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美国高企的债券收益率和中国的低利率揭示了什么

无论高收益率还是低收益率，本身都无法令人安心——它们反映了不同的经济难题

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    • 在中国，企业对借贷和投资依然犹豫不决，而家庭在支出方面则持谨慎态度。
    • 在中国，企业对借贷和投资依然犹豫不决，而家庭在支出方面则持谨慎态度。 图片来源：彭博社

    Anoop Singh

    Published Mon, Sep 7, 2026 · 07:00 AM

    本文由 AI 翻译，关键事实请以原文为准。

    查看原文

    在过去四十年的大部分时间里，主权债券市场存在一个相对清晰的划分。发达经济体通常能以低廉的成本借贷，而新兴经济体则需为财政、通胀和制度风险支付保费。

    这一区别正变得模糊。如今，包括美国、英国、法国和日本在内的一众发达经济体，其政府债券收益率已跻身前列。 

    但或许最能说明问题的是全球两大经济体之间的分化：美国国债收益率正在上升，而中国的则在下降。 

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