{"id":79904,"date":"2025-01-05T08:19:00","date_gmt":"2025-01-05T08:19:00","guid":{"rendered":"https:\/\/expforex.com\/forex-for-beginners-part-5\/"},"modified":"2024-12-11T16:55:51","modified_gmt":"2024-12-11T16:55:51","slug":"forex-for-beginners-part-5","status":"publish","type":"post","link":"https:\/\/expforex.com\/zh\/forex-for-beginners-part-5\/","title":{"rendered":"\u5916\u6c47\u4ea4\u6613\u521d\u5b66\u8005\u6307\u5357\u7b2c 5 \u90e8\u5206\uff1a\u6c47\u7387\u3001\u5236\u9020\u4e1a\u6307\u6807"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\" id=\"h-\u6c47\u7387\u4e0e\u901a\u8d27\u81a8\u80c0\">\u6c47\u7387\u4e0e\u901a\u8d27\u81a8\u80c0<\/h2>\n\n\n\n<p class=\"\"><strong>\u901a\u8d27\u81a8\u80c0 (Inflation)<\/strong> \u662f\u7ecf\u6d4e\u8fc7\u7a0b\u53d1\u5c55\u7684\u6700\u91cd\u8981\u6307\u6807\uff0c\u5bf9\u4e8e <strong>\u5916\u6c47\u5e02\u573a (Currency Markets)<\/strong> \u6765\u8bf4\uff0c\u662f\u6700\u91cd\u8981\u7684\u57fa\u51c6\u4e4b\u4e00\u3002<strong>\u5916\u6c47\u4ea4\u6613\u8005 (Currency Traders)<\/strong> \u6b63\u5728\u89c2\u5bdf <strong>\u901a\u80c0\u6570\u636e (Inflation Data)<\/strong>\u3002<\/p>\n\n\n\n<p class=\"\"><strong>\u4ece\u5916\u6c47\u5e02\u573a\u7684\u89d2\u5ea6<\/strong>\uff0c<strong>\u901a\u8d27\u81a8\u80c0<\/strong> \u7684\u5f71\u54cd\u81ea\u7136\u901a\u8fc7\u5176\u4e0e <strong>\u5229\u7387 (Interest Rates)<\/strong> \u7684\u5173\u7cfb\u6765\u611f\u77e5\u3002<\/p>\n\n\n\n<p class=\"\">\u7531\u4e8e <strong>\u901a\u8d27\u81a8\u80c0<\/strong> \u6539\u53d8\u4e86 <strong>\u7269\u4ef7\u6c34\u5e73 (Price Levels)<\/strong>\uff0c\u5b83\u8fd8\u6539\u53d8\u4e86\u4ece\u91d1\u878d\u8d44\u4ea7\u4ea7\u751f\u7684\u6536\u5165\u4e2d\u5b9e\u9645\u83b7\u5f97\u7684 <strong>\u5b9e\u9645\u56de\u62a5 (Real Returns)<\/strong>\u3002<\/p>\n\n\n\n<p class=\"\">\u8fd9\u79cd\u5f71\u54cd\u901a\u5e38\u4f7f\u7528 <strong>\u5b9e\u9645\u5229\u7387 (Real Interest Rates)<\/strong> \u6765\u8861\u91cf\uff0c\u4e0e\u4f20\u7edf\u7684 <strong>\u540d\u4e49\u5229\u7387 (Nominal Interest Rates)<\/strong> \u4e0d\u540c\uff0c<strong>\u5b9e\u9645\u5229\u7387<\/strong> \u8003\u8651\u4e86\u7531\u4e8e\u666e\u904d\u7269\u4ef7\u4e0a\u6da8\u5bfc\u81f4\u7684\u8d27\u5e01\u8d2c\u503c\u3002<\/p>\n\n\n\n<p class=\"\"><strong>\u901a\u8d27\u81a8\u80c0\u7684\u589e\u52a0 (An increase in inflation)<\/strong> \u51cf\u5c11\u4e86 <strong>\u5b9e\u9645\u5229\u7387<\/strong>\uff0c\u56e0\u4e3a\u5fc5\u987b\u4ece\u6240\u83b7\u5f97\u7684\u6536\u5165\u4e2d\u6263\u9664\u4e00\u90e8\u5206\uff0c\u7528\u4e8e\u5f25\u8865\u7269\u4ef7\u4e0a\u6da8\uff0c\u8fd9\u4e0d\u4f1a\u5e26\u6765\u4efb\u4f55\u5b9e\u9645\u5229\u76ca\uff08\u5546\u54c1\u6216\u670d\u52a1\uff09\u7684\u589e\u52a0\u3002<\/p>\n\n\n\n<p class=\"\">\u6b63\u5f0f\u8ba1\u7b97 <strong>\u901a\u8d27\u81a8\u80c0<\/strong> \u7684\u6700\u7b80\u5355\u65b9\u6cd5\u662f\u5c06 <strong>\u540d\u4e49\u5229\u7387<\/strong> <strong>I<\/strong> \u51cf\u53bb <strong>\u901a\u80c0\u7cfb\u6570<\/strong> <em>p<\/em>\uff08\u4e5f\u4ee5\u767e\u5206\u6bd4\u8868\u793a\uff09\u4f5c\u4e3a <strong>\u5b9e\u9645\u5229\u7387<\/strong>\uff0c<\/p>\n\n\n\n<p class=\"has-text-align-center\"><strong>r = i &#8211; p<\/strong><\/p>\n\n\n\n<p class=\"\"><strong>\u663e\u800c\u6613\u89c1\u7684\u539f\u56e0<\/strong>\uff0c<strong>\u653f\u5e9c\u8bc1\u5238\u5e02\u573a (Government Securities Markets)<\/strong>\uff08\u6b64\u7c7b\u8bc1\u5238\u7684\u5229\u7387\u5728\u53d1\u884c\u65f6\u56fa\u5b9a\uff09\u5bf9 <strong>\u901a\u8d27\u81a8\u80c0<\/strong> \u975e\u5e38\u654f\u611f\uff0c\u8fd9\u53ef\u80fd\u4f1a\u7834\u574f\u6295\u8d44\u6b64\u7c7b\u5de5\u5177\u7684\u6536\u76ca\u3002<\/p>\n\n\n\n<p class=\"\"><strong>\u901a\u8d27\u81a8\u80c0<\/strong> \u5bf9 <strong>\u653f\u5e9c\u8bc1\u5238\u5e02\u573a<\/strong> \u7684\u5f71\u54cd\u5f88\u5bb9\u6613\u4f20\u9012\u5230\u4e0e\u4e4b\u5bc6\u5207\u76f8\u5173\u7684 <strong>\u5916\u6c47\u5e02\u573a (Foreign Exchange Markets)<\/strong>\uff1a\u7531\u4e8e\u901a\u8d27\u81a8\u80c0\u4e0a\u5347\uff0c\u7279\u5b9a\u8d27\u5e01 <strong>CRS<\/strong> \u8ba1\u4ef7\u7684\u503a\u5238\u629b\u552e\u5c06\u5bfc\u81f4\u8be5\u8d27\u5e01 <strong>CRS<\/strong> \u7684\u73b0\u91d1\u5e02\u573a\u8fc7\u5269\uff0c\u8fdb\u800c\u5bfc\u81f4\u5176\u6c47\u7387\u4e0b\u8dcc\u3002<\/p>\n\n\n\n<p class=\"\"><strong>\u6b64\u5916<\/strong>\uff0c<strong>\u901a\u80c0\u7387<\/strong> \u662f\u8861\u91cf\u7ecf\u6d4e\u201c\u5065\u5eb7\u201d\u72b6\u51b5\u7684\u6700\u91cd\u8981\u6307\u6807\uff0c\u56e0\u6b64\u53d7\u5230 <strong>\u4e2d\u592e\u94f6\u884c (Central Banks)<\/strong> \u7684\u5bc6\u5207\u76d1\u63a7\u3002<\/p>\n\n\n\n<p class=\"\">\u5e94\u5bf9 <strong>\u901a\u8d27\u81a8\u80c0<\/strong> \u7684\u552f\u4e00\u65b9\u6cd5\u662f\u63d0\u9ad8 <strong>\u5229\u7387<\/strong>\u3002\u5229\u7387\u4e0a\u5347\u4f1a\u5c06\u90e8\u5206\u73b0\u91d1\u4ece\u5546\u4e1a\u5468\u8f6c\u4e2d\u8f6c\u79fb\u51fa\u53bb\uff1b\u968f\u7740\u91d1\u878d\u8d44\u4ea7\u53d8\u5f97\u66f4\u5177\u5438\u5f15\u529b\uff08\u5b83\u4eec\u7684\u76c8\u5229\u80fd\u529b\u968f\u7740 <strong>\u5229\u7387<\/strong> \u7684\u4e0a\u5347\u800c\u589e\u957f\uff09\uff0c\u8d37\u6b3e\u53d8\u5f97\u66f4\u6602\u8d35\uff1b\u7ed3\u679c\u662f\u7528\u4e8e\u8d2d\u4e70\u5546\u54c1\u548c\u670d\u52a1\u7684\u8d44\u91d1\u51cf\u5c11\uff0c\u56e0\u6b64\u4ef7\u683c\u589e\u957f\u7387\u4e5f\u4f1a\u4e0b\u964d\u3002<\/p>\n\n\n\n<p class=\"\">\u7531\u4e8e\u4e0e <strong>\u4e2d\u592e\u94f6\u884c\u5229\u7387\u51b3\u7b56<\/strong> \u7684\u5bc6\u5207\u5173\u7cfb\uff0c<strong>\u5916\u6c47\u5e02\u573a<\/strong> \u5bc6\u5207\u76d1\u63a7 <strong>\u901a\u80c0\u6307\u6807<\/strong>\u3002<\/p>\n\n\n\n<p class=\"\"><strong>\u5f53\u7136<\/strong>\uff0c<strong>\u901a\u8d27\u81a8\u80c0\u6c34\u5e73 (Inflation Levels)<\/strong> \u7684\u4e2a\u522b\u504f\u5dee\uff08\u4e00\u4e2a\u6708\uff0c\u4e00\u4e2a\u5b63\u5ea6\uff09\u4e0d\u4f1a\u5bfc\u81f4 <strong>\u4e2d\u592e\u94f6\u884c<\/strong> \u4ee5\u6539\u53d8 <strong>\u5229\u7387<\/strong> \u7684\u5f62\u5f0f\u505a\u51fa\u53cd\u5e94\uff1b<strong>\u4e2d\u592e\u94f6\u884c<\/strong> \u8ddf\u968f\u7684\u662f\u8d8b\u52bf\uff0c\u800c\u4e0d\u662f\u4e2a\u522b\u503c\u3002<\/p>\n\n\n\n<p class=\"\">\u4f8b\u5982\uff0c1990\u5e74\u4ee3\u521d\u671f\u7684\u4f4e <strong>\u901a\u8d27\u81a8\u80c0<\/strong> \u4f7f\u5f97\u7f8e\u8054\u50a8 (FED) \u80fd\u5c06\u8d34\u73b0\u7387\u4fdd\u6301\u57283%\uff0c\u8fd9\u5bf9\u7ecf\u6d4e\u590d\u82cf\u6709\u5229\u3002<\/p>\n\n\n\n<p class=\"\">\u4f46\u6700\u7ec8\uff0c<strong>\u901a\u80c0\u6307\u6807<\/strong> \u4e0d\u518d\u662f <strong>\u5916\u6c47\u5e02\u573a<\/strong> \u7684\u91cd\u8981\u57fa\u51c6\u3002\u7531\u4e8e <strong>\u540d\u4e49\u8d34\u73b0\u7387<\/strong> \u5f88\u4f4e\uff0c\u5176 <strong>\u5b9e\u9645\u7248\u672c<\/strong> \u901a\u5e38\u8fbe\u52300.6%\uff0c\u8fd9\u610f\u5473\u7740\u5e02\u573a\u8ba4\u4e3a\u53ea\u6709 <strong>\u901a\u80c0\u6307\u6570<\/strong> \u4e0a\u5347\u624d\u6709\u610f\u4e49\u3002<\/p>\n\n\n\n<p class=\"\">\u7f8e\u56fd\u8d34\u73b0\u7387\u7684\u4e0b\u964d\u8d8b\u52bf\u76f4\u52301994\u5e745\u6708\u7f8e\u8054\u50a8 (FED) \u63d0\u9ad8\u8d34\u73b0\u7387\u4ee5\u53ca\u8054\u90a6\u57fa\u91d1\u5229\u7387\uff0c\u4f5c\u4e3a\u9884\u9632\u6027\u53cd\u901a\u80c0\u63aa\u65bd\u65f6\u624d\u88ab\u6253\u7834\u3002\u8bda\u7136\uff0c\u5f53\u65f6\u63d0\u9ad8\u5229\u7387\u65e0\u6cd5\u652f\u6491\u7f8e\u5143\u3002<\/p>\n\n\n\n<p