美国独好，各国货币面临贬值风险
<!----><style type="text/css">html{font-size:375%}</style><link href="https://pic.app.58cammp.com/static/publish/css/style.css?v=20240712" rel="stylesheet" position="1" data-qf-origin="/static/publish/css/style.css?v=20240712"><!-- 付费贴--> <div class="preview_article "> <!----> <p style="text-align: center;"><img class="rich_pages wxw-img js_insertlocalimg" src="https://pic.app.58cammp.com/FvqJi8nOjmBdkHCfo2Zfi0N5ZSIF" /><span style="font-family: inherit; font-style: inherit; font-variant-ligatures: inherit; font-variant-caps: inherit; font-weight: bold; color: grey; letter-spacing: normal; caret-color: transparent; font-size: 12px;">过度的美元一强也存在对世界经济产生负面影响的风险</span></p><p><span style="background-color: #a5c8ff;">美国经济的突出的强劲还被称为“美国例外主义”，外汇市场全年都保持着买入美元的倾向。但放眼美国以外，欧洲和中国仍未摆脱经济低迷。在欧洲，德国和法国的制造业景气都没有上升，还叠加政局混乱和财政隐忧。从中国来看…… </span></p><p style="margin-bottom: 0px; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-variant-alternates: inherit; font-variant-position: inherit; font-variant-emoji: inherit; font-stretch: inherit; font-size: 16px; line-height: inherit; font-family: Arial, PingFang SC, Hiragino Sans GB, Microsoft YaHei, WenQuanYi Micro Hei, sans-serif; font-optical-sizing: inherit; font-size-adjust: inherit; font-kerning: inherit; font-feature-settings: inherit; font-variation-settings: inherit; vertical-align: baseline; color: #333333; letter-spacing: normal; text-align: start; border: 0px initial initial;"> </p><p style="margin-bottom: 0px; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-variant-alternates: inherit; font-variant-position: inherit; font-variant-emoji: inherit; font-stretch: inherit; font-size: 16px; line-height: inherit; font-family: Arial, PingFang SC, Hiragino Sans GB, Microsoft YaHei, WenQuanYi Micro Hei, sans-serif; font-optical-sizing: inherit; font-size-adjust: inherit; font-kerning: inherit; font-feature-settings: inherit; font-variation-settings: inherit; vertical-align: baseline; color: #333333; letter-spacing: normal; text-align: start; border: 0px initial initial;"><span style="font-size: 17px;">世界经济呈现美国和其他国家的两极分化明显的“K字型复苏”局面。由于吸引全球资金，2024年美国股市走高和美元升值加强。市场正在谈论的是美国例外主义。这是美国以外的大国、欧洲和中国经济疲软的近年来从未经历过的情况。还需要应对资金集中的副作用和逆流风险。</span></p><p style="margin-bottom: 0px; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-variant-alternates: inherit; font-variant-position: inherit; font-variant-emoji: inherit; font-stretch: inherit; font-size: 16px; line-height: inherit; font-family: Arial, PingFang SC, Hiragino Sans GB, Microsoft YaHei, WenQuanYi Micro Hei, sans-serif; font-optical-sizing: inherit; font-size-adjust: inherit; font-kerning: inherit; font-feature-settings: inherit; font-variation-settings: inherit; vertical-align: baseline; color: #333333; letter-spacing: normal; text-align: start; border: 0px initial initial;"><span style="font-size: 17px;"> </span></p><p style="margin-bottom: 0px; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-variant-alternates: inherit; font-variant-position: inherit; font-variant-emoji: inherit; font-stretch: inherit; font-size: 16px; line-height: inherit; font-family: Arial, PingFang SC, Hiragino Sans GB, Microsoft YaHei, WenQuanYi Micro Hei, sans-serif; font-optical-sizing: inherit; font-size-adjust: inherit; font-kerning: inherit; font-feature-settings: inherit; font-variation-settings: inherit; vertical-align: baseline; color: #333333; letter-spacing: normal; text-align: start; border: 0px initial initial;"><span style="font-size: 17px;">外汇市场全年都保持着买入美元的倾向。显示美元兑欧元和日元等主要货币的强弱的“美元指数”持续超过100点大关，12月中旬达到108点，创出2022年11月以来、约2年零1个月的最高水平。