\u671f\u9593\uff0c\u9019\u4e9b\u6307\u6578\u7684\u7e3d\u9ad4\u5831\u916c\u7387\u8207\u76f8\u61c9\u7684 1\u5e74\u4ee5\u4e0a\u81f3\u5230\u671f\u6307\u6578\u76f8\u7576\uff0c\u7f8e\u570b\u7d9c\u5408\u548c\u6b50\u5143\u7d9c\u5408 HTM \u6307\u6578\u81ea 2022 \u5e74\u8d77\u7684\u8868\u73fe\u5206\u5225\u512a\u65bc 1.4% \u548c 1.5%\u3002<\/p>\n

 <\/p>\n

0-1 \u5e74\u81f3\u5230\u671f\u6307\u6578<\/strong><\/p>\n

\u65b0\u7684 0-1 \u5e74\u81f3\u5230\u671f\u6307\u6578\u662f\u7531\u5df2\u7d93\u5f9e\u65d7\u8266\u6307\u6578\u4e2d\u5254\u9664\u7684\u8b49\u5238\u7d44\u6210\uff0c\u56e0\u70ba\u9019\u4e9b\u8b49\u5238\u4e0d\u518d\u6eff\u8db3 1\u5e74\u4ee5\u4e0a\u81f3\u5230\u671f\u7684\u7d0d\u5165\u898f\u5247\u3002\u9019\u4e00\u65b0\u6307\u6578\u7cfb\u5217\u6bcf\u6708\u91cd\u65b0\u8abf\u6574\u7d44\u6210\u914d\u7f6e\uff0c\u4e26\u6301\u6709\u8b49\u5238\u76f4\u81f3\u5230\u671f\u3002\u5728\u4efb\u4f55\u6642<\/strong>\u523b\uff0c0-1\u5e74\u6307\u6578\u7684\u6210\u54e1\u7d44\u6210\u53ef\u4ee5\u5b9a\u7fa9\u70ba\u6301\u6709\u81f3\u5230\u671f\u6307\u6578\u4e2d\u7684\u8b49\u5238\u6e05\u55ae\u548c\u5176\u76f8\u61c9\u7684 1\u5e74\u4ee5\u4e0a\u65d7\u8266\u7248\u672c\u4e4b\u9593\u7684\u5dee\u7570\u3002<\/p>\n

\u8d85\u77ed\u671f\u50b5\u5238\u517c\u5177\u4e86\u5b89\u5168\u6027\u3001\u6d41\u52d5\u6027\u548c\u5831\u916c\u7387\u7b49\u5438\u5f15\u4eba\u7684\u7279\u6027\uff0c\u4f7f\u5176\u6210\u70ba\u5168\u9762\u6027\u6295\u8cc7\u7d44\u5408\u7684\u91cd\u8981\u7d44\u6210\u90e8\u5206\u3002\u96d6\u8aaa\u9019\u985e\u578b\u50b5\u5238\u4e26\u975e\u6c92\u6709\u98a8\u96aa\uff0c\u4f46\u5176\u6700\u4f4e\u5229\u7387\u654f\u611f\u5ea6\u53ca\u6975\u77ed\u7684\u5b58\u7e8c\u671f\u9593\uff0c\u5c0d\u65bc\u5c0b\u6c42\u4fdd\u672c\u548c\u7ba1\u7406\u77ed\u671f\u8ca1\u52d9\u9700\u6c42\u7684\u6295\u8cc7\u4eba\u4f86\u8aaa\uff0c\u662f\u975e\u5e38\u6709\u5438\u5f15\u529b\u7684\u9078\u64c7\u3002<\/p>\n

\u5716 5 \u986f\u793a\u65b0\u63a8\u51fa 0-1 \u5e74\u81f3\u5230\u671f\u6307\u6578\u7cfb\u5217\u6210\u54e1\u7684\u5e02\u503c\u3001\u5206\u6790\u53ca\u8868\u73fe\u3002<\/p>\n