class=\"\"><strong>\u4e3b\u8981\u516c\u5e03\u7684\u901a\u80c0\u6307\u6807<\/strong> \u5305\u62ec <strong>\u6d88\u8d39\u8005\u7269\u4ef7\u6307\u6570 (CPI)<\/strong>\u3001<strong>\u751f\u4ea7\u8005\u7269\u4ef7\u6307\u6570 (PPI)<\/strong> \u548c <strong>GDP\u5e73\u51cf\u6307\u6570 (GDP Deflator)<\/strong>\uff08<strong>GDP\u9690\u542b\u5e73\u51cf\u6307\u6570 (GDP Implicit Deflator)<\/strong>\uff09\u3002\u6bcf\u4e2a\u6307\u6807\u90fd\u63ed\u793a\u4e86\u7ecf\u6d4e\u4e2d\u4ef7\u683c\u589e\u957f\u7684\u6574\u4f53\u60c5\u51b5\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-\u6c47\u7387\u4e0e\u901a\u8d27\u81a8\u80c0-0\">\u6c47\u7387\u4e0e\u901a\u8d27\u81a8\u80c0<\/h2>\n\n\n\n<p class=\"\"><strong>\u6ca1\u6709\u8003\u8651\u5230\u7ecf\u6d4e\u5468\u671f\u884c\u4e3a<\/strong>\uff0c\u5c31\u65e0\u6cd5\u6b63\u786e\u7406\u89e3\u7ecf\u6d4e\u6307\u6807\u53d8\u5316\u7684\u610f\u4e49\u4ee5\u53ca\u8bc4\u4f30\u5176\u5bf9 <strong>\u5916\u6c47\u5e02\u573a<\/strong> \u7684\u5f71\u54cd\u3002<\/p>\n\n\n\n<p class=\"\">\u4f17\u6240\u5468\u77e5\uff0c\u91d1\u878d\u8fc7\u7a0b\u7684\u53d1\u5c55\u662f\u5468\u671f\u6027\u7684\uff1a\u589e\u957f\u5fc5\u7136\u4f34\u968f\u7740\u8870\u9000\uff0c\u968f\u540e\u662f\u590d\u82cf\u548c\u65b0\u4e00\u8f6e\u589e\u957f\u3002<\/p>\n\n\n\n<p class=\"\">\u540c\u4e00\u6307\u6807\u7684\u53d8\u5316\u5728\u4e0d\u540c\u7684\u7ecf\u6d4e\u5468\u671f\u9636\u6bb5\u53ef\u80fd\u5177\u6709\u5b8c\u5168\u4e0d\u540c\u7684\u7ecf\u6d4e\u610f\u4e49\uff08\u56e0\u6b64\u5177\u6709\u4e0d\u540c\u7684\u91d1\u878d\u540e\u679c\uff09\u3002<\/p>\n\n\n\n<p class=\"\">\u8fd9\u79cd\u53d8\u5316\u5bf9 <strong>\u6c47\u7387<\/strong> \u7684\u9884\u671f\u5f71\u54cd\u5728\u8fd9\u4e9b\u60c5\u51b5\u4e0b\u53ef\u80fd\u5b8c\u5168\u76f8\u53cd\uff0c\u56e0\u4e3a\u91d1\u878d\u5f53\u5c40\u4f1a\u6839\u636e\u7ecf\u6d4e\u7684\u5468\u671f\u6027\u884c\u4e3a\u6765\u89c2\u5bdf\u7ecf\u6d4e\u72b6\u51b5\u5e76\u505a\u51fa\u76d1\u7ba1\u51b3\u7b56\u3002<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p class=\"\"><strong>\u7ecf\u6d4e\u5468\u671f (Economic Cycle)<\/strong>\uff0c\u4e5f\u79f0\u4e3a <strong>\u5546\u4e1a\u5468\u671f (Business Cycle)<\/strong>\uff0c\u662f\u7ecf\u6d4e\u53d1\u5c55\u7684\u81ea\u7136\u5f62\u5f0f\u3002<\/p>\n\n\n\n<p class=\"\">\u8003\u8651\u5230\u7ecf\u6d4e\u53d1\u5c55\u7684\u52a8\u6001\uff0c\u6709\u4e09\u4e2a\u4e3b\u8981\u9636\u6bb5\uff1a<\/p>\n<\/blockquote>\n\n\n\n<p class=\"\"><strong>&#8211; \u7ecf\u6d4e\u8870\u9000 (Recession)<\/strong> \u662f\u5546\u4e1a\u6d3b\u52a8\u7684\u4e0b\u964d\uff0c\u751f\u4ea7\u3001\u5c31\u4e1a\u548c\u6536\u5165\u7684\u51cf\u5c11\uff0c\u6309\u7ecf\u6d4e\u8870\u9000\u7684\u7a0b\u5ea6\u53ef\u5206\u4e3a\u5371\u673a\u548c\u8427\u6761\uff1b<\/p>\n\n\n\n<p class=\"\"><strong>&#8211; \u7ecf\u6d4e\u590d\u82cf (Recovery)<\/strong> \u662f\u7ecf\u6d4e\u6d3b\u52a8\u7684\u4e0a\u5347\uff0c\u5e02\u573a\u6761\u4ef6\u7684\u6539\u5584\uff0c\u751f\u4ea7\u5728\u8870\u9000\u671f\u95f4\u4e0b\u964d\u540e\u6062\u590d\u5230\u4e4b\u524d\u7684\u6c34\u5e73\uff1b<\/p>\n\n\n\n<p class=\"\"><strong>&#8211; \u7ecf\u6d4e\u6269\u5f20 (Expansion)<\/strong> \u662f\u7ecf\u6d4e\u590d\u82cf\u9636\u6bb5\u540e\u7684\u6301\u7eed\u589e\u957f\uff0c\u901a\u5e38\u76f4\u5230\u8fbe\u5230\u65b0\u7684\u6700\u5927\u4ea7\u51fa\uff0c\u8d85\u8fc7\u524d\u4e00\u4e2a\u5468\u671f\u7684\u4ea7\u51fa\u3002<\/p>\n\n\n\n<p class=\"\">\u6269\u5f20\u9636\u6bb5\u6709\u65f6\u53ef\u80fd\u5305\u62ec\u51e0\u4e2a\u5468\u671f\uff0c\u8fd9\u79cd\u60c5\u51b5\u4e0b\u79f0\u4e3a <strong>\u589e\u957f\u5468\u671f (Growth Cycles)<\/strong>\u3002<\/p>\n\n\n\n<p class=\"\"><strong>\u6bcf\u4e2a\u7ecf\u6d4e\u6307\u6807<\/strong> \u90fd\u4ee5\u67d0\u79cd\u65b9\u5f0f\u8868\u73b0\u51fa\u5468\u671f\u6027\u884c\u4e3a\u3002<\/p>\n\n\n\n<p class=\"\">\u53ea\u9700\u8003\u8651\u8fd9\u4e9b\u6307\u6807\u5468\u671f\u7684\u4e2a\u522b\u7279\u5f81\uff0c\u5373\u53ef\u5728\u65f6\u95f4\u53c2\u6570\u548c\u4e0b\u964d\u5e45\u5ea6\u65b9\u9762\u8003\u8651\u5b83\u4eec\u7684\u6bd4\u7387\u3002<\/p>\n\n\n\n<p class=\"\"><strong>\u6839\u636e\u6307\u6807\u7684\u6027\u8d28<\/strong> \u53ca\u5176\u4e0e\u603b\u4f53\u7ecf\u6d4e\u52a8\u6001\u7684\u5173\u8054\uff0c\u901a\u5e38\u5c06\u5176\u5212\u5206\u4e3a <strong>\u987a\u5468\u671f (Procyclical)<\/strong> \u6307\u6807\uff08\u5176\u8d70\u52bf\u4e0e\u7ecf\u6d4e\u589e\u957f\u7684\u603b\u4f53\u65b9\u5411\u4e00\u81f4\u2014\u2014\u4f01\u4e1a\u5229\u6da6\u968f\u7ecf\u6d4e\u4e0a\u5347\u800c\u589e\u957f\uff09\u3001<strong>\u9006\u5468\u671f (Anticyclical)<\/strong> \u6307\u6807\uff08\u5176\u8d70\u52bf\u4e0e\u603b\u4f53\u589e\u957f\u76f8\u53cd\u2014\u2014\u7ecf\u6d4e\u4e0b\u6ed1\u65f6\u5931\u4e1a\u7387\u4e0a\u5347\uff09\u548c <strong>\u975e\u5468\u671f\u6027 (Acyclic)<\/strong> \u6307\u6807\uff08\u5176\u884c\u4e3a\u5728\u5468\u671f\u5185\u53d8\u5316\u4e0d\u5927\uff09\u3002<\/p>\n\n\n\n<p class=\"\">\u4e0b\u9762\u7684\u8868\u683c\u7b80\u8981\u5206\u7c7b\u4e86\u4e00\u4e9b\u6307\u6807\u3002<\/p>\n\n\n\n<p class=\"\"><strong>\u7531\u4e8e\u6307\u6807<\/strong> \u662f\u4e3a\u4e86\u8bc6\u522b\u548c\u8003\u8651\u7ecf\u6d4e\u8fc7\u7a0b\u7684\u5404\u79cd\u65b9\u9762\u800c\u521b\u5efa\u7684\uff0c\u56e0\u6b64\u5b83\u4eec\u7684\u884c\u4e3a\u4e5f\u6709\u5176\u7279\u6027\u3002<\/p>\n\n\n\n<p class=\"\">\u7279\u522b\u91cd\u8981\u7684\u662f\u8981\u4e86\u89e3\u67d0\u4e2a\u7279\u5b9a\u6307\u6807\u662f\u5426\u503e\u5411\u4e8e\u9886\u5148\u4e8e\u6574\u4f53\u8d8b\u52bf\uff0c\u6216\u8005\u662f\u5426\u6ede\u540e\u4e8e\u7ecf\u6d4e\u5468\u671f\u7684\u4e3b\u8981\u8d70\u52bf\u3002<\/p>\n\n\n\n<p class=\"\">\u57fa\u4e8e\u6b64\uff0c\u6700\u77e5\u540d\u7684\u6307\u6807\u6309\u5982\u4e0b\u65b9\u5f0f\u5206\u7c7b\u3002<\/p>\n\n\n\n<p class=\"\"><em>\u5728\u7f8e\u56fd\uff0c\u6709\u4e00\u4e2a\u7279\u6b8a\u7684\u975e\u653f\u5e9c\u7814\u7a76\u7ec4\u7ec7\u2014\u2014\u56fd\u5bb6\u7ecf\u6d4e\u7814\u7a76\u5c40 (NBER &#8211; National Bureau of Economic Research)\uff0c\u4e13\u95e8\u8ddf\u8e2a\u7ecf\u6d4e\u5468\u671f\u5e76\u786e\u5b9a\u5176\u8f6c\u6298\u70b9\u3002<\/em><\/p>\n\n\n\n<p class=\"\"><em>\u8fd9\u5e76\u4e0d\u50cf\u770b\u8d77\u6765\u90a3\u4e48\u5bb9\u6613\uff0c\u56e0\u4e3a\u4e0d\u540c\u7684\u6307\u6807\u5728\u65f6\u95f4\u4e0a\u76f8\u5bf9\u4e8e\u5f7c\u6b64\u7684\u5468\u671f\u6709\u504f\u79fb\u3002<\/em><\/p>\n\n\n\n<p class=\"\"><em>\u4f7f\u7528\u8fd9\u4e9b\u6307\u6807\u8ffd\u8e2a\u5168\u7403\u7ecf\u6d4e\u5468\u671f\u5e76\u7ed9\u51fa\u5176\u5ba2\u89c2\u7279\u5f81\u975e\u5e38\u91cd\u8981\uff0c\u56e0\u4e3a\u8bb8\u591a\u7ecf\u6d4e\u6d3b\u52a8\u7684\u53c2\u4e0e\u8005\u5c06\u5728\u5176\u4e1a\u52a1\u8ba1\u5212\u4e2d\u53c2\u8003\u8fd9\u4e00\u5468\u671f\u3002<\/em><\/p>\n\n\n\n<p class=\"\"><strong>\u6839\u636e NBER \u65b9\u6cd5<\/strong>\uff0c\u7ecf\u6d4e\u8870\u9000\u5f00\u59cb\u4e8e\u8fde\u7eed\u4e24\u4e2a\u5b63\u5ea6\u7684\u5b9e\u9645 GDP \u4e0b\u964d\u3002\u4f46\u4ec5\u4ec5\u8fd9\u6837\u7684\u4e0b\u964d\u5e76\u4e0d\u4e00\u5b9a\u610f\u5473\u7740\u7ecf\u6d4e\u8870\u9000\uff0c\u56e0\u4e3a\u6307\u6807\u7ecf\u5e38\u504f\u79bb\u4e3b\u8981\u8d8b\u52bf\u3002<\/p>\n\n\n\n<p