Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82
一阴吞两阳与macd的关系,探索那些让你心跳加速的秘密,绝对不容
随机图片

一阴吞两阳与macd的关系,探索那些让你心跳加速的秘密,绝对不容

更新时间: 浏览次数: 220

400电话:123456(点击咨询)
一阴吞两阳与macd的关系,探索那些让你心跳加速的秘密,绝对不容各观看免费《今日汇总》
一阴吞两阳与macd的关系,探索那些让你心跳加速的秘密,绝对不容各热线观看免费2025已更新(2025已更新)








一阴吞两阳与macd的关系,探索那些让你心跳加速的秘密,绝对不容观看免费电话:(1)123456(点击咨询)(2)123456(点击咨询)








一阴吞两阳与macd的关系,探索那些让你心跳加速的秘密,绝对不容观看免费热线(1)123456(点击咨询)(2)123456(点击咨询)




一阴吞两阳与macd的关系,探索那些让你心跳加速的秘密,绝对不容各区点热线观看免费《今日发布》
Random Image 一阴吞两阳与macd的关系,探索那些让你心跳加速的秘密,绝对不容电话








7天观看免费人工电话为您、一阴吞两阳与macd的关系,探索那些让你心跳加速的秘密,绝对不容团队在调度中心的统筹调配下,线下专业及各地区人员团队等专属,整个报修流程规范有序,后期同步跟踪查询公开透明。








所有团队均经过专业培训、持证上岗,所用产品配件均为原厂直供,








一阴吞两阳与macd的关系,探索那些让你心跳加速的秘密,绝对不容各观看免费《今日汇总》2025已更新(今日/推荐)








一阴吞两阳与macd的关系,探索那些让你心跳加速的秘密,绝对不容电话区域:








定西市(渭源县、陇西县、通渭县、安定区、岷县、漳县、临洮县)








澳门特别行政区








厦门市(思明区、海沧区、湖里区、同安区、翔安区、集美区)








天水市(张家川回族自治县、甘谷县、麦积区、清水县、秦安县、秦州区、武山县)  黄石市(阳新县、下陆区、黄石港区、西塞山区、铁山区、大冶市)








新余市(分宜县、渝水区)








十堰市(张湾区、丹江口市、郧阳区、郧西县、房县、竹山县、竹溪县、茅箭区)








吴忠市(利通区、青铜峡市、红寺堡区、盐池县、同心县)贺州市(平桂区、八步区、昭平县、富川瑶族自治县、钟山县)








福州市(晋安区、连江县、台江区、闽清县、鼓楼区、平潭县、长乐区、仓山区、福清市、永泰县、闽侯县、马尾区、罗源县)  那曲市(班戈县、聂荣县、巴青县、色尼区、双湖县、安多县、嘉黎县、索县、比如县、尼玛县、申扎县)








崇左市(凭祥市、天等县、扶绥县、大新县、龙州县、江州区、宁明县)








苏州市(相城区、张家港市、吴江区、常熟市、昆山市、姑苏区、吴中区、虎丘区、太仓市)








汉中市(西乡县、留坝县、宁强县、洋县、汉台区、略阳县、佛坪县、镇巴县、南郑区、城固县、勉县)








阜新市(太平区、阜新蒙古族自治县、清河门区、彰武县、细河区、新邱区、海州区)








阿里地区(日土县、札达县、改则县、噶尔县、普兰县、革吉县、措勤县)








吕梁市(方山县、交口县、文水县、柳林县、孝义市、兴县、离石区、石楼县、汾阳市、临县、岚县、中阳县、交城县)








沧州市(泊头市、献县、新华区、吴桥县、孟村回族自治县、运河区、东光县、河间市、盐山县、青县、沧县、黄骅市、海兴县、任丘市、肃宁县、南皮县)








呼伦贝尔市(鄂温克族自治旗、扎兰屯市、新巴尔虎右旗、鄂伦春自治旗、牙克石市、陈巴尔虎旗、扎赉诺尔区、莫力达瓦达斡尔族自治旗、阿荣旗、额尔古纳市、满洲里市、根河市、海拉尔区、新巴尔虎左旗)








