摘要
年初以来,境内美元兑人民币长端1年期掉期点不断向上突破。文章分析指出,中美货币政策预期调整奠定中美利差走阔基础,同时当前金融扩大开放背景下,人民币所具有的投资属性特质为境外资金持续流入、通过掉期开展资产套期保值带来强力的买盘支撑。展望下半年,中美利差大概率不会走出单边收窄或展宽行情,更可能是在利差中枢区间上下波动。
Since the beginning of the year, the USD/CNY long-end 1Y swap point has been going up. The article points out that the change in the expectation on the monetary policies in China and the US offers a foundation for the widening up of the interest rate spread between the two countries. Meanwhile, under the context of the expanding opening up of the financial sector in China, the RMB as an investable currency attracts strong buying forces for the continuous inflow of overseas capitals and the asset hedging demands through FX swaps. Looking forward to the second half of the year, the US-China interest rate spread may probably not enter a unilateral trend either narrowing down or widening up, but rather fluctuate around the central pivot level.
出处
《中国货币市场》
2019年第6期42-45,共4页
China Money