class=\"\">\u4e3a\u4e86\u5f62\u6210\u5bf9\u8d8b\u52bf\u7684\u4e00\u822c\u8bc4\u4f30\uff0c\u901a\u5e38\u4f1a\u6d89\u53ca\u5927\u91cf\u5176\u4ed6\u6307\u6807\uff0c\u8fd9\u4e9b\u6307\u6807\u5927\u591a\u6570\u7814\u7a76\u4eba\u5458\u548c\u4ece\u4e1a\u8005\u90fd\u4f1a\u63a5\u53d7\u3002<\/p>\n\n\n\n<p class=\"\">\u540c\u65f6\uff0c\u7ecf\u6d4e\u6307\u6807\u672c\u8eab\u7684\u6570\u503c\uff08<strong>GDP<\/strong>\u3001<strong>\u5de5\u4e1a\u751f\u4ea7<\/strong>\u3001<strong>\u8d38\u6613\u5e73\u8861<\/strong> \u7b49\uff09\u5e76\u4e0d\u662f\u6700\u91cd\u8981\u7684\uff0c\u91cd\u8981\u7684\u662f\u5b83\u4eec\u4ece\u6708\u5ea6\u3001\u5b63\u5ea6\u5230\u5e74\u5ea6\u7684\u53d8\u5316\u3002\u8fd9\u4e9b\u53d8\u5316\u6700\u6e05\u695a\u5730\u53cd\u6620\u4e86\u7ecf\u6d4e\u72b6\u51b5\u5bf9\u4f01\u4e1a\u7ed3\u679c\u7684\u5f71\u54cd\uff0c\u4ece\u800c\u5f71\u54cd\u4e86\u751f\u4ea7\u8005\u548c\u6d88\u8d39\u8005\u7684\u60c5\u7eea\u548c\u6d3b\u52a8\u3002<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td colspan=\"2\"><strong>\u987a\u5468\u671f (Procyclical)<\/strong><\/td><td colspan=\"2\"><strong>\u9006\u5468\u671f (Anticyclical)<\/strong><\/td><\/tr><tr><td>Strongly correlated<\/td><td>Weakly correlated<\/td><td>Counter-Cyclical<\/td><td>Acyclical<\/td><\/tr><tr><td><strong>Cumulative Output<\/strong> \u548c\u5404\u7ecf\u6d4e\u90e8\u95e8\u7684\u4ea7\u51fa<br><strong>Business Profits<\/strong><br><strong>Monetary Aggregates<\/strong><br><strong>Velocity of Money<\/strong><br><strong>Price Level<\/strong><br><strong>Short-Term Interest Rates<\/strong><\/td><td><strong>FMCG<\/strong><br><strong>Agricultural Production<\/strong><br><strong>Natural Resource Extraction<\/strong><br><strong>Long-Term Interest Rates<\/strong><\/td><td><strong>Stocks of Finished Goods<\/strong><br><strong>Stocks of Raw Materials and Supplies<\/strong><br><strong>Unemployment Rate<\/strong><br><strong>Bankruptcy Rate<\/strong><\/td><td><strong>Trade Balance<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td><em>Leading Indicators<\/em><\/td><td><em>Lagging Indicators<\/em><\/td><td><em>Coinciding Indicators<\/em><\/td><\/tr><tr><td><strong>Workweek Length<\/strong><br><strong>Number of New Businesses<\/strong><br><strong>Housing Starts<\/strong><br><strong>Stock Market Indices<\/strong><br><strong>Corporate Profits<\/strong><br><strong>Change in Money Supply<\/strong><br><strong>Change in Stocks<\/strong><\/td><td><strong>Number of Long-Term Unemployed<\/strong><br><strong>Spending on New Enterprises and Means of Production<\/strong><br><strong>Unit Spending on Wages<\/strong><br><strong>Average Interest Rates of Commercial Banks<\/strong><\/td><td><strong>GDP<\/strong><br><strong>Unemployment Rate<\/strong><br><strong>Industrial Production<\/strong><br><strong>Personal Income<\/strong><br><strong>Producer Prices<\/strong><br><strong>Official Interest Rates<\/strong><br><strong>Advertising Applications<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"\"><strong>\u6ca1\u6709\u4ee4\u4eba\u4fe1\u670d\u7684\u7ecf\u6d4e\u5468\u671f\u4e00\u822c\u7406\u8bba<\/strong>\uff0c\u6b63\u5982\u5bf9\u5176\u6210\u56e0\u4e5f\u6ca1\u6709\u5171\u8bc6\u4e00\u6837\u3002\u4f5c\u4e3a\u5bfc\u81f4\u7ecf\u6d4e\u6ce2\u52a8\u7684\u4e3b\u8981\u56e0\u7d20\uff0c\u5404\u79cd\u7ecf\u6d4e\u7406\u8bba\u8003\u8651\u4e86\u4f8b\u5982\uff1a<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"\">&#8211; \u5bf9\u7ecf\u6d4e\u7684\u51b2\u51fb\uff0c\u4f8b\u5982\u6280\u672f\u8f6c\u53d8\u3001\u65b0\u539f\u6750\u6599\u6765\u6e90\u7684\u53d1\u73b0\u3001\u5168\u7403\u539f\u6750\u6599\u4ef7\u683c\u7684\u5de8\u5927\u53d8\u5316\u3001\u653f\u6cbb\u51b2\u51fb\uff1b<\/li>\n\n\n\n<li class=\"\">&#8211; \u539f\u6750\u6599\u5e93\u5b58\u7684\u975e\u8ba1\u5212\u6027\u589e\u52a0\uff0c\u751f\u4ea7\u6295\u8d44\uff1b<\/li>\n\n\n\n<li class=\"\">&#8211; \u52b3\u52a8\u5173\u7cfb\uff0c\u5de5\u4f1a\u4e3a\u5de5\u4f5c\u4fdd\u969c\u548c\u5de5\u8d44\u8fdb\u884c\u7684\u6597\u4e89\u3002<\/li>\n<\/ul>\n\n\n\n<p class=\"\"><strong>\u8003\u8651\u5230\u8fd9\u4e9b\u73b0\u8c61<\/strong> \u5e76\u975e\u6613\u4e8b\u3002<\/p>\n\n\n\n<p class=\"\">\u957f\u671f\u4ee5\u6765\uff0c\u4eba\u4eec\u4e00\u76f4\u5f88\u597d\u5730\u7406\u89e3\u4e00\u4e2a\u4e8b\u5b9e\uff1a\u5468\u671f\u662f\u7531\u5185\u90e8\u539f\u56e0\u4ea7\u751f\u7684\u4e0d\u53ef\u907f\u514d\u7684\u73b0\u8c61\uff0c\u662f\u7ecf\u6d4e\u53d1\u5c55\u7684\u5185\u5728\u9a71\u52a8\u529b\u4e4b\u4e00\u3002<\/p>\n\n\n\n<p class=\"\">\u56e0\u6b64\uff0c\u8ddf\u8e2a\u548c\u9884\u6d4b\u6240\u6709\u6587\u660e\u56fd\u5bb6\u7ecf\u6d4e\u5468\u671f\u53d1\u5c55\u7684\u53c2\u6570\u88ab\u89c6\u4e3a\u6700\u91cd\u8981\u7684\u56fd\u5bb6\u804c\u80fd\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-\u7ecf\u6d4e\u589e\u957f\u6307\u6807-\u56fd\u5185\u751f\u4ea7\u603b\u503c\">\u7ecf\u6d4e\u589e\u957f\u6307\u6807\uff0c\u56fd\u5185\u751f\u4ea7\u603b\u503c<\/h2>\n\n\n\n<p class=\"\"><strong>\u56fd\u5185\u751f\u4ea7\u603b\u503c (GDP)<\/strong> \u662f\u8861\u91cf\u4e00\u4e2a\u56fd\u5bb6\u6240\u6709\u5236\u9020\u5546\u5728\u4e00\u5b9a\u65f6\u671f\u5185\u521b\u9020\u7684\u589e\u52a0\u503c\u603b\u91cf\u7684\u603b\u4f53\u6307\u6807\u3002<\/p>\n\n\n\n<p class=\"\">GDP \u662f\u8861\u91cf\u7ecf\u6d4e\u5b9e\u529b\uff08\u6216\u76f8\u53cd\uff0c\u5728\u7ecf\u6d4e\u8870\u9000\u671f\u95f4\u7684\u75b2\u5f31\uff09\u7684\u5e7f\u6cdb\u6307\u6807\u3002\u5176\u4e0e <strong>\u6c47\u7387<\/strong> \u7684\u5173\u7cfb\u59cb\u7ec8\u660e\u663e\u4e14\u76f8\u5f53\u76f4\u63a5\u2014\u2014GDP \u589e\u957f\u8d8a\u5f3a\u52b2\uff0c\u56fd\u5bb6\u8d27\u5e01\u5c31\u8d8a\u5f3a\u3002<\/p>\n\n\n\n<p class=\"\">\u5bf9\u4e8e <strong>\u5916\u6c47\u5e02\u573a<\/strong>\uff0c\u8fd9\u662f\u4e3b\u8981\u6307\u6807\u4e4b\u4e00\u3002\u5bf9\u4e3b\u8981\u7ecf\u6d4e\u4f53\u589e\u957f\u6307\u6807\u7684\u53d1\u5e03\u4e0d\u4ec5\u53cd\u5e94\u663e\u8457\uff0c\u800c\u4e14\u5176\u4fee\u6b63\uff08\u66f4\u65b0\uff09\u503c\u7684\u53cd\u5e94\u4e5f\u53ef\u80fd\u76f8\u5f53\u663e\u8457\u3002<\/p>\n\n\n\n<p class=\"\"><strong>GDP \u7684\u5b9a\u4e49<\/strong>\uff0c\u5728\u5b8f\u89c2\u7ecf\u6d4e\u5b66\u6559\u79d1\u4e66\u4e2d\u5df2\u77e5\uff0c\u5c06\u5176\u5728\u6d88\u8d39\u548c\u6536\u5165\u7ec4\u6210\u90e8\u5206\u4e0a\u7ed9\u4e88\u53cc\u91cd\u8ba1\u91cf\uff1a<\/p>\n\n\n\n<p class=\"has-text-align-center\"><strong>GDP = C + I + G + NE = PI + PR<\/strong><\/p>\n\n\n\n<p class=\"\"><strong>\u5176\u4e2d<\/strong> <strong>C<\/strong> &#8211; <strong>\u6d88\u8d39 (Consumption)<\/strong>\uff0c<strong>I<\/strong> &#8211; <strong>\u6295\u8d44 (Investment)<\/strong>\uff0c<strong>G<\/strong> &#8211; <strong>\u653f\u5e9c\u652f\u51fa (Government Spending)<\/strong>\uff0c<strong>NE<\/strong> &#8211; <strong>\u51c0\u51fa\u53e3 (Net Exports, Exports &#8211; Imports)<\/strong>\uff0c<strong>PI<\/strong> &#8211; <strong>\u4e2a\u4eba\u6536\u5165 (Personal Income)<\/strong>\uff0c<strong>PR<\/strong> &#8211; <strong>\u6240\u6709\u8005\u5229\u6da6 (Profits Owners)<\/strong>\u3002<\/p>\n\n\n\n<p class=\"\"><strong>GDP<\/strong> \u65e2\u4ee5\u540d\u4e49\u5f62\u5f0f\uff08\u6309\u5f53\u524d\u4ef7\u683c\uff09\u8ba1\u7b97\uff0c\u4e5f\u4ee5\u56fa\u5b9a\u65f6\u671f\u4ef7\u683c\u8ba1\u7b97\uff08<strong>\u5b9e\u9645 GDP (Real GDP)<\/strong>\uff09\u3002<\/p>\n\n\n\n<p class=\"\">\u540d\u4e49 GDP \u4e0e\u5b9e\u9645 