七台河市(勃利县、新兴区、桃山区、茄子河区)








巴彦淖尔市(临河区、乌拉特后旗、磴口县、乌拉特中旗、杭锦后旗、五原县、乌拉特前旗)








安顺市(紫云苗族布依族自治县、镇宁布依族苗族自治县、平坝区、普定县、西秀区、关岭布依族苗族自治县)








上海市(闵行区、虹口区、崇明区、徐汇区、黄浦区、奉贤区、浦东新区、静安区、宝山区、金山区、杨浦区、普陀区、青浦区、松江区、长宁区、嘉定区)








平凉市(华亭市、灵台县、崇信县、崆峒区、泾川县、静宁县、庄浪县)








开封市(祥符区、通许县、尉氏县、兰考县、禹王台区、杞县、龙亭区、顺河回族区、鼓楼区)








淮安市(淮阴区、金湖县、淮安区、盱眙县、洪泽区、清江浦区、涟水县)








眉山市(青神县、洪雅县、仁寿县、彭山区、东坡区、丹棱县)








榆林市(绥德县、清涧县、榆阳区、定边县、佳县、神木市、米脂县、府谷县、靖边县、横山区、子洲县、吴堡县)








盘锦市(双台子区、大洼区、盘山县、兴隆台区)








营口市(老边区、盖州市、站前区、鲅鱼圈区、大石桥市、西市区)
400电话:123456(点击咨询)
一阴吞两阳与macd的关系,探索那些让你心跳加速的秘密,绝对不容各观看免费《今日汇总》《今日发布》
一阴吞两阳与macd的关系,探索那些让你心跳加速的秘密,绝对不容各观看免费《今日汇总》(2025已更新)








一阴吞两阳与macd的关系,探索那些让你心跳加速的秘密,绝对不容观看免费电话:(1)123456(点击咨询)(2)123456(点击咨询)








一阴吞两阳与macd的关系,探索那些让你心跳加速的秘密,绝对不容观看免费热线(1)123456(点击咨询)(2)123456(点击咨询)




一阴吞两阳与macd的关系,探索那些让你心跳加速的秘密,绝对不容各观看免费《今日汇总》【2025已更新列表】
一阴吞两阳与macd的关系,探索那些让你心跳加速的秘密,绝对不容电话








7天观看免费人工电话为您、一阴吞两阳与macd的关系,探索那些让你心跳加速的秘密,绝对不容团队在调度中心的统筹调配下,线下专业及各地区人员团队等专属,整个报修流程规范有序,后期同步跟踪查询公开透明。








所有团队均经过专业培训、持证上岗,所用产品配件均为原厂直供,








一阴吞两阳与macd的关系,探索那些让你心跳加速的秘密,绝对不容中心2025已更新(今日/推荐)








一阴吞两阳与macd的关系,探索那些让你心跳加速的秘密,绝对不容电话区域:








双鸭山市(宝山区、宝清县、岭东区、友谊县、集贤县、饶河县、尖山区、四方台区)








商丘市(睢县、民权县、宁陵县、梁园区、虞城县、永城市、柘城县、夏邑县、睢阳区)








喀什地区(岳普湖县、巴楚县、英吉沙县、泽普县、喀什市、叶城县、疏附县、伽师县、塔什库尔干塔吉克自治县、莎车县、疏勒县、麦盖提县)








海口市(秀英区、龙华区、琼山区、美兰区)  三门峡市(渑池县、义马市、陕州区、湖滨区、灵宝市、卢氏县)








石家庄市(晋州市、赵县、赞皇县、元氏县、灵寿县、长安区、井陉矿区、辛集市、栾城区、行唐县、鹿泉区、正定县、深泽县、新乐市、新华区、平山县、高邑县、藁城区、无极县、井陉县、裕华区、桥西区)








抚顺市(新抚区、清原满族自治县、顺城区、抚顺县、新宾满族自治县、望花区、东洲区)








金昌市(金川区、永昌县)宜春市(上高县、高安市、丰城市、万载县、靖安县、袁州区、宜丰县、奉新县、铜鼓县、樟树市)