</span></p><p style="margin-bottom: 0px; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-variant-alternates: inherit; font-variant-position: inherit; font-variant-emoji: inherit; font-stretch: inherit; font-size: 16px; line-height: inherit; font-family: Arial, PingFang SC, Hiragino Sans GB, Microsoft YaHei, WenQuanYi Micro Hei, sans-serif; font-optical-sizing: inherit; font-size-adjust: inherit; font-kerning: inherit; font-feature-settings: inherit; font-variation-settings: inherit; vertical-align: baseline; color: #333333; letter-spacing: normal; text-align: start; border: 0px initial initial;"><span style="font-size: 17px;"> </span></p><p style="text-align: center;"><img class="rich_pages wxw-img js_insertlocalimg" src="https://pic.app.58cammp.com/Fm9jJNMAu-9dsF6T81JoVAeiyNcg" /></p><p style="margin-bottom: 0px; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-variant-alternates: inherit; font-variant-position: inherit; font-variant-emoji: inherit; font-stretch: inherit; font-size: 16px; line-height: inherit; font-family: Arial, PingFang SC, Hiragino Sans GB, Microsoft YaHei, WenQuanYi Micro Hei, sans-serif; font-optical-sizing: inherit; font-size-adjust: inherit; font-kerning: inherit; font-feature-settings: inherit; font-variation-settings: inherit; vertical-align: baseline; color: #333333; letter-spacing: normal; text-align: start; border: 0px initial initial;"><span style="font-size: 17px;"> </span></p><p style="margin-bottom: 0px; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-variant-alternates: inherit; font-variant-position: inherit; font-variant-emoji: inherit; font-stretch: inherit; font-size: 16px; line-height: inherit; font-family: Arial, PingFang SC, Hiragino Sans GB, Microsoft YaHei, WenQuanYi Micro Hei, sans-serif; font-optical-sizing: inherit; font-size-adjust: inherit; font-kerning: inherit; font-feature-settings: inherit; font-variation-settings: inherit; vertical-align: baseline; color: #333333; letter-spacing: normal; text-align: start; border: 0px initial initial;"><span style="font-size: 17px;">美国一强的象征是股票市场。美国上市企业合计的总市值时隔21年首次达到全球一半以上。从今年的股价涨幅来看，美国标准普尔500指数上涨24%，日经平均指数上涨17%，上证综合指数上涨13%，欧洲斯托克600指数上涨5%，美国排在首位。</span></p><p style="margin-bottom: 0px; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-variant-alternates: inherit; font-variant-position: inherit; font-variant-emoji: inherit; font-stretch: inherit; font-size: 16px; line-height: inherit; font-family: Arial, PingFang SC, Hiragino Sans GB, Microsoft YaHei, WenQuanYi Micro Hei, sans-serif; font-optical-sizing: inherit; font-size-adjust: inherit; font-kerning: inherit; font-feature-settings: inherit; font-variation-settings: inherit; vertical-align: baseline; color: #333333; letter-spacing: normal; text-align: start; border: 0px initial initial;"> </p><p style="margin-bottom: 0px; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-variant-alternates: inherit; font-variant-position: inherit; font-variant-emoji: inherit; font-stretch: inherit; font-size: 16px; line-height: inherit; font-family: Arial, PingFang SC, Hiragino Sans GB, Microsoft YaHei, WenQuanYi Micro Hei, sans-serif; font-optical-sizing: inherit; font-size-adjust: inherit; font-kerning: inherit; font-feature-settings: inherit; font-variation-settings: inherit; vertical-align: baseline; color: #333333; letter-spacing: normal; text-align: start; border: 0px initial initial;"><span style="font-size: 17px;">投资资金集中于美国股票背景中，存在与全球服务业的繁荣形成鲜明对比，制造业出现停滞的现象。投资者增加了对包括IT(信息技术)在内的服务业著名企业的投资，美国企业在该领域的强势非常突出。与制造业较多的日本、德国股市等相比，资金更容易流向美国股票。