GDP \u7684\u6bd4\u7387\u662f <strong>GDP \u5e73\u51cf\u6307\u6570 (GDP Deflator)<\/strong>\uff1b\u5b83\u4e5f\u4f5c\u4e3a\u5176\u4e2d\u4e00\u4e2a <strong>\u901a\u80c0\u6307\u6807<\/strong> \u88ab\u516c\u5e03\u3002<\/p>\n\n\n\n<p class=\"\">\u9664\u4e86 GDP \u5916\uff0c\u8fd8\u4f7f\u7528\u4e0e\u5176\u542b\u4e49\u63a5\u8fd1\u7684 <strong>\u56fd\u6c11\u751f\u4ea7\u603b\u503c (GNP)<\/strong> \u6307\u6807\uff0c\u540e\u8005\u8003\u8651\u4e86\u4e00\u4e2a\u56fd\u5bb6\u5c45\u6c11\u5728\u56fd\u5185\u5916\u7684\u6240\u6709\u5546\u54c1\u548c\u670d\u52a1\u7684\u603b\u751f\u4ea7\u3002<\/p>\n\n\n\n<p class=\"\"><strong>GDP \u6570\u636e<\/strong> \u6bcf\u5b63\u5ea6\u53d1\u5e03\u4e00\u6b21\uff1b\u7f8e\u56fd\u7684\u901a\u5e38\u53d1\u5e03\u65f6\u95f4\u662f\u5b63\u5ea6\u7ed3\u675f\u540e\u7684\u4e0b\u4e2a\u6708\u7684\u7b2c20\u5929\u3002<\/p>\n\n\n\n<p class=\"\">\u63a5\u4e0b\u6765\u7684\u4e24\u4e2a\u6708\u5185\uff0c\u4f1a\u53d1\u5e03\u8be5\u6307\u6807\u7684\u4fee\u6b63\u503c\u3002\u534a\u5e74\u4e00\u6b21\u7684\u6570\u636e\u53ef\u80fd\u4f1a\u5728\u4e09\u5e74\u540e\u66f4\u65b0\u3002<\/p>\n\n\n\n<p class=\"\">\u5728\u5206\u6790\u7ecf\u6d4e\u5468\u671f\u52a8\u6001\u65f6\uff0c\u5e94\u8003\u8651\u4ece\u957f\u671f\uff08\u5982\u4eba\u53e3\u56e0\u7d20\u6216\u4e16\u754c\u5927\u6218\uff09\u5230\u77ed\u671f\u539f\u56e0\uff08\u5bfc\u81f4\u7ecf\u6d4e\u5931\u8861\uff09\u7b49\u4e0d\u540c\u89c4\u6a21\u7684\u73b0\u8c61\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-\u5236\u9020\u4e1a\u6307\u6807\">\u5236\u9020\u4e1a\u6307\u6807<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-\u5de5\u4e1a\u751f\u4ea7\"><strong>\u5de5\u4e1a\u751f\u4ea7<\/strong><\/h3>\n\n\n\n<p class=\"\"><strong>\u5de5\u4e1a\u751f\u4ea7 (Industrial Production, IP)<\/strong> \u8861\u91cf\u5de5\u4e1a\u3001\u91c7\u6398\u4e1a\u548c\u80fd\u6e90\u4f9b\u5e94\u4e2d\u7684\u5236\u9020\u5382\u4ea7\u51fa\u3002<\/p>\n\n\n\n<p class=\"\">\u5b83\u5bf9 <strong>\u5916\u6c47\u5e02\u573a<\/strong> \u975e\u5e38\u91cd\u8981\uff0c\u56e0\u4e3a\u5b83\u76f4\u63a5\u5f71\u54cd\u6240\u6709\u7ecf\u6d4e\u589e\u957f\u6307\u6807\uff0c\u56e0\u6b64\u4e0e\u91d1\u878d\u653f\u7b56\u5bc6\u5207\u76f8\u5173\u3002<\/p>\n\n\n\n<p class=\"\"><strong>IP<\/strong> \u7684\u53d1\u5c55\u610f\u5473\u7740\u6574\u4e2a\u7ecf\u6d4e\u7684\u589e\u5f3a\uff0c\u5305\u62ec\u56fd\u5bb6\u5728\u4e16\u754c\u7ecf\u6d4e\u4e2d\u7684\u5730\u4f4d\u7684\u63d0\u5347\uff0c\u8fd9\u5e94\u8be5\u4f1a\u5bfc\u81f4\u8be5\u56fd\u5546\u54c1\u5728\u4e16\u754c\u5e02\u573a\u4e0a\u7684\u7ade\u4e89\u529b\u63d0\u9ad8\uff0c\u4ece\u800c\u589e\u52a0\u5176 <strong>\u8d38\u6613\u5e73\u8861<\/strong> \u548c\u56fd\u5bb6\u8d27\u5e01\u7684 <strong>\u6c47\u7387<\/strong>\u3002<\/p>\n\n\n\n<p class=\"\"><strong>IP \u6307\u6570<\/strong> \u6bcf\u6708\u5927\u7ea6\u572815\u65e5\u53d1\u5e03\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-\u4ea7\u80fd\u5229\u7528\u7387\"><strong>\u4ea7\u80fd\u5229\u7528\u7387<\/strong><\/h3>\n\n\n\n<p class=\"\"><strong>\u4ea7\u80fd\u5229\u7528\u7387 (Capacity Utilization, CAPU)<\/strong> \u662f\u5de5\u4e1a\u603b\u4ea7\u51fa\u4e0e\u5de5\u4e1a\u603b\u751f\u4ea7\u529b\uff08\u6f5c\u5728\u4ea7\u51fa\uff09\u4ef7\u503c\u7684\u6bd4\u7387\u3002<\/p>\n\n\n\n<p class=\"\">\u7531\u4e8e\u5176\u4e0e\u7ecf\u6d4e\u5468\u671f\u52a8\u6001\u7684\u5bc6\u5207\u5173\u7cfb\uff0c\u8fd9\u4e00\u6307\u6807\u5bf9 <strong>\u5916\u6c47\u5e02\u573a<\/strong> \u975e\u5e38\u91cd\u8981\uff0c\u4f7f\u5176\u5728\u7b49\u5f85 <strong>\u4e2d\u592e\u94f6\u884c (Central Banks)<\/strong> \u653f\u7b56\u53d8\u5316\u7684\u56f0\u96be\u65f6\u523b\u6210\u4e3a\u5e02\u573a\u7684\u989d\u5916\u57fa\u51c6\uff0c\u6697\u793a\u4e2d\u592e\u94f6\u884c\u53ef\u80fd\u7684\u672a\u6765\u51b3\u7b56\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-\u8010\u7528\u54c1\u8ba2\u5355\"><strong>\u8010\u7528\u54c1\u8ba2\u5355<\/strong><\/h3>\n\n\n\n<p class=\"\"><strong>\u8010\u7528\u54c1\u8ba2\u5355 (Durable Goods Orders)<\/strong> \u6307\u6807\u6db5\u76d6\u5bff\u547d\u8d85\u8fc73\u5e74\u7684\u8010\u7528\u54c1\uff08\u5982\u6c7d\u8f66\u3001\u5bb6\u5177\u3001\u51b0\u7bb1\u3001\u73e0\u5b9d\u7b49\uff09\u7684\u751f\u4ea7\u8ba2\u5355\u7edf\u8ba1\u3002<\/p>\n\n\n\n<p class=\"\">\u6309\u884c\u4e1a\u5212\u5206\u7684\u8ba2\u5355\u4e3b\u8981\u5206\u4e3a4\u4e2a\u7c7b\u522b\uff1a\u91d1\u5c5e\u52a0\u5de5\uff08\u521d\u7ea7\u91d1\u5c5e\uff09\u3001\u673a\u68b0\u5de5\u7a0b\u3001\u7535\u6c14\u8bbe\u5907\u548c\u4ea4\u901a\u8fd0\u8f93\u3002<\/p>\n\n\n\n<p class=\"\">\u4e3a\u4e86\u6392\u9664\u5927\u89c4\u6a21\u519b\u4e8b\u8ba2\u5355\u5bf9\u7edf\u8ba1\u6570\u636e\u7684\u5f71\u54cd\uff0c\u519b\u4e8b\u548c\u975e\u519b\u4e8b\u8ba2\u5355\u7684\u6570\u636e\u4f1a\u5206\u522b\u7edf\u8ba1\u3002<\/p>\n\n\n\n<p class=\"\"><strong>\u8be5\u6307\u6807\u5bf9<\/strong> <strong>\u5916\u6c47\u5e02\u573a<\/strong> \u5f88\u91cd\u8981\uff0c\u56e0\u4e3a\u5b83\u662f\u6d88\u8d39\u8005\u4fe1\u5fc3\u7684\u6307\u6807\u3002<\/p>\n\n\n\n<p class=\"\">\u5927\u91cf\u9ad8\u4ef7\u503c\u5546\u54c1\u7684\u8ba2\u5355\u663e\u793a\u51fa\u6d88\u8d39\u8005\u613f\u610f\u82b1\u94b1\uff0c\u8fd9\u523a\u6fc0\u4e86\u751f\u4ea7\uff0c\u8fdb\u800c\u5f71\u54cd\u7ecf\u6d4e\u7684\u5176\u4ed6\u6307\u6807\u3002<\/p>\n\n\n\n<p class=\"\">\u56e0\u6b64\uff0c\u9ad8 <strong>\u8010\u7528\u54c1<\/strong> \u6570\u636e\u662f\u52a0\u5f3a <strong>\u6c47\u7387<\/strong> \u7684\u56e0\u7d20\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-\u5e93\u5b58\u6307\u6807\"><strong>\u5e93\u5b58\u6307\u6807<\/strong><\/h3>\n\n\n\n<p class=\"\"><strong>\u63cf\u8ff0\u5e93\u5b58\u52a8\u6001\u7684\u6307\u6807<\/strong> \u53ca\u5176\u4e0e\u9500\u552e\u91cf\u7684\u5173\u7cfb\uff08<strong>\u4e1a\u52a1\u5e93\u5b58\u548c\u9500\u552e (Business Inventories and Sales)<\/strong>\uff09\u7531\u4e8e\u5176\u660e\u663e\u7684\u5468\u671f\u6027\u52a8\u6001\uff0c\u4e5f\u662f\u6709\u7528\u7684\u57fa\u51c6\u3002<\/p>\n\n\n\n<p class=\"\">\u5b83\u4eec\u7684\u6570\u636e\u6765\u6e90\u4e8e\u5546\u54c1\u5236\u9020\u5546\u3001\u6279\u53d1\u5546\u548c\u96f6\u552e\u5546\u3002<\/p>\n\n\n\n<p class=\"\">\u8fd9\u4e9b\u6307\u6807\u4ee5\u4e09\u79cd\u5f62\u5f0f\u53d1\u5e03\uff1a\u5e93\u5b58\u3001\u9500\u552e\u548c <strong>\u5e93\u5b58\u4e0e\u9500\u552e\u6bd4\u7387 (Inventories to Shipments Ratio, INSR)<\/strong>\uff0c\u6bcf\u6708\u5728\u8010\u7528\u54c1\u6570\u636e\u53d1\u5e03\u540e6\u4e2a\u5de5\u4f5c\u65e5\u53d1\u5e03\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-\u901a\u80c0\u6307\u6807\">\u901a\u80c0\u6307\u6807<\/h3>\n\n\n\n<p class=\"\"><strong>\u5f88\u5c11\u6709\u7ecf\u6d4e\u6307\u6807<\/strong> \u80fd\u4e0e <strong>\u901a\u80c0\u6307\u6807<\/strong> \u5728\u5176\u5bf9 <strong>\u5916\u6c47\u5e02\u573a<\/strong> \u91cd\u8981\u6027\u65b9\u9762\u76f8\u5ab2\u7f8e\u3002<\/p>\n\n\n\n<p class=\"\"><strong>\u4ea4\u6613\u8005 (Traders)<\/strong> \u5bc6\u5207\u5173\u6ce8\u4ef7\u683c\u884c\u52a8\uff0c\u56e0\u4e3a <strong>\u4e2d\u592e\u94f6\u884c\u7684\u53cd\u901a\u80c0\u5de5\u5177<\/strong> \u662f\u63d0\u9ad8 <strong>\u5229\u7387<\/strong>\uff0c\u8fd9\u4f5c\u4e3a <strong>\u6c47\u7387<\/strong> \u7684\u5f3a\u5316\u56e0\u7d20\u3002\u6b64\u5916\uff0c<strong>\u901a\u80c0\u7387<\/strong> \u6539\u53d8\u4e86 <strong>\u5229\u7387<\/strong> \u7684\u5b9e\u9645\u503c\u3002<\/p>\n\n\n\n<p