阿克苏地区(拜城县、乌什县、温宿县、沙雅县、柯坪县、新和县、阿克苏市、阿瓦提县、库车市)  佛山市(南海区、顺德区、禅城区、三水区、高明区)








攀枝花市(东区、仁和区、盐边县、西区、米易县)








遵义市(绥阳县、赤水市、凤冈县、湄潭县、红花岗区、汇川区、道真仡佬族苗族自治县、桐梓县、习水县、余庆县、务川仡佬族苗族自治县、播州区、正安县、仁怀市)








凉山彝族自治州(越西县、金阳县、布拖县、西昌市、甘洛县、普格县、美姑县、喜德县、冕宁县、会东县、盐源县、雷波县、宁南县、木里藏族自治县、会理市、昭觉县、德昌县)莆田市(涵江区、仙游县、荔城区、城厢区、秀屿区)








清远市(佛冈县、连山壮族瑶族自治县、阳山县、英德市、清新区、连州市、清城区、连南瑶族自治县)








桂林市(叠彩区、全州县、兴安县、资源县、灵川县、荔浦市、象山区、平乐县、秀峰区、七星区、灌阳县、临桂区、恭城瑶族自治县、雁山区、阳朔县、龙胜各族自治县、永福县)








忻州市(五台县、河曲县、忻府区、定襄县、五寨县、繁峙县、静乐县、岢岚县、神池县、原平市、代县、保德县、偏关县、宁武县)








南京市(秦淮区、江宁区、建邺区、六合区、鼓楼区、玄武区、雨花台区、浦口区、溧水区、栖霞区、高淳区)








武威市(民勤县、凉州区、天祝藏族自治县、古浪县)








四平市(梨树县、伊通满族自治县、铁西区、双辽市、铁东区)








荆州市(江陵县、公安县、荆州区、沙市区、石首市、松滋市、洪湖市、监利市)








蚌埠市(蚌山区、龙子湖区、怀远县、禹会区、固镇县、淮上区、五河县)








秦皇岛市(抚宁区、海港区、北戴河区、青龙满族自治县、昌黎县、卢龙县、山海关区)








黄山市(屯溪区、祁门县、黄山区、歙县、徽州区、休宁县、黟县)








汕尾市(城区、陆丰市、海丰县、陆河县)








常州市(武进区、钟楼区、新北区、溧阳市、金坛区、天宁区)








黔东南苗族侗族自治州(雷山县、剑河县、镇远县、施秉县、麻江县、从江县、凯里市、锦屏县、岑巩县、榕江县、三穗县、台江县、丹寨县、天柱县、黎平县、黄平县)








遂宁市(蓬溪县、射洪市、安居区、大英县、船山区)








黔西南布依族苗族自治州(贞丰县、晴隆县、普安县、兴仁市、望谟县、册亨县、安龙县、兴义市)








百色市(田阳区、德保县、西林县、乐业县、隆林各族自治县、平果市、右江区、靖西市、凌云县、田林县、田东县、那坡县)

转自:上观新闻

特朗普政府的关税政策又变了。美国白宫在官网的最新声明表示,由于中国采取报复性措施,美对华关税加征至245%。

特朗普政府的不断变化让全球市场避险情绪升温,黄金价格持续攀升。但同为传统避险资产的美债却遇“滑铁卢”,价格不断走低。上周,10年期美债收益率累计飙升逾50个基点,创下逾20年来的最大单周涨幅。

避险功能失灵的背后,是特朗普政府在“搬起石头砸自己的脚”。

先来讲讲美债是什么。

在布雷顿森林体系运行近30年之后,1971年美国主动打破自己制定的规则,宣布美元与黄金脱钩,终结了自己一手建立的美元——黄金货币体系。随后,黄金正式退出国际货币体系,世界从此进入以美元为主导的后布雷顿森林体系阶段,成为国际贸易的通用货币。为了进行国际贸易,各国都需要持有部分美元外汇,除了持有现金外,美债就成为了各国重要的外汇储备选项。