</span></p><p style="margin-bottom: 0px; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-variant-alternates: inherit; font-variant-position: inherit; font-variant-emoji: inherit; font-stretch: inherit; font-size: 16px; line-height: inherit; font-family: Arial, PingFang SC, Hiragino Sans GB, Microsoft YaHei, WenQuanYi Micro Hei, sans-serif; font-optical-sizing: inherit; font-size-adjust: inherit; font-kerning: inherit; font-feature-settings: inherit; font-variation-settings: inherit; vertical-align: baseline; color: #333333; letter-spacing: normal; text-align: start; border: 0px initial initial;"> </p><p style="margin-bottom: 0px; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-variant-alternates: inherit; font-variant-position: inherit; font-variant-emoji: inherit; font-stretch: inherit; font-size: 16px; line-height: inherit; font-family: Arial, PingFang SC, Hiragino Sans GB, Microsoft YaHei, WenQuanYi Micro Hei, sans-serif; font-optical-sizing: inherit; font-size-adjust: inherit; font-kerning: inherit; font-feature-settings: inherit; font-variation-settings: inherit; vertical-align: baseline; color: #333333; letter-spacing: normal; text-align: start; border: 0px initial initial;"><span style="font-size: 17px;">在日本Asset Management One负责资产配置的解决方案战略投资部门负责人岩间恒指出，“特朗普政府提出的关税上调也是以商品为对象。虽然IT和服务行业的竞争力较高的企业的股价偏高，但是资金流入相关股票的环境在一段时间内不会改变”。</span></p><p style="margin-bottom: 0px; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-variant-alternates: inherit; font-variant-position: inherit; font-variant-emoji: inherit; font-stretch: inherit; font-size: 16px; line-height: inherit; font-family: Arial, PingFang SC, Hiragino Sans GB, Microsoft YaHei, WenQuanYi Micro Hei, sans-serif; font-optical-sizing: inherit; font-size-adjust: inherit; font-kerning: inherit; font-feature-settings: inherit; font-variation-settings: inherit; vertical-align: baseline; color: #333333; letter-spacing: normal; text-align: start; border: 0px initial initial;"> </p><p style="margin-bottom: 0px; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-variant-alternates: inherit; font-variant-position: inherit; font-variant-emoji: inherit; font-stretch: inherit; font-size: 16px; line-height: inherit; font-family: Arial, PingFang SC, Hiragino Sans GB, Microsoft YaHei, WenQuanYi Micro Hei, sans-serif; font-optical-sizing: inherit; font-size-adjust: inherit; font-kerning: inherit; font-feature-settings: inherit; font-variation-settings: inherit; vertical-align: baseline; color: #333333; letter-spacing: normal; text-align: start; border: 0px initial initial;"><span style="font-style: inherit; font-variant: inherit; font-weight: bold; font-stretch: inherit; line-height: inherit; font-family: inherit; font-optical-sizing: inherit; font-size-adjust: inherit; font-kerning: inherit; font-feature-settings: inherit; font-variation-settings: inherit; vertical-align: baseline; font-size: 17px; border: 0px initial initial;">美国经济“不着陆”？</span></p><p style="margin-bottom: 0px; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-variant-alternates: inherit; font-variant-position: inherit; font-variant-emoji: inherit; font-stretch: inherit; font-size: 16px; line-height: inherit; font-family: Arial, PingFang SC, Hiragino Sans GB, Microsoft YaHei, WenQuanYi Micro Hei, sans-serif; font-optical-sizing: inherit; font-size-adjust: inherit; font-kerning: inherit; font-feature-settings: inherit; font-variation-settings: inherit; vertical-align: baseline; color: #333333; letter-spacing: normal; text-align: start; border: 0px initial initial;"><span style="font-style: inherit; font-variant: inherit; font-weight: bold; font-stretch: inherit; line-height: inherit; font-family: inherit; font-optical-sizing: inherit; font-size-adjust: inherit; font-kerning: inherit; font-feature-settings: inherit; font-variation-settings: inherit; vertical-align: baseline; font-size: 17px; border: 0px initial initial;"> </span></p><p style="margin-bottom: 0px; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-variant-alternates: inherit; font-variant-position: inherit; font-variant-emoji: inherit; font-stretch: inherit; font-size: 16px; line-height: inherit; font-family: Arial, PingFang SC, Hiragino Sans GB, Microsoft YaHei, WenQuanYi Micro Hei, sans-serif; font-optical-sizing: inherit; font-size-adjust: inherit; font-kerning: inherit; font-feature-settings: inherit; font-variation-settings: inherit; vertical-align: baseline; color: #333333; letter-spacing: normal; text-align: start; border: 0px initial initial;"><span style="font-size: 17px;">美国经济的突出的强劲还被称为“美国例外主义（US Exceptionalism)”，成为了市场的热门话题。尽管面临高物价、货币紧缩，强势态势仍在持续。</span></p><p style="margin-bottom: 0px; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-variant-alternates: inherit; font-variant-position: inherit; font-variant-emoji: inherit; font-stretch: inherit; font-size: 16px; line-height: inherit; font-family: Arial, PingFang SC, Hiragino Sans GB, Microsoft YaHei, WenQuanYi Micro Hei, sans-serif; font-optical-sizing: inherit; font-size-adjust: inherit; font-kerning: inherit; font-feature-settings: inherit; font-variation-settings: inherit; vertical-align: baseline; color: #333333; letter-spacing: normal; text-align: start; border: 0px initial initial;"> </p><p style="margin-bottom: 0px; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-variant-alternates: inherit; font-variant-position: inherit; font-variant-emoji: inherit; font-stretch: inherit; font-size: 16px; line-height: inherit; font-family: Arial, PingFang SC, Hiragino Sans GB, Microsoft YaHei, WenQuanYi Micro Hei, sans-serif; font-optical-sizing: inherit; font-size-adjust: inherit; font-kerning: inherit; font-feature-settings: inherit; font-variation-settings: inherit; vertical-align: baseline; color: #333333; letter-spacing: normal; text-align: start; border: 0px initial initial;"><span style="font-size: 17px;">回顾2023年末至2024年初，当时市场上有不少观点认为，美联储(FRB)将在2024年以0.25%的幅度降息5～6次。但是，由于经济强劲，实际上仅为包括0.5%幅度在内的3次。</span></p><p style="margin-bottom: 0px; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-variant-alternates: inherit; font-variant-position: inherit; font-variant-emoji: inherit; font-stretch: inherit; font-size: 16px; line-height: inherit; font-family: Arial, PingFang SC, Hiragino Sans GB, Microsoft YaHei, WenQuanYi Micro Hei, sans-serif; font-optical-sizing: inherit; font-size-adjust: inherit; font-kerning: inherit; font-feature-settings: inherit; font-variation-settings: inherit; vertical-align: baseline; color: #333333; letter-spacing: normal; text-align: start; border: 0px initial initial;"> </p><p style="margin-bottom: 0px; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-variant-alternates: inherit; font-variant-position: inherit; font-variant-emoji: inherit; font-stretch: inherit; font-size: 16px; line-height: inherit; font-family: Arial, PingFang SC, Hiragino Sans GB, Microsoft YaHei, WenQuanYi Micro Hei, sans-serif; font-optical-sizing: inherit; font-size-adjust: inherit; font-kerning: inherit; font-feature-settings: inherit; font-variation-settings: inherit; vertical-align: baseline; color: #333333; letter-spacing: normal; text-align: start; border: 0px initial initial;"><span style="font-size: 17px;">可以在经济不停滞的情况下消除通货膨胀的软着陆前景，已经转变为经济不下滑的不着陆这一看法。美国银行(BofA)12月17日公布的12月份机构投资者调查结果显示，60%的投资者回答称“美国将在2026年中期之前避免经济衰退”。