class=\"\">\u56e0\u6b64\uff0c<strong>\u653f\u5e9c\u503a\u5238\u5e02\u573a (Government Bond Markets)<\/strong> \u5bf9 <strong>\u901a\u80c0\u6570\u636e<\/strong> \u975e\u5e38\u654f\u611f\u3002\u7531\u4e8e\u5176\u4ea4\u6613\u91cf\u975e\u5e38\u5927\uff0c\u8fd9\u4e9b\u5e02\u573a\u7684\u73b0\u91d1\u6d41\u91cd\u65b0\u5206\u914d\u5fc5\u7136\u4f1a\u5f71\u54cd <strong>\u6c47\u7387<\/strong>\u3002<\/p>\n\n\n\n<p class=\"\"><strong>\u4e0e\u5176\u4ed6\u6307\u6807\u4e00\u6837<\/strong>\uff0c<strong>\u5916\u6c47\u5e02\u573a<\/strong> \u5bf9 <strong>\u901a\u80c0\u6570\u636e<\/strong> \u7684\u53cd\u5e94\u53d6\u51b3\u4e8e\u7ed9\u5b9a\u7ecf\u6d4e\u6240\u5728\u7684\u5546\u4e1a\u5468\u671f\u9636\u6bb5\u3002<\/p>\n\n\n\n<p class=\"\">\u5982\u679c\u5728\u589e\u957f\u9636\u6bb5\u6709 <strong>\u901a\u80c0<\/strong> \u7684\u8ff9\u8c61\uff0c<strong>\u4e2d\u592e\u94f6\u884c<\/strong> \u53ef\u4ee5\u901a\u8fc7\u7565\u5fae\u63d0\u9ad8\u5b98\u65b9 <strong>\u5229\u7387<\/strong> \u91c7\u53d6\u9884\u9632\u6027\u884c\u52a8\u3002\u5728\u8fd9\u79cd\u60c5\u51b5\u4e0b\uff0c\u4ece <strong>\u5916\u6c47\u5e02\u573a<\/strong> \u7684\u89d2\u5ea6\u6765\u770b\uff0c\u4e3b\u8981\u56e0\u7d20\u5c06\u662f\u6709\u5229\u4e8e\u8be5\u8d27\u5e01\u7684 <strong>\u5229\u5dee (Interest Differential)<\/strong> \u7684\u589e\u52a0\uff0c<strong>\u6c47\u7387<\/strong> \u5c06\u4e0a\u5347\u3002\u5f53 <strong>\u901a\u80c0<\/strong> \u5f00\u59cb\u5728\u5546\u4e1a\u5468\u671f\u7684\u9876\u7aef\u52a0\u901f\u65f6\uff0c\u60c5\u51b5\u4f1a\u5b8c\u5168\u4e0d\u540c\uff0c\u6b64\u65f6\u7ecf\u6d4e\u8fc7\u70ed\u662f\u771f\u5b9e\u7684\uff0c\u5a01\u80c1\u5230\u4e25\u91cd\u7684\u8870\u9000\u3002\u5bf9\u6b64\uff0c<strong>\u4e2d\u592e\u94f6\u884c<\/strong> \u4e5f\u4f1a\u63d0\u9ad8\u5229\u7387\u4ee5\u51b7\u5374\u6d3b\u52a8\uff0c\u4f46\u5e02\u573a\u53cd\u5e94\u5c06\u5b8c\u5168\u76f8\u53cd\u3002\u610f\u8bc6\u5230\u8be5\u7ecf\u6d4e\u4f53\u5c06\u9762\u4e34\u8870\u9000\uff0c\u4e0e\u4e0d\u53ef\u907f\u514d\u7684\u80a1\u7968\u4ef7\u683c\u4e0b\u8dcc\u3001\u6295\u8d44\u91cf\u51cf\u5c11\u4ee5\u53ca <strong>\u5916\u8d38<\/strong> \u95ee\u9898\u76f8\u5173\uff0c<strong>\u4ea4\u6613\u8005<\/strong> \u5c06\u5f00\u59cb\u629b\u552e\u8be5\u8d27\u5e01\u4ee5\u53ca\u4e0e\u4e4b\u76f8\u5173\u7684\u5176\u4ed6\u8d44\u4ea7\uff0c\u4ece\u800c\u5bfc\u81f4\u5176\u6c47\u7387\u4e0b\u8dcc\u3002\u4e00\u4e9b <strong>\u5916\u6c47\u5e02\u573a<\/strong> \u5bf9 <strong>\u901a\u80c0\u6570\u636e<\/strong> \u53cd\u5e94\u7684\u4f8b\u5b50\u5728\u4e66\u4e2d\u6709\u6240\u4ecb\u7ecd\u3002<\/p>\n\n\n\n<p class=\"\"><strong>\u4e3b\u8981\u7684\u901a\u80c0\u6307\u6807<\/strong> \u5728\u6240\u6709\u56fd\u5bb6\u90fd\u662f <strong>\u6d88\u8d39\u8005\u7269\u4ef7\u6307\u6570 (CPI)<\/strong> \u548c <strong>\u751f\u4ea7\u8005\u7269\u4ef7\u6307\u6570 (PPI)<\/strong>\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-\u6d88\u8d39\u8005\u7269\u4ef7\u6307\u6570\"><strong>\u6d88\u8d39\u8005\u7269\u4ef7\u6307\u6570<\/strong><\/h3>\n\n\n\n<p class=\"\"><strong>\u6d88\u8d39\u8005\u7269\u4ef7\u6307\u6570 (CPI)<\/strong> \u662f\u8861\u91cf <strong>\u901a\u8d27\u81a8\u80c0<\/strong> \u7684\u4e3b\u8981\u6307\u6807\uff1b\u5b83\u8861\u91cf\u5305\u542b\u5728\u56fa\u5b9a\u6d88\u8d39\u8005\u7bee\u5b50\u4e2d\u7684\u5546\u54c1\u548c\u670d\u52a1\u4ef7\u683c\u7684\u53d8\u5316\uff0c\u6db5\u76d6\u4e86\u9700\u6c42\u6052\u5b9a\u7684\u5546\u54c1\u548c\u670d\u52a1\uff08\u98df\u54c1\u3001\u670d\u88c5\u3001\u71c3\u6599\u3001\u4ea4\u901a\u3001\u533b\u7597\u4fdd\u5065\u7b49\uff09\u3002<\/p>\n\n\n\n<p class=\"\"><strong>\u6d88\u8d39\u8005\u7269\u4ef7\u6307\u6570<\/strong> \u901a\u5e38\u57fa\u4e8e\u9009\u5b9a\u7684\u5546\u54c1\u548c\u670d\u52a1\u7bee\u5b50\u6784\u5efa\u3002<\/p>\n\n\n\n<p class=\"\">\u5982\u679c <strong>Pi (0)<\/strong> \u662f\u5728\u56fa\u5b9a\u65f6\u95f4\u70b9\uff08\u57fa\u671f\uff09\u6d88\u8d39\u8005\u7bee\u5b50\u4e2d\u7b2c i \u79cd\u5546\u54c1\uff08\u670d\u52a1\uff09\u7684\u4ef7\u683c\uff0c<strong>Pi (t)<\/strong> \u662f\u5176\u5728\u65f6\u95f4 t \u7684\u4ef7\u683c\uff08\u201c\u73b0\u5728\u201d\uff09\uff0c<strong>wi<\/strong> \u662f\u5206\u914d\u7ed9\u7ed9\u5b9a\u5546\u54c1\u5728\u6d88\u8d39\u8005\u7bee\u5b50\u4e2d\u7684\u6743\u91cd\uff08\u6240\u6709\u6743\u91cd\u7684\u603b\u548c\u7b49\u4e8e1\uff09\uff0c\u5219\u8be5\u6307\u6570\u53ef\u4ee5\u8ba1\u7b97\u4e3a\uff1a<\/p>\n\n\n\n<p class=\"has-text-align-center\"><strong>I = wi \u00d7 Pi(t) \/ Pi(0)<\/strong><\/p>\n\n\n\n<p class=\"\"><strong>\u9009\u62e9\u6d88\u8d39\u8005\u7bee\u5b50\u7684\u7ec4\u6210<\/strong> \u4e0d\u662f\u4e00\u4ef6\u5bb9\u6613\u7684\u4e8b\uff0c\u800c\u662f\u57fa\u4e8e\u7279\u6b8a\u7684\u7edf\u8ba1\u7814\u7a76\uff0c\u56e0\u4e3a\u5b83\u5e94\u8be5\u53cd\u6620\u7ed9\u5b9a\u56fd\u5bb6\u5178\u578b\u6d88\u8d39\u5546\u54c1\u7684\u7ec4\u6210\uff0c\u5176\u4ef7\u683c\u53d8\u5316\u5e94\u5ba2\u89c2\u5730\u663e\u793a\u6b63\u5728\u8fdb\u884c\u7684\u7ecf\u6d4e\u8fc7\u7a0b\u7684\u65b9\u5411\u3002<\/p>\n\n\n\n<p class=\"\"><strong>CPI<\/strong> \u6bcf\u6708\u53d1\u5e03\u4e00\u6b21\uff0c\u901a\u5e38\u5728\u5f53\u6708\u7684\u7b2c\u5341\u4e2a\u5de5\u4f5c\u65e5\u3002\u4e3b\u8981\u53d1\u5e03\u5f62\u5f0f\u662f\u4e0e\u4e0a\u4e2a\u6708\u76f8\u6bd4\u7684\u53d8\u5316\u91cf\uff0c\u65e2\u5305\u62ec <strong>CPI<\/strong> \u4e5f\u5305\u62ec <strong>\u6838\u5fc3 CPI (Core CPI)<\/strong>\u3002<\/p>\n\n\n\n<p class=\"\">\u901a\u5e38\uff0c\u504f\u79bb\u9884\u671f\u503c 0.2 \u5c31\u8db3\u4ee5\u5f15\u8d77 <strong>\u5916\u6c47\u5e02\u573a<\/strong> \u7684\u660e\u663e\u53cd\u5e94\u3002<\/p>\n\n\n\n<p class=\"\"><strong>CPI \u884c\u4e3a\u7684\u4e3b\u8981\u7279\u70b9<\/strong> \u5728\u7ecf\u6d4e\u5468\u671f\u4e2d\uff1a<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"\">&#8211; \u98df\u54c1\u4ef7\u683c\u548c\u80fd\u6e90\u4ef7\u683c\u7684\u6ce2\u52a8\u6027\uff08\u53ef\u53d8\u6027\uff09\u6700\u5927\uff1b\u5546\u54c1\u4ef7\u683c\u7684\u6ce2\u52a8\u6027\u5927\u4e8e\u670d\u52a1\u4ef7\u683c\uff08\u98df\u54c1\u548c\u80fd\u6e90\u5728\u5546\u54c1\u4e2d\u7684\u8d21\u732e\u9ad8\u8fbe50%\uff0c\u800c\u5728\u670d\u52a1\u4e2d\u4e0d\u8d85\u8fc76%\uff09\uff1b<\/li>\n\n\n\n<li class=\"\">&#8211; \u670d\u52a1\u884c\u4e1a\u7684\u901a\u80c0\u6ede\u540e\u4e8e\u5546\u54c1\u5e02\u573a\u7684\u901a\u80c0\u7ea66-9\u4e2a\u6708\uff1b<\/li>\n\n\n\n<li class=\"\">&#8211; \u901a\u80c0\u6709\u5176\u5468\u671f\u6027\uff0c\u6ede\u540e\u4e8e\u6574\u4f53\u7ecf\u6d4e\u589e\u957f\u5468\u671f\u3002<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-\u751f\u4ea7\u8005\u7269\u4ef7\u6307\u6570\"><strong>\u751f\u4ea7\u8005\u7269\u4ef7\u6307\u6570<\/strong><\/h3>\n\n\n\n<p class=\"\"><strong>\u751f\u4ea7\u8005\u7269\u4ef7\u6307\u6570 (Producer Price Index, PPI)<\/strong> \u662f\u4e00\u4e2a\u5177\u6709\u56fa\u5b9a\u6743\u91cd\u7684\u6307\u6570\uff0c\u8ddf\u8e2a\u56fd\u5bb6\u751f\u4ea7\u8005\u5728\u6279\u53d1\u5c42\u9762\u9500\u552e\u5546\u54c1\u7684\u4ef7\u683c\u53d8\u5316\u3002<\/p>\n\n\n\n<p class=\"\">PPI \u8986\u76d6\u6240\u6709\u751f\u4ea7\u9636\u6bb5\uff1a\u539f\u6750\u6599\u3001\u4e2d\u95f4\u9636\u6bb5\u3001\u6210\u54c1\uff0c\u4ee5\u53ca\u6240\u6709\u90e8\u95e8\uff1a\u5de5\u4e1a\u3001\u91c7\u77ff\u548c\u519c\u4e1a\u3002\u8fdb\u53e3\u5546\u54c1\u7684\u4ef7\u683c\u4e0d\u5305\u62ec\u5728\u5185\uff0c\u4f46\u901a\u8fc7\u8fdb\u53e3\u539f\u6750\u6599\u548c\u7ec4\u4ef6\u7684\u4ef7\u683c\u5f71\u54cd