多年以来,由于美国强悍的政治和经济地位,美元得以保持在世界结算中的的霸权地位,也就是说,其信用基础在于美国经济的稳定和政府的偿债能力。正是基于此,投资者才会相信美债是全球最稳定的资产之一,这也使得美债成为继黄金之后,最具吸引力的“避险资产”。

美债的“避险功能”曾经得到过验证。在2008年全球金融危机爆发时,市场一片恐慌,众多资产价格暴跌,投资者纷纷抛售手中资产,而美债却成为资金的“避风港”,大量资金涌入,推动美债价格上升,收益率下降。

但是,这一功能目前似乎正在失灵。

随着特朗普对全球贸易伙伴加征关税,并且频频变卦,全球市场的避险情绪正在升温。但在避险资产的表现方面却出现了两种走向。一边是黄金价格的持续攀升,4月16日,COMEX黄金期货盘中突破3300美元/盎司大关,再刷历史新高;另一边,美债作为曾经的避险资产却遭遇大量抛售,价格持续走低,引发美债市场自4月7日至4月11日连续五天走弱,10年期美债收益率从3.858%上行至4.588%。与此同时,美元指数也接连走弱,并跌破100点关口。

这是为啥?其实,特朗普搞出“对等关税”闹剧的初衷,很大程度上是为了解决美债危机。

自上世纪七八十年代以来,美国政府大量对外发债,2017年美债突破20万亿美元,2022年突破30万亿美元。2023年6月以来,美债更是以每100天增加约1万亿美元的速度狂飙,截至目前,已经达到36.2万亿美元。这相当于中国、德国、日本、印度、英国五国的经济总量之和。

而这些美债会分批到期,2025年美国有接近9.2万亿美元的美债到期。美国必须拿出大量的财政资金来兑付美债和利息,才能保证美债信用。但是现在美国政府面临的最大困局正是财政赤字,也就是入不敷出。而今年6月份,美债就会迎来一次集中偿还期。

此时,特朗普政府的当务之急就是“搞钱”。于是就开始拿“贸易逆差”说事儿,想通过向外征收“对等关税”来增加收入。

同时,“对等关税”也是一种谈判筹码。白宫经济顾问委员会主席斯蒂芬·米兰曾经在一篇论文中提出过“海湖庄园协议”,意思是让其他国家把手里的短期美国国债换成一百年期债券。如果各国不同意这一点,他们将面临关税并被取消美国的安全保障。目前虽然还没有关于具体谈判内容的披露,但市场里有人推测,特朗普政府希望以关税为谈判筹码,来化解美债危机。

这一招当然不会奏效,不断下跌的美债价格,就是市场给出的答案。

上海交通大学上海高级金融学院副教授李楠表示,在这场闹剧下,特朗普政府在关税政策上的出尔反尔会直接损害美国国债和美元的在国际贸易体系中的地位,造成对美国国债的需求降低,美债收益率上升,给美国财政赤字雪上加霜。同时对美元的信心下降,造成美元贬值,叠加高关税造成供应短缺,企业的经营困境,会推高美国的通胀,引发经济衰退,让美联储左右为难。

不难发现,他们本想通过“对等关税”来解决美债问题,但现实情况可以说是“搬起石头砸了自己的脚”。

原标题:《美债“避险”功能失灵,特朗普政府“搬起石头砸自己的脚”》

栏目主编:张杨题图来源:上观题图

来源:作者:解放日报刘惠宇吴丹璐

新闻结尾 一阴吞两阳与macd的关系,探索那些让你心跳加速的秘密,绝对不容的相关文章
做面包这么难,为什么西方人还拿它当主食?
聚餐醉酒后骑车撞树身亡、家属起诉共饮者赔44万,法院已判
黄仁勋时隔 3 个月再次到访北京,称希望继续与中国合作,中国市场对英伟达有多重要?
你觉得太阳系外存在生命吗
《三角洲行动》你们会相信打暗号的人吗?
工作几年再考研有什么优势吗?
  • 友情链接:
  • 中央网信办:加大涉“开盒”挂人等违法违规行为举报受理处置力度 官方回应荣昌爆火五一火车票售罄 数百名美国居民帮助书店搬书

    查看更多评价 ∨