</span></p><p style="margin-bottom: 0px; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-variant-alternates: inherit; font-variant-position: inherit; font-variant-emoji: inherit; font-stretch: inherit; font-size: 16px; line-height: inherit; font-family: Arial, PingFang SC, Hiragino Sans GB, Microsoft YaHei, WenQuanYi Micro Hei, sans-serif; font-optical-sizing: inherit; font-size-adjust: inherit; font-kerning: inherit; font-feature-settings: inherit; font-variation-settings: inherit; vertical-align: baseline; color: #333333; letter-spacing: normal; text-align: start; border: 0px initial initial;"><span style="font-size: 17px;"> </span></p><p style="text-align: center;"><img class="rich_pages wxw-img js_insertlocalimg" src="https://pic.app.58cammp.com/FrJLXifOxjIZmVRAj2_5TnzyeU4w" /></p><p style="margin-bottom: 0px; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-variant-alternates: inherit; font-variant-position: inherit; font-variant-emoji: inherit; font-stretch: inherit; font-size: 16px; line-height: inherit; font-family: Arial, PingFang SC, Hiragino Sans GB, Microsoft YaHei, WenQuanYi Micro Hei, sans-serif; font-optical-sizing: inherit; font-size-adjust: inherit; font-kerning: inherit; font-feature-settings: inherit; font-variation-settings: inherit; vertical-align: baseline; color: #333333; letter-spacing: normal; text-align: start; border: 0px initial initial;"><span style="font-size: 17px;"> </span></p><p style="margin-bottom: 0px; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-variant-alternates: inherit; font-variant-position: inherit; font-variant-emoji: inherit; font-stretch: inherit; font-size: 16px; line-height: inherit; font-family: Arial, PingFang SC, Hiragino Sans GB, Microsoft YaHei, WenQuanYi Micro Hei, sans-serif; font-optical-sizing: inherit; font-size-adjust: inherit; font-kerning: inherit; font-feature-settings: inherit; font-variation-settings: inherit; vertical-align: baseline; color: #333333; letter-spacing: normal; text-align: start; border: 0px initial initial;"><span style="font-size: 17px;">但放眼美国以外，欧洲和中国仍未摆脱经济低迷。在欧洲，德国和法国的制造业景气都没有上升，还叠加政局混乱和财政隐忧。从中国来看，领导层确定了通过财政扩张刺激经济的方针，但看不到摆脱房地产不景气的迹象。</span></p><p style="margin-bottom: 0px; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-variant-alternates: inherit; font-variant-position: inherit; font-variant-emoji: inherit; font-stretch: inherit; font-size: 16px; line-height: inherit; font-family: Arial, PingFang SC, Hiragino Sans GB, Microsoft YaHei, WenQuanYi Micro Hei, sans-serif; font-optical-sizing: inherit; font-size-adjust: inherit; font-kerning: inherit; font-feature-settings: inherit; font-variation-settings: inherit; vertical-align: baseline; color: #333333; letter-spacing: normal; text-align: start; border: 0px initial initial;"><span class="empty_paragraph" style="font-size: 17px;"> </span></p><p style="margin-bottom: 0px; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-variant-alternates: inherit; font-variant-position: inherit; font-variant-emoji: inherit; font-stretch: inherit; font-size: 16px; line-height: inherit; font-family: Arial, PingFang SC, Hiragino Sans GB, Microsoft YaHei, WenQuanYi Micro Hei, sans-serif; font-optical-sizing: inherit; font-size-adjust: inherit; font-kerning: inherit; font-feature-settings: inherit; font-variation-settings: inherit; vertical-align: baseline; color: #333333; letter-spacing: normal; text-align: start; border: 0px initial initial;"><span style="font-style: inherit; font-variant: inherit; font-weight: bold; font-stretch: inherit; line-height: inherit; font-family: inherit; font-optical-sizing: inherit; font-size-adjust: inherit; font-kerning: inherit; font-feature-settings: inherit; font-variation-settings: inherit; vertical-align: baseline; font-size: 17px; border: 0px initial initial;"> “强势美元的漫长冬季”</span></p><p style="margin-bottom: 0px; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-variant-alternates: inherit; font-variant-position: inherit; font-variant-emoji: inherit; font-stretch: inherit; font-size: 16px; line-height: inherit; font-family: Arial, PingFang SC, Hiragino Sans GB, Microsoft YaHei, WenQuanYi Micro Hei, sans-serif; font-optical-sizing: inherit; font-size-adjust: inherit; font-kerning: inherit; font-feature-settings: inherit; font-variation-settings: inherit; vertical-align: baseline; color: #333333; letter-spacing: normal; text-align: start; border: 0px initial initial;"><span style="font-size: 17px;"> </span></p><p style="margin-bottom: 0px; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-variant-alternates: inherit; font-variant-position: inherit; font-variant-emoji: inherit; font-stretch: inherit; font-size: 16px; line-height: inherit; font-family: Arial, PingFang SC, Hiragino Sans GB, Microsoft YaHei, WenQuanYi Micro Hei, sans-serif; font-optical-sizing: inherit; font-size-adjust: inherit; font-kerning: inherit; font-feature-settings: inherit; font-variation-settings: inherit; vertical-align: baseline; color: #333333; letter-spacing: normal; text-align: start; border: 0px initial initial;"><span style="font-size: 17px;">“K字型复苏”导致的资金集中于美国一极也蕴含风险。特别是美元一强，意味着其他货币兑美元的价值下降。各国货币贬值将导致通货膨胀和美元债务的增加，给经济和金融形势投下阴影。</span></p><p style="margin-bottom: 0px; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-variant-alternates: inherit; font-variant-position: inherit; font-variant-emoji: inherit; font-stretch: inherit; font-size: 16px; line-height: inherit; font-family: Arial, PingFang SC, Hiragino Sans GB, Microsoft YaHei, WenQuanYi Micro Hei, sans-serif; font-optical-sizing: inherit; font-size-adjust: inherit; font-kerning: inherit; font-feature-settings: inherit; font-variation-settings: inherit; vertical-align: baseline; color: #333333; letter-spacing: normal; text-align: start; border: 0px initial initial;"><span style="font-size: 17px;"> </span></p><p style="margin-bottom: 0px; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-variant-alternates: inherit; font-variant-position: inherit; font-variant-emoji: inherit; font-stretch: inherit; font-size: 16px; line-height: inherit; font-family: Arial, PingFang SC, Hiragino Sans GB, Microsoft YaHei, WenQuanYi Micro Hei, sans-serif; font-optical-sizing: inherit; font-size-adjust: inherit; font-kerning: inherit; font-feature-settings: inherit; font-variation-settings: inherit; vertical-align: baseline; color: #333333; letter-spacing: normal; text-align: start; border: 0px initial initial;"><span style="font-size: 17px;">上次使用“K字型复苏”表述是在新冠疫情后的复苏期。在2022年，随着同年2月俄罗斯入侵乌克兰，世界各地的燃料和食品等的进口价格上涨。斯里兰卡和埃及等国家纷纷向国际货币基金组织(IMF)请求金融支援。点燃导火索的是美元暴涨引起的货币贬值。</span></p><p style="margin-bottom: 0px; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-variant-alternates: inherit; font-variant-position: inherit; font-variant-emoji: inherit; font-stretch: inherit; font-size: 16px; line-height: inherit; font-family: Arial, PingFang SC, Hiragino Sans GB, Microsoft YaHei, WenQuanYi Micro Hei, sans-serif; font-optical-sizing: inherit; font-size-adjust: inherit; font-kerning: inherit; font-feature-settings: inherit; font-variation-settings: inherit; vertical-align: baseline; color: #333333; letter-spacing: normal; text-align: start; border: 0px initial initial;"><span style="font-size: 17px;"> </span></p><p style="margin-bottom: 0px; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-variant-alternates: inherit; font-variant-position: inherit; font-variant-emoji: inherit; font-stretch: inherit; font-size: 16px; line-height: inherit; font-family: Arial, PingFang SC, Hiragino Sans GB, Microsoft YaHei, WenQuanYi Micro Hei, sans-serif; font-optical-sizing: inherit; font-size-adjust: inherit; font-kerning: inherit; font-feature-settings: inherit; font-variation-settings: inherit; vertical-align: baseline; color: #333333; letter-spacing: normal; text-align: start; border: 0px initial initial;"><span style="font-size: 17px;">“强势美元的漫长冬季”，国际金融协会(IIF)12月19日发表了以此为题的报告，并呼吁人们警惕美元升值的副作用。美元升值将束缚新兴市场国家央行的手脚。如果为了支撑国内经济而降息，会加深货币贬值，产生通货膨胀压力。</span></p><p style="margin-bottom: 0px; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-variant-alternates: inherit; font-variant-position: inherit; font-variant-emoji: inherit; font-stretch: inherit; font-size: 16px; line-height: inherit; font-family: Arial, PingFang SC, Hiragino Sans GB, Microsoft YaHei, WenQuanYi Micro Hei, sans-serif; font-optical-sizing: inherit; font-size-adjust: inherit; font-kerning: inherit; font-feature-settings: inherit; font-variation-settings: inherit; vertical-align: baseline; color: #333333; letter-spacing: normal; text-align: start; border: 0px initial initial;"><span style="font-size: 17px;"> </span></p><p style="margin-bottom: 0px; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-variant-alternates: inherit; font-variant-position: inherit; font-variant-emoji: inherit; font-stretch: inherit; font-size: 16px; line-height: inherit; font-family: Arial, PingFang SC, Hiragino Sans GB, Microsoft YaHei, WenQuanYi Micro Hei, sans-serif; font-optical-sizing: inherit; font-size-adjust: inherit; font-kerning: inherit; font-feature-settings: inherit; font-variation-settings: inherit; vertical-align: baseline; color: #333333; letter-spacing: normal; text-align: start; border: 0px initial initial;"><span style="font-size: 17px;">英国富达国际(Fidelity International)对此表示担忧，称“美国的强大一直支撑着世界其他国家，但可能会变得更加内向、更具保护主义色彩”。2025年需要注意是否会出现因贸易战和货币贬值而经济状况急剧变化的国家。</span></p><p style="margin-bottom: 0px; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-variant-alternates: inherit; font-variant-position: inherit; font-variant-emoji: inherit; font-stretch: inherit; font-size: 16px; line-height: inherit; font-family: Arial, PingFang SC, Hiragino Sans GB, Microsoft YaHei, WenQuanYi Micro Hei, sans-serif; font-optical-sizing: inherit; font-size-adjust: inherit; font-kerning: inherit; font-feature-settings: inherit; font-variation-settings: inherit; vertical-align: baseline; color: #333333; letter-spacing: normal; text-align: start; border: 0px initial initial;"><span style="font-size: 17px;"> </span></p><p style="margin-bottom: 0px; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-variant-alternates: inherit; font-variant-position: inherit; font-variant-emoji: inherit; font-stretch: inherit; font-size: 16px; line-height: inherit; font-family: Arial, PingFang SC, Hiragino Sans GB, Microsoft YaHei, WenQuanYi Micro Hei, sans-serif; font-optical-sizing: inherit; font-size-adjust: inherit; font-kerning: inherit; font-feature-settings: inherit; font-variation-settings: inherit; vertical-align: baseline; color: #333333; letter-spacing: normal; text-align: start; border: 0px initial initial;"><span style="font-size: 17px;">来源：日经中文网</span></p><section class="channels_iframe_wrp wxw_wechannel_card_not_horizontal"></section><section class="mp_profile_iframe_wrp"></section><section class="mp_profile_iframe_wrp"></section> <!----></div> 分析个毛、谁强大谁的货币才坚挺、 美金一枝独秀 厉害。 美国一统天下指日可待了？派兵吧快点搞起来 看不懂
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