PPI\u3002<\/p>\n\n\n\n<p class=\"\">\u56e0\u6b64\uff0c\u5b83\u4e0e <strong>\u6d88\u8d39\u8005\u7269\u4ef7\u6307\u6570 (CPI)<\/strong> \u7684\u4e3b\u8981\u533a\u522b\u5728\u4e8e\uff0c\u5b83\u53ea\u6db5\u76d6\u5546\u54c1\uff0c\u800c\u4e0d\u6db5\u76d6\u670d\u52a1\uff0c\u5e76\u4e14\u662f\u5728\u6279\u53d1\u9500\u552e\u5c42\u9762\u3002<\/p>\n\n\n\n<p class=\"\"><strong>\u7f8e\u56fd\u751f\u4ea7\u8005\u7269\u4ef7\u6307\u6570<\/strong> \u57fa\u4e8e3400\u4e2a\u9879\u76ee\u7684\u6837\u672c\uff0c\u670940000\u4e2a\u53c2\u4e0e\u8005\uff1b\u8be5\u6307\u6570\u4e2d\u4e3b\u8981\u5546\u54c1\u7ec4\u7684\u6743\u91cd\u4e3a24%\u98df\u54c1\u30017%\u71c3\u6599\u30017%\u6c7d\u8f66\u30016%\u670d\u88c5\u3002<\/p>\n\n\n\n<p class=\"\">\u540c\u6837\uff1a<strong>\u6838\u5fc3 PPI (Core PPI)<\/strong> = (PPI EX FOOD &amp; ENERGY)\u3002\u5982\u679c\u6d88\u8d39\u8005\u4ef7\u683c\u603b\u662f\u503e\u5411\u4e8e\u4e0a\u6da8\uff0c\u90a3\u4e48\u751f\u4ea7\u8005\u4ef7\u683c\u4e5f\u53ef\u80fd\u6709\u76f8\u5f53\u660e\u663e\u7684\u4e0b\u964d\u671f\u3002<\/p>\n\n\n\n<p class=\"\"><strong>PPI<\/strong> \u6bcf\u6708\u7684\u7b2c\u5341\u4e2a\u5de5\u4f5c\u65e5\u53d1\u5e03\u3002<strong>PPI<\/strong> \u5728\u7ecf\u6d4e\u5468\u671f\u4e2d\u7684\u5178\u578b\u7279\u6027\uff1a<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"\">&#8211; \u6bd4 CPI \u66f4\u5177\u6ce2\u52a8\u6027\uff08\u5176\u4e2d\u80fd\u6e90\u7ea6\u536036%\uff0c\u800c CPI \u4e2d\u7ea6\u536023%\uff09\uff1b<\/li>\n\n\n\n<li class=\"\">&#8211; \u6709\u5176\u5468\u671f\u6027\uff0c\u7c7b\u4f3c\u4e8e CPI \u5468\u671f\uff0c\u6ede\u540e\u4e8e\u6574\u4f53\u7ecf\u6d4e\u5468\u671f\uff1b<\/li>\n\n\n\n<li class=\"\">&#8211; <strong>PPI<\/strong> \u5cf0\u503c\uff08\u6309\u5e74\u767e\u5206\u6bd4\u8868\u793a\uff09\u901a\u5e38\u6bd4\u7ecf\u6d4e\u6d3b\u52a8\u7684\u603b\u4f53\u5cf0\u503c\u665a3-6\u4e2a\u6708\uff0c\u4f4e\u8c37\u6bd4\u7ecf\u6d4e\u6d3b\u52a8\u7684\u4f4e\u8c37\u665a9\u4e2a\u6708\uff1b<\/li>\n\n\n\n<li class=\"\">&#8211; \u5927\u591a\u6570\u60c5\u51b5\u4e0b\uff0c<strong>PPI<\/strong> \u548c <strong>CPI<\/strong> \u7684\u6781\u7aef\u503c\u5728\u4e00\u4e2a\u5b63\u5ea6\u5185\u8fbe\u5230\uff0c\u5e76\u4e14\u51e0\u4e4e\u603b\u662f\u5728\u4e00\u4e2a\u5b63\u5ea6\u5185\u6d88\u9664\u3002<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-\u56fd\u9645\u8d38\u6613\">\u56fd\u9645\u8d38\u6613<\/h2>\n\n\n\n<p class=\"\"><strong>\u5916\u6c47\u5e02\u573a\u7684\u8fd0\u4f5c<\/strong> \u548c <strong>\u6c47\u7387<\/strong> \u7684\u52a8\u6001\u4e0e\u56fd\u9645\u5408\u4f5c\u5728\u8d38\u6613\u3001\u6587\u5316\u4ea4\u6d41\u3001\u5dde\u9645\u4e92\u52a8\u548c\u56fd\u9645\u6295\u8d44\u9886\u57df\u5bc6\u5207\u76f8\u5173\u3002<\/p>\n\n\n\n<p class=\"\">\u4ece\u91d1\u878d\u89d2\u5ea6\u6765\u770b\uff0c\u4e00\u4e2a\u56fd\u5bb6\u5728\u5168\u7403\u4e16\u754c\u7ed3\u6784\u4e2d\u6240\u5360\u7684\u4f4d\u7f6e\u7684\u53cd\u6620\u7531\u5176 <strong>\u56fd\u9645\u6536\u652f\u5e73\u8861 (Balance of Payments)<\/strong> \u8868\u793a\uff0c\u8fd9\u662f\u8be5\u56fd\u5c45\u6c11\u7684\u56fd\u9645\u91d1\u878d\u4ea4\u6613\u7684\u7ed3\u679c\u3002<\/p>\n\n\n\n<p class=\"\">\u56e0\u6b64\uff0c<strong>\u56fd\u9645\u6536\u652f\u5e73\u8861<\/strong> \u786e\u5b9a\u4e86\u6240\u6709\u4e3b\u8981\u7c7b\u578b\u7684\u56fd\u9645\u4e92\u52a8\u7684\u6bd4\u4f8b\uff1a\u56fd\u9645\u8d38\u6613\u3001\u8d44\u672c\u6d41\u52a8\u3001\u56fd\u9645\u670d\u52a1\uff08\u65c5\u6e38\u7b49\uff09\u548c\u5dde\u9645\u7ed3\u7b97\u3002<\/p>\n\n\n\n<p class=\"\"><strong>\u4ece\u957f\u671f\u6765\u770b<\/strong>\uff0c\u4e00\u4e2a\u56fd\u5bb6\u7684\u7ade\u4e89\u529b\u7531\u5176\u56fd\u5bb6\u8d44\u6e90\u3001\u5de5\u4e1a\u57fa\u7840\u3001\u52b3\u52a8\u529b\u7684\u4e13\u4e1a\u8d44\u683c\u548c\u4ef7\u683c\u7ed3\u6784\u51b3\u5b9a\u3002<\/p>\n\n\n\n<p class=\"\">\u6700\u7ec8\uff0c\u8fd9\u4e9b\u56e0\u7d20\u4e4b\u95f4\u5173\u7cfb\u7684\u4e0d\u660e\u663e\u6027\uff0c\u751a\u81f3\u7531\u4e8e\u5f53\u524d\u7684\u653f\u6cbb\u73b0\u5b9e\u4f7f\u5f97\u8fd9\u4e9b\u56e0\u7d20\u4e4b\u95f4\u7684\u5173\u7cfb\u66f4\u52a0\u590d\u6742\uff0c\u4f7f\u5f97 <strong>\u56fd\u9645\u6536\u652f\u5e73\u8861<\/strong> \u672c\u8eab\u4e0e\u77ed\u671f <strong>\u6c47\u7387<\/strong> \u7684\u52a8\u6001\u4e4b\u95f4\u7684\u5173\u7cfb\u5e76\u4e0d\u90a3\u4e48\u660e\u663e\uff0c\u4ee5\u81f3\u4e8e\u5176\u5206\u6790\u65e0\u6cd5\u4e3a\u4ea4\u6613\u8005\u63d0\u4f9b\u5177\u4f53\u7684\u51b3\u7b56\u4f9d\u636e\u3002<\/p>\n\n\n\n<p class=\"\">\u56e0\u6b64\uff0c<strong>\u5916\u6c47\u5e02\u573a<\/strong> \u901a\u5e38\u5173\u6ce8 <strong>\u56fd\u9645\u6536\u652f\u5e73\u8861<\/strong> \u7684\u4e3b\u8981\u7ec4\u6210\u90e8\u5206\u2014\u2014<strong>\u8d38\u6613\u5e73\u8861<\/strong>\u3002<\/p>\n\n\n\n<p class=\"\"><strong>\u8d38\u6613\u5e73\u8861 (Merchandise Trade Balance, TV)<\/strong> \u662f\u4e00\u4e2a\u56fd\u5bb6\u7684\u5546\u54c1\u51fa\u53e3\u989d\u4e0e\u8fdb\u53e3\u989d\u4e4b\u95f4\u7684\u5dee\u989d\u3002<\/p>\n\n\n\n<p class=\"\"><strong>\u8d38\u6613\u5e73\u8861<\/strong> \u9996\u5148\u53cd\u6620\u4e86\u4e00\u4e2a\u56fd\u5bb6\u5546\u54c1\u5728\u56fd\u5916\u7684\u7ade\u4e89\u529b\u3002<\/p>\n\n\n\n<p class=\"\">\u5b83\u4e0e\u56fd\u5bb6\u8d27\u5e01\u7684 <strong>\u6c47\u7387<\/strong> \u6c34\u5e73\u5bc6\u5207\u76f8\u5173\uff0c\u56e0\u4e3a\u8d38\u6613\u5e73\u8861\u7684\u8f83\u5927\u6b63\u503c\uff08\u51fa\u53e3\u8d85\u8fc7\u8fdb\u53e3\uff09\u610f\u5473\u7740\u5916\u6c47\u6d41\u5165\u56fd\u5185\uff0c\u589e\u52a0\u4e86\u56fd\u5bb6\u8d27\u5e01\u7684 <strong>\u6c47\u7387<\/strong>\u3002<\/p>\n\n\n\n<p class=\"\">\u8d38\u6613\u5e73\u8861\u7684\u8d1f\u503c\uff08\u8d38\u6613\u9006\u5dee &#8211; \u8fdb\u53e3\u8d85\u8fc7\u51fa\u53e3\uff09\u610f\u5473\u7740\u8be5\u56fd\u5546\u54c1\u5728\u5916\u56fd\u5e02\u573a\u4e0a\u7684\u7ade\u4e89\u529b\u4f4e\u4e0b\uff1b\u8fd9\u5bfc\u81f4\u5916\u503a\u589e\u52a0\u548c\u56fd\u5bb6\u8d27\u5e01\u8d2c\u503c\u3002<\/p>\n\n\n\n<p class=\"\"><strong>\u53e6\u4e00\u65b9\u9762<\/strong>\uff0c\u56fd\u5bb6\u8d27\u5e01\u7684 <strong>\u6c47\u7387<\/strong> \u53d8\u5316\u672c\u8eab\u4f1a\u5f71\u54cd\u56fd\u9645\u8d38\u6613\u7684\u7ed3\u679c\uff0c\u56e0\u6b64\u5f71\u54cd <strong>\u8d38\u6613\u5e73\u8861<\/strong>\u3002<\/p>\n\n\n\n<p class=\"\">\u5f53\u56fd\u5bb6\u8d27\u5e01\u7684 <strong>\u6c47\u7387<\/strong> \u4f4e\u65f6\uff0c\u8be5\u56fd\u5546\u54c1\u5728\u5916\u56fd\u5e02\u573a\u4e0a\u76f8\u5bf9\u4e8e\u7ade\u4e89\u5bf9\u624b\u5177\u6709\u989d\u5916\u4f18\u52bf\uff0c\u5bfc\u81f4\u51fa\u53e3\u589e\u52a0\u3002\u76f8\u53cd\uff0c\u7531\u4e8e\u56fd\u5bb6\u8d27\u5e01\u7684\u5347\u503c\uff0c\u56fd\u5bb6\u5546\u54c1\u5728\u5916\u56fd\u5e02\u573a\u4e0a\u7684\u4ef7\u683c\u5c06\u4e0a\u6da8\uff0c\u5bfc\u81f4\u5b83\u4eec\u88ab\u5176\u4ed6\u56fd\u5bb6\u66f4\u4fbf\u5b9c\u7684\u5546\u54c1\u6240\u53d6\u4ee3\u3002<\/p>\n\n\n\n<p class=\"\">\u56e0\u6b64\uff0c\u8bb8\u591a <strong>\u4e2d\u592e\u94f6\u884c (Central Banks)<\/strong> \u4e3a\u4e86\u7ed9\u56fd\u5bb6\u51fa\u53e3\u5546\u63d0\u4f9b\u7ade\u4e89\u4f18\u52bf\uff0c\u51cf\u5c11\u56fd\u5bb6\u8d27\u5e01\u7684 <strong>\u6c47\u7387<\/strong>\uff0c\u8fd9\u4e9b\u884c\u52a8\u6b63\u662f\u51fa\u4e8e\u8fd9\u4e00\u76ee\u7684\u3002<\/p>\n\n\n\n<p