\"\"<\/p>\n

\u7f8e\u570b\u653f\u5e9c\/\u4fe1\u8cb8 0-1\u5e74\u76ee\u524d\u7684\u5e02\u503c\u7d04\u70ba 3 \u5146\u7f8e\u5143\u3002\u5176\u4e2d 78% \u70ba\u8d85\u77ed\u671f\u570b\u50b5\u53ca\u653f\u5e9c\u76f8\u95dc\u50b5\u5238\uff0c22% \u70ba\u6295\u8cc7\u7b49\u7d1a\u516c\u53f8\u50b5\u5238\u3002\u81ea 2016 \u5e74\u5e95\u4ee5\u4f86\uff0c\u5176\u5e73\u5747\u5e74\u5831\u916c\u7387\u70ba 2%\uff0c\u5e74\u6ce2\u52d5\u7387\u70ba 56\u500b\u57fa\u9ede\u3002\u5e73\u5747\u5b58\u7e8c\u671f\u9593\u7d04\u70ba 6 \u500b\u6708\u3002<\/p>\n

\u5716 6 \u986f\u793a\uff0c\u6b63\u5982\u9810\u671f\uff0c\u8a72\u6307\u6578\u7684\u5831\u916c\u7387\u8207\u592e\u884c\u8a2d\u5b9a\u7684\u73fe\u884c\u77ed\u671f\u501f\u6b3e\u5229\u7387\u5bc6\u5207\u76f8\u95dc\u3002\u5728 2016-2019 \u5e74\u671f\u9593\uff0c\u7576\u7f8e\u570b\u806f\u6e96\u6703\u5229\u7387\u5728 2% \u5de6\u53f3\u6642\uff0c\u8a72\u6307\u6578\u64c1\u6709\u9069\u4e2d\u7684\u5831\u916c\u7387\uff0c\u5728 2020 \u5e74\u81f3 2022 \u5e74\u521d\uff0c\u8a72\u6307\u6578\u5831\u916c\u7387\u57fa\u672c\u6301\u5e73\uff0c\u800c\u7576\u6642\u70ba\u56e0\u61c9\u65b0\u51a0\u75ab\u60c5\uff0c\u8a72\u6307\u6578\u5229\u7387\u88ab\u8a2d\u5b9a\u70ba 0\u3002\u6700\u8fd1\uff0c\u7531\u65bc\u7f8e\u570b\u806f\u6e96\u6703\u7684\u5927\u5e45\u5ea6\u8ca8\u5e63\u7dca\u7e2e\u653f\u7b56\uff0c\u8a72\u6307\u6578\u7684\u5e73\u5747\u5831\u916c\u7387\u7d04\u70ba 4.3%\u3002<\/p>\n

\"\"<\/strong><\/p>\n

\u53e6\u4e00\u65b9\u9762\uff0c\u622a\u81f3<\/strong> 2024 \u5e74 6 \u6708 28\u65e5\uff0c\u6b50\u5143 0-1\u5e74\u7d9c\u5408\u6307\u6578\u7684\u5e02\u503c\u70ba 1.6 \u5146\u6b50\u5143\u3002\u5176\u4e2d 66% \u70ba\u8d85\u77ed\u671f\u570b\u50b5\u548c\u653f\u5e9c\u76f8\u95dc\u50b5\u5238\uff0c33% \u70ba\u6295\u8cc7\u7b49\u7d1a\u6b50\u5143\u516c\u53f8\u50b5\u5238\u3002\u81ea 2013 \u5e74\u5e95\u4ee5\u4f86\uff0c\u5176\u5e73\u5747\u5e74\u5831\u916c\u7387\u70ba 33\u500b\u57fa\u9ede\uff0c\u5e74\u6ce2\u52d5\u7387\u70ba 46\u500b\u57fa\u9ede\u3002<\/p>\n

 <\/p>\n

\u5716 7 \u986f\u793a\u4e86\u6b50\u5143 0-1\u5e74\u7d9c\u5408\u6307\u6578\u7684\u985e\u4f3c\u8868\u73fe\u6a21\u5f0f\u3002\u8a72\u6307\u6578\u5728 2017 \u5e74\u81f3 2022 \u5e74\u671f\u9593\u51fa\u73fe\u8ca0\u5831\u916c\u7387\uff0c\u7576\u6642\u6b50\u6d32\u77ed\u671f\u501f\u6b3e\u5229\u7387\u70ba\u8ca0\u3002\u6700\u8fd1\uff0c\u96a8\u8457\u6b50\u6d32\u592e\u884c\u540c\u6a23\u63a1\u7528\u8ca8\u5e63\u7dca\u7e2e\u653f\u7b56\uff0c\u8a72\u6307\u6578\u5728\u904e\u53bb\u5169\u5e74\u7684\u5e73\u5747\u5831\u916c\u7387\u7d04\u70ba 2.4%\u3002<\/p>\n

\"\"<\/p>\n

 <\/p>\n

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