class=\"\"><strong>\u8d38\u6613\u5e73\u8861\u6570\u636e<\/strong> \u6bcf\u6708\u53d1\u5e03\u4e00\u6b21\uff0c\u901a\u5e38\u5728\u5f53\u6708\u7684\u7b2c\u4e09\u5468\u3002<\/p>\n\n\n\n<p class=\"\">\u6570\u636e\u5448\u73b0\u5f62\u5f0f\u4e3a\u5b63\u8282\u6027\u8c03\u6574\u540e\u7684\u540d\u4e49\u4ef7\u683c\u548c\u56fa\u5b9a\u4ef7\u683c\u3002\u8d38\u6613\u7ed3\u679c\u6309\u516d\u5927\u7c7b\u5546\u54c1\uff08\u98df\u54c1\u3001\u539f\u6750\u6599\u548c\u5de5\u4e1a\u4f9b\u5e94\u3001\u6d88\u8d39\u54c1\u3001\u6c7d\u8f66\u3001\u8d44\u672c\u54c1\u3001\u5176\u4ed6\u5546\u54c1\uff09\u53ca\u4e0e\u5404\u4e2a\u56fd\u5bb6\u7684\u8d38\u6613\u5206\u7ec4\u3002<\/p>\n\n\n\n<p class=\"\">\u901a\u5e38\uff0c<strong>\u5916\u6c47\u5e02\u573a<\/strong> \u66f4\u5173\u6ce8\u4e00\u4e2a\u56fd\u5bb6\u6574\u4f53\u7684 <strong>\u8d38\u6613\u5e73\u8861<\/strong>\uff0c\u800c\u4e0d\u662f\u4e0e\u4e0d\u540c\u56fd\u5bb6\u7684\u5355\u72ec\u53cc\u8fb9\u8d38\u6613\u5e73\u8861\u3002<\/p>\n\n\n\n<p class=\"\">\u4f46\u4e5f\u6709\u4f8b\u5916\uff1a\u7f8e\u56fd\u4e0e\u65e5\u672c\u7684 <strong>\u8d38\u6613\u5e73\u8861<\/strong> \u957f\u671f\u4ee5\u6765\u56e0\u5176\u4f20\u7edf\u4e0a\u8f83\u5927\u7684\u9006\u5dee\u548c\u7531\u6b64\u4ea7\u751f\u7684\u653f\u6cbb\u95ee\u9898\u3001\u8d38\u6613\u5236\u88c1\u7b49\uff0c\u6210\u4e3a\u5355\u72ec\u5173\u6ce8\u7684\u5bf9\u8c61\u3002<\/p>\n\n\n\n<p class=\"\"><strong>\u5b9e\u9645\u4e0a<\/strong>\uff0c\u5c3d\u7ba1\u8d38\u6613\u6570\u636e\u7684\u91cd\u8981\u6027\u663e\u800c\u6613\u89c1\uff0c\u4f46\u4ece <strong>\u6c47\u7387<\/strong> \u7684\u89d2\u5ea6\u89e3\u91ca\u5b83\u5e76\u4e0d\u76f4\u63a5\u3002<strong>\u51fa\u53e3\u548c\u8fdb\u53e3<\/strong> \u7684\u89c4\u6a21\u4e0e\u5176 <strong>\u7ecf\u6d4e\u610f\u4e49<\/strong> \u5e76\u4e0d\u76f8\u7b49\u3002<\/p>\n\n\n\n<p class=\"\"> <strong>\u51fa\u53e3<\/strong> \u5bf9\u4e00\u4e2a\u56fd\u5bb6\u7684\u7ecf\u6d4e\u589e\u957f\u6709\u66f4\u76f4\u63a5\u7684\u5f71\u54cd\uff0c\u56e0\u6b64\u91d1\u878d\u5e02\u573a\u66f4\u91cd\u89c6\u51fa\u53e3\u6570\u636e\u3002\u53e6\u4e00\u65b9\u9762\uff0c<strong>\u8fdb\u53e3<\/strong> \u7684\u589e\u52a0\u53ef\u80fd\u53cd\u6620\u51fa\u5f3a\u52b2\u7684\u56fd\u5185\u6d88\u8d39\u8005\u9700\u6c42\uff0c\u6216\u8005\u53ef\u80fd\u662f\u7531\u4f8b\u5982\u539f\u6750\u6599\u5e93\u5b58\u589e\u52a0\u9a71\u52a8\u7684\uff0c\u8fd9\u79cd\u60c5\u51b5\u4e0b\u5176\u7ecf\u6d4e\u540e\u679c\u4f1a\u6709\u6240\u4e0d\u540c\u3002<\/p>\n\n\n\n<p class=\"\">\u5916\u6c47\u5e02\u573a\u5bf9\u8d38\u6613\u6570\u636e\u53cd\u5e94\u7684\u4e0d\u4e00\u81f4\u4e3b\u8981\u662f\u56e0\u4e3a\u5e02\u573a\u662f\u5426\u8ba4\u4e3a <strong>\u6c47\u7387<\/strong> \u672c\u8eab\u662f\u8d27\u5e01\u653f\u7b56\u5236\u5b9a\u8005\u7279\u522b\u5173\u6ce8\u7684\u95ee\u9898\u3002\u5982\u679c\u7f8e\u5143\u662f\u91d1\u878d\u5f53\u5c40\u7684\u5173\u6ce8\u7126\u70b9\uff0c\u90a3\u4e48\u968f\u7740\u9006\u5dee\u4e0a\u5347\u548c\u51fa\u53e3\u4e0b\u964d\uff0c\u5e02\u573a\u5c06\u51b3\u5b9a\u7f8e\u5143\u5fc5\u987b\u4e0b\u8dcc\u4ee5\u7f13\u89e3\u51fa\u53e3\u5546\u7684\u95ee\u9898\u3002<\/p>\n\n\n\n<p class=\"\">\u8fd9\u79cd\u9884\u671f\u7684 <strong>\u6c47\u7387<\/strong> \u53d8\u52a8\u7684 <strong>\u901a\u80c0\u540e\u679c<\/strong> \u5bf9\u56fa\u5b9a\u6536\u76ca\u8bc1\u5238\u5e02\u573a\uff08<strong>\u653f\u5e9c\u503a\u5238<\/strong>\uff09\u7684\u53c2\u4e0e\u8005\u6765\u8bf4\u662f\u8d1f\u9762\u7684\u3002\u5982\u679c\u6295\u8d44\u7ec4\u5408\u7684\u6784\u6210\u91cd\u65b0\u5206\u914d\u5f00\u59cb\uff0c\u8fd9\u4e5f\u5c06\u5f71\u54cd <strong>\u6c47\u7387<\/strong>\u3002<\/p>\n\n\n\n<p class=\"\">\u4f46\u5982\u679c\u7f8e\u5143\u548c\u901a\u80c0\u76ee\u524d\u5e76\u4e0d\u662f\u4e3b\u8981\u5173\u6ce8\u70b9\uff0c\u90a3\u4e48\u4ec5\u4ec5\u51fa\u53e3\u4e0b\u964d\u7684\u4e8b\u5b9e\u5c31\u53ef\u80fd\u5bfc\u81f4\u8bb8\u591a\u80a1\u7968\u4e0b\u8dcc\uff08<strong>\u51fa\u53e3\u4f01\u4e1a\u7684\u80a1\u7968<\/strong>\uff09\u5e76\u63a8\u9ad8 <strong>\u503a\u5238\u4ef7\u683c<\/strong>\u3002\u56e0\u6b64\uff0c\u76f8\u540c\u7684\u7ecf\u6d4e\u6570\u636e\u53ef\u80fd\u5bf9 <strong>\u5916\u6c47\u5e02\u573a<\/strong> \u76f4\u63a5\u4ea7\u751f\u76f8\u53cd\u7684\u540e\u679c\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-\u5c31\u4e1a\u7edf\u8ba1-\u52b3\u52a8\u529b\u5e02\u573a\">\u5c31\u4e1a\u7edf\u8ba1\uff0c\u52b3\u52a8\u529b\u5e02\u573a<\/h2>\n\n\n\n<p class=\"\"><strong>\u52b3\u52a8\u529b\u5e02\u573a\u7684\u72b6\u51b5<\/strong> \u662f\u7ecf\u6d4e\u8fc7\u7a0b\u53d1\u5c55\u7684\u4e3b\u8981\u56e0\u7d20\uff0c<strong>\u5c31\u4e1a\u6307\u6807<\/strong> \u662f\u7ecf\u6d4e\u52a8\u6001\u4e2d\u6700\u91cd\u8981\u7684\u6307\u6807\uff0c<strong>\u5916\u6c47\u5e02\u573a<\/strong> \u603b\u662f\u975e\u5e38\u4ed4\u7ec6\u5730\u89c2\u5bdf\u8fd9\u4e9b\u6307\u6807\u3002<\/p>\n\n\n\n<p class=\"\"> <strong>\u53d1\u8fbe\u56fd\u5bb6\u7684\u5c31\u4e1a\u5206\u6790<\/strong> \u662f\u793e\u4f1a\u7ecf\u6d4e\u7edf\u8ba1\u7684\u7d27\u8feb\u4efb\u52a1\uff1b\u5728\u7f8e\u56fd\uff0c\u50cf\u5176\u4ed6\u5730\u65b9\u4e00\u6837\uff0c\u62e5\u6709\u8be6\u7ec6\u7684\u6307\u6807\u7ed3\u6784\uff0c\u653f\u5e9c\u5728\u5176\u6536\u96c6\u548c\u5206\u6790\u4e0a\u82b1\u8d39\u4e86\u5927\u91cf\u8d44\u91d1\u3002<\/p>\n\n\n\n<p class=\"\"> <strong>\u5916\u6c47\u5e02\u573a\u4ea4\u6613\u8005 (Foreign Exchange Market Traders)<\/strong> \u5bc6\u5207\u76d1\u63a7\u4e3b\u8981\u7684\u5c31\u4e1a\u6307\u6807\uff1a<strong>\u5931\u4e1a\u7387 (Unemployment Rate, UNR)<\/strong>\u3001<strong>\u5236\u9020\u4e1a\u5c31\u4e1a<\/strong>\u3001<strong>\u5e73\u5747\u5de5\u8d44<\/strong>\u3001<strong>\u5de5\u4f5c\u5468\u957f\u5ea6<\/strong> \u7b49\u3002\u5728\u7ecf\u6d4e\u8fc7\u6e21\u9636\u6bb5\uff0c\u4ece\u8870\u9000\u5230\u590d\u82cf\u6216\u76f8\u53cd\uff0c<strong>\u5c31\u4e1a\u6570\u636e<\/strong> \u5bf9 <strong>\u5916\u6c47\u5e02\u573a<\/strong> \u7279\u522b\u91cd\u8981\u3002<\/p>\n\n\n\n<p class=\"\"><strong>\u6211\u4eec\u5c06\u5728\u8fd9\u91cc<\/strong> \u67e5\u770b\u4e00\u4e9b <strong>\u5c31\u4e1a\u6307\u6807<\/strong> \u53ca\u5176\u5728\u7ecf\u6d4e\u5468\u671f\u4e2d\u89e3\u91ca\u5176\u884c\u4e3a\u7684\u57fa\u672c\u89c4\u5219\u3002<\/p>\n\n\n\n<p class=\"\">\u4e3a\u4e86\u786e\u5b9a\u7f8e\u56fd\u7edf\u8ba1\u4e2d\u7684\u5c31\u4e1a\u6c34\u5e73\uff0c\u6d4b\u91cf\u4e86\u4e24\u4e2a\u72ec\u7acb\u7684\u7279\u5f81\uff1a\u57fa\u4e8e\u975e\u519c\u5c31\u4e1a\u6570\u636e\u7684\u65e2\u5b9a\u5c31\u4e1a\u6307\u6807\uff1b<\/p>\n\n\n\n<p class=\"\">\u57fa\u4e8e\u4e2a\u4eba\u8c03\u67e5\u7ed3\u679c\uff08\u6837\u672c\u4e3a60,000\u4eba\uff0c\u4e14\u4e0b\u4e2a\u6708\u6837\u672c\u4e0d\u53d8\uff09\u7684 <strong>\u81ea\u96c7 (Self-Employment)<\/strong> \u6307\u6807\uff08\u5bb6\u5ead\u5c31\u4e1a\uff09\uff0c\u5305\u62ec\u519c\u4e1a\u5de5\u4eba\u548c\u79c1\u8425\u4f01\u4e1a\u5bb6\uff1b\u5458\u5de5\u88ab\u89c6\u4e3a\u5728\u4ee5\u4e0b\u60c5\u51b5\u4e0b\u7684\u4eba\uff1a<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"\">a) \u5728\u8fd9\u4e00\u5468\u5185\u9886\u53d6\u5de5\u8d44\u6216\u4ece\u4e8b\u81ea\u5df1\u7684\u4e1a\u52a1\uff08<strong>\u81ea\u96c7 (Self-Employed)<\/strong>\uff09\uff1b<\/li>\n\n\n\n<li class=\"\">b) \u56e0\u6709\u6548\u539f\u56e0\uff08\u75be\u75c5\u3001\u4f11\u5047\u3001\u52b3\u8d44\u7ea0\u7eb7\uff09\u672a\u5de5\u4f5c\u4f46\u6709\u5de5\u4f5c\/\u4e1a\u52a1\u3002<\/li>\n<\/ul>\n\n\n\n<p class=\"\"><strong>\u5931\u4e1a\u8005<\/strong> \u88ab\u8ba4\u4e3a\u662f\u8fc7\u53bb\u56db\u5468\u5185\u8bd5\u56fe\u627e\u5de5\u4f5c\u7684\u4eba\u3002<br>\u5982\u679c\u5de5\u8d44\u6307\u6807\u8861\u91cf\u7684\u662f\u5de5\u4f5c\u6570\u91cf\uff0c\u90a3\u4e48\u5bb6\u5ead\u6307\u6807\u8861\u91cf\u7684\u662f\u53d7\u96c7\u4eba\u6570\u3002<br>\u5b83\u4eec\u7684\u957f\u671f\u52a8\u6001\u4e00\u81f4\uff0c\u4f46\u77ed\u671f\u5185\u53ef\u80fd\u751a\u81f3\u671d\u76f8\u53cd\u65b9\u5411\u53d1\u5c55\u3002<br><strong>\u5931\u4e1a\u7387 (UNR)<\/strong> \u8ba1\u7b97\u4e3a\u6bd4\u7387\u3002<\/p>\n\n\n\n<p class=\"has-text-align-center\"><strong>UNR = (LF &#8211; EF) \/ LF<\/strong><\/p>\n\n\n\n<p class=\"\"><strong>\u5176\u4e2d<\/strong> <strong>LF<\/strong> \u662f <strong>\u52b3\u52a8\u529b (Labor Force)<\/strong>\uff0c<strong>EF<\/strong> \u662f\u53d7\u96c7\u4eba\u6570\uff08<strong>\u53d7\u96c7\u52b3\u52a8\u529b (Employed Force)<\/strong>\uff09\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-\u60a8\u8fd8\u53ef\u4ee5\u9605\u8bfb\u5176\u4ed6\u7ae0\u8282\">\u60a8\u8fd8\u53ef\u4ee5\u9605\u8bfb\u5176\u4ed6\u7ae0\u8282<\/h2>\n\n\n\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-9d6595d7 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\"><div class=\"wp-block-image\">\n<figure class=\"aligncenter\"><a href=\"https:\/\/expforex.com\/zh\/forex-for-beginners-part-4\/\" data-language=\"zh\"><img decoding=\"async\" src=\"https:\/\/expforex.com\/wp-content\/uploads\/2009\/05\/Education_Begin_4.png\" alt=\"Forex Trading for Beginners Part 4: Fundamental Analysis, Rates - Education - MetaTrader\"\/><\/a><\/figure>\n<\/div>\n\n\n<h4 class=\"wp-block-heading\"><a href=\"https:\/\/expforex.com\/zh\/forex-for-beginners-part-4\/\" data-language=\"zh\">\u5916\u6c47\u4ea4\u6613\u521d\u5b66\u8005\u7b2c4\u90e8\u5206\uff1a\u57fa\u7840\u5206\u6790\uff0c\u5229\u7387<\/a><\/h4>\n\n\n\n<p class=\"\">\u57fa\u7840\u5916\u6c47\u5e02\u573a\u5206\u6790\uff1a\u5982\u4eca\uff0c\u8d27\u5e01\u4ea4\u6613\u5df2\u6210\u4e3a\u4e00\u9879\u975e\u5e38\u666e\u904d\u7684\u6d3b\u52a8\uff1a\u5168\u7403\u5916\u6c47 (FOREX \u2013 Foreign Exchange) \u5e02\u573a\u7684\u6bcf\u65e5\u6210\u4ea4\u989d\u7ea6\u4e3a\u4e24\u4e07\u4ebf\u7f8e\u5143\uff0c\u81f3\u5c1180%\u7684\u6240\u6709\u4ea4\u6613\u90fd\u662f\u6295\u673a\u6027\u64cd\u4f5c&nbsp;[\u2026]<\/p>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\"><div class=\"wp-block-image\">\n<figure class=\"aligncenter\"><a href=\"https:\/\/expforex.com\/zh\/forex-for-beginners-part-6\/\" data-language=\"zh\"><img decoding=\"async\" src=\"https:\/\/expforex.com\/wp-content\/uploads\/2009\/05\/Education_Begin_6.png\" alt=\"Forex Trading for Beginners Part 6: Consumer Demand Indicators - Education - MetaTrader\"\/><\/a><\/figure>\n<\/div>\n\n\n<h4 class=\"wp-block-heading\"><a href=\"https:\/\/expforex.com\/zh\/forex-for-beginners-part-6\/\" data-language=\"zh\">\u5916\u6c47\u4ea4\u6613\u521d\u5b66\u8005\u7b2c6\u90e8\u5206\uff1a\u6d88\u8d39\u8005\u9700\u6c42\u6307\u6807<\/a><\/h4>\n\n\n\n<p class=\"\">\u6d88\u8d39\u8005\u9700\u6c42\u6307\u6807\u3001\u4f4f\u623f\u5efa\u8bbe\u548c\u623f\u5730\u4ea7\u5e02\u573a\u3001\u6d88\u8d39\u8005\u4fe1\u5fc3\u6307\u6570\u3001\u5361\u8f66\u548c\u6c7d\u8f66\u9500\u552e\u3001\u5546\u4e1a\u5468\u671f\u6307\u6807<\/p>\n<\/div>\n<\/div>\n\n\n\n<p class=\"\"><\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u6c47\u7387\u4e0e\u901a\u8d27\u81a8\u80c0 \u901a\u8d27\u81a8\u80c0 (Inflation) \u662f\u7ecf\u6d4e\u8fc7\u7a0b\u53d1\u5c55\u7684\u6700\u91cd\u8981\u6307\u6807\uff0c\u5bf9\u4e8e \u5916\u6c47\u5e02\u573a (Currency Markets) \u6765\u8bf4\uff0c\u662f\u6700\u91cd\u8981\u7684\u57fa\u51c6\u4e4b\u4e00\u3002\u5916\u6c47\u4ea4\u6613\u8005 (Currency Traders) \u6b63\u5728\u89c2\u5bdf \u901a\u80c0\u6570\u636e (Inflation Data)\u3002 \u4ece\u5916\u6c47\u5e02\u573a\u7684\u89d2\u5ea6\uff0c\u901a\u8d27\u81a8\u80c0 \u7684\u5f71\u54cd\u81ea\u7136\u901a\u8fc7\u5176\u4e0e \u5229\u7387 (Interest Rates) \u7684\u5173\u7cfb\u6765\u611f\u77e5\u3002 \u7531\u4e8e \u901a\u8d27\u81a8\u80c0 \u6539\u53d8\u4e86 \u7269\u4ef7\u6c34\u5e73 (Price Levels)\uff0c\u5b83\u8fd8\u6539\u53d8\u4e86\u4ece\u91d1\u878d\u8d44\u4ea7\u4ea7\u751f\u7684\u6536\u5165\u4e2d\u5b9e\u9645\u83b7\u5f97\u7684 \u5b9e\u9645\u56de\u62a5 (Real Returns)\u3002 \u8fd9\u79cd\u5f71\u54cd\u901a\u5e38\u4f7f\u7528 \u5b9e\u9645\u5229\u7387 (Real Interest Rates) \u6765\u8861\u91cf\uff0c\u4e0e\u4f20\u7edf\u7684 \u540d\u4e49\u5229\u7387 (Nominal Interest Rates) \u4e0d\u540c\uff0c\u5b9e\u9645\u5229\u7387<span class=\"excerpt-hellip\"> [\u2026]<\/span><\/p>\n","protected":false},"author":2,"featured_media":79905,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_eb_attr":"","_eb_data_table":"","footnotes":""},"categories":[507],"tags":[11815,11836,11813,11831,11587,11780,11825,11753,5933,11769,11548,11599,11804,11793,11818,11822,11810,11834,11828,11807],"class_list":["post-79904","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-education-zh","tag-11815","tag-11836","tag-gdp","tag-11831","tag-11587","tag--zh","tag-11825","tag-11753","tag-5933","tag-11769","tag-11548","tag-11599","tag-11804","tag-11793","tag-11818","tag-11822","tag-11810","tag-11834","tag-11828","tag-11807"],"acf":{"metatrader4":"MT4","metatrader5":"MT5","type":"","typebrief":"","mt4buy":"https:\/\/www.mql5.com\/en\/users\/vladon\/seller#products","mt5buy":"https:\/\/www.mql5.com\/en\/users\/vladon\/seller#products","typefreedemo":"FREE","downloadfreedemo":"","DirectDownloadLink":"","versions":"23.999","version_date":"2023 12 12","postanotherid":"0","direct5":"","direct4":"","testimonials_list":"","schema_name":"","schema_description":"","schema_type":"Utilities","schema_ratingValue":"5","schema_ratingCount":"50","schema_highPrice_MT4":"50.00","schema_rentprice_MT4":"0.00","schema_highPrice_MT5":"50.00","schema_rentprice_MT5":"0.00"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.3 (Yoast SEO v27.3) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>\u5916\u6c47\u4ea4\u6613\u521d\u5b66\u8005\u6307\u5357 5\uff1a\u6c47\u7387\u3001\u5236\u9020\u4e1a\u6307\u6807<\/title>\n<meta name=\"description\" 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content=\"\u8981\u6210\u529f\u8fdb\u884c\u5916\u6c47\u4ea4\u6613\uff0c\u8bf7\u4e86\u89e3\u6c47\u7387\u548c\u5236\u9020\u4e1a\u6307\u6807\u3002\u8fd9\u4e9b\u56e0\u7d20\u4f1a\u5f71\u54cd\u5916\u6c47\u5e02\u573a\u548c\u60a8\u7684\u4ea4\u6613\u3002\u7ee7\u7eed\u5b66\u4e60\uff0c\u5173\u6ce8\u91cd\u8981\u4fe1\u606f\uff0c\u5e76\u4f7f\u7528\u65e5\u5e38\u8bed\u8a00\u548c\u4e3b\u52a8\u8bed\u6001\u6765\u6e05\u6670\u8868\u8fbe\u3002\" \/>\n<meta property=\"og:url\" content=\"https:\/\/expforex.com\/zh\/forex-for-beginners-part-5\/\" \/>\n<meta property=\"og:site_name\" content=\"MetaTrader \u7684\u6700\u4f73\u521b\u610f\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/ExpForex\/\" \/>\n<meta property=\"article:author\" content=\"https:\/\/www.facebook.com\/ExpForex\/\" \/>\n<meta property=\"article:published_time\" content=\"2025-01-05T08:19:00+00:00\" \/>\n<meta property=\"og:image\" 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