{"id":10805,"date":"2026-08-04T15:38:06","date_gmt":"2026-08-04T07:38:06","guid":{"rendered":"https:\/\/www.kpai1.cn\/?p=10805"},"modified":"2026-08-04T15:41:24","modified_gmt":"2026-08-04T07:41:24","slug":"%e7%be%8e%e6%97%a5%e6%b1%87%e5%b8%82%e5%b9%b2%e9%a2%84%e8%83%8c%e5%90%8e-fima%e5%b7%a5%e5%85%b7%e8%90%bd%e5%9c%b0%e4%b8%8e%e5%85%a8%e7%90%83%e7%be%8e%e5%85%83%e4%bd%93%e7%b3%bb","status":"publish","type":"post","link":"https:\/\/www.kpai1.cn\/vi\/luu-tru\/10805","title":{"rendered":"\u0110\u1eb1ng sau s\u1ef1 can thi\u1ec7p v\u00e0o th\u1ecb tr\u01b0\u1eddng ngo\u1ea1i h\u1ed1i M\u1ef9-Nh\u1eadt\u2014vi\u1ec7c tri\u1ec3n khai c\u00e1c c\u00f4ng c\u1ee5 FIMA v\u00e0 vi\u1ec7c ng\u1ea7m t\u00e1i thi\u1ebft h\u1ec7 th\u1ed1ng \u0111\u1ed3ng \u0111\u00f4 la M\u1ef9 to\u00e0n c\u1ea7u"},"content":{"rendered":"

G\u1ea7n \u0111\u00e2y, Hoa K\u1ef3 v\u00e0 Nh\u1eadt B\u1ea3n \u0111\u00e3 c\u00f9ng nhau h\u00e0nh \u0111\u1ed9ng \u0111\u1ec3 \u1ed5n \u0111\u1ecbnh t\u1ef7 gi\u00e1 \u0111\u1ed3ng y\u00ean, v\u1ed1n \u0111\u00e3 tr\u1edf th\u00e0nh m\u1ed9t s\u1ef1 ki\u1ec7n c\u1ed1t l\u00f5i tr\u00ean th\u1ecb tr\u01b0\u1eddng ngo\u1ea1i h\u1ed1i to\u00e0n c\u1ea7u. Cu\u1ed9c th\u1ea3o lu\u1eadn ch\u1ee7 \u0111\u1ea1o tr\u00ean th\u1ecb tr\u01b0\u1eddng lu\u00f4n t\u1eadp trung v\u00e0o \"quy m\u00f4 can thi\u1ec7p l\u1edbn \u0111\u1ebfn m\u1ee9c n\u00e0o v\u00e0 \u0111\u1ed3ng y\u00ean c\u00f3 th\u1ec3 ph\u1ee5c h\u1ed3i \u0111\u1ebfn m\u1ee9c n\u00e0o\". Tuy nhi\u00ean, nh\u00ecn chung h\u1ecd kh\u00f4ng th\u00e2m nh\u1eadp \u0111\u01b0\u1ee3c hi\u1ec7n t\u01b0\u1ee3ng v\u00e0 nh\u00ecn th\u1ea5y b\u1ea3n ch\u1ea5t. Theo quan \u0111i\u1ec3m c\u1ee7a nh\u00f3m nghi\u00ean c\u1ee9u v\u0129 m\u00f4 Wmax, \u0111\u1ee3t ho\u1ea1t \u0111\u1ed9ng n\u00e0y ho\u00e0n to\u00e0n kh\u00f4ng ph\u1ea3i l\u00e0 m\u1ed9t bi\u1ec7n ph\u00e1p \u1ed5n \u0111\u1ecbnh t\u1ef7 gi\u00e1 h\u1ed1i \u0111o\u00e1i m\u00e0 l\u00e0 m\u1ed9t s\u1ef1 n\u00e2ng c\u1ea5p mang t\u00ednh bi\u1ec3u t\u01b0\u1ee3ng trong s\u1ef1 ph\u1ed1i h\u1ee3p ch\u00ednh s\u00e1ch ti\u1ec1n t\u1ec7 M\u1ef9-Nh\u1eadt trong 15 n\u0103m qua. Trong s\u1ed1 \u0111\u00f3, vi\u1ec7c C\u1ee5c D\u1ef1 tr\u1eef Li\u00ean bang ra m\u1eaft ch\u00ednh th\u1ee9c c\u01a1 ch\u1ebf mua l\u1ea1i FIMA \u0111\u00e3 thay \u0111\u1ed5i logic truy\u1ec1n t\u1ea3i truy\u1ec1n th\u1ed1ng v\u1ec1 \"can thi\u1ec7p t\u1ef7 gi\u00e1 - \u00e1p l\u1ef1c b\u00e1n n\u1ee3 c\u1ee7a M\u1ef9\" t\u1eeb d\u01b0\u1edbi l\u00ean. \u00dd ngh\u0129a th\u1ec3 ch\u1ebf l\u00e2u d\u00e0i c\u1ee7a n\u00f3 l\u1edbn h\u01a1n nhi\u1ec1u so v\u1edbi nh\u1eefng bi\u1ebfn \u0111\u1ed9ng gi\u00e1 ng\u1eafn h\u1ea1n.<\/p>\n

<\/a>M\u1ee9c \u0111\u1ed9 can thi\u1ec7p \u0111\u00e3 \u0111\u1ea1t k\u1ef7 l\u1ee5c l\u1ecbch s\u1eed v\u00e0 m\u1ee9c \u0111\u1ed9 ph\u1ed1i h\u1ee3p s\u00e2u r\u1ed9ng v\u01b0\u1ee3t xa mong \u0111\u1ee3i c\u1ee7a th\u1ecb tr\u01b0\u1eddng.<\/strong><\/p>\n

Wmax \u0111\u01b0\u1ee3c t\u00ednh to\u00e1n d\u1ef1a tr\u00ean t\u00ednh to\u00e1n ch\u00e9o gi\u1eefa d\u1eef li\u1ec7u t\u00e0i kho\u1ea3n Ng\u00e2n h\u00e0ng Nh\u1eadt B\u1ea3n v\u00e0 c\u00e1c nh\u00e0 m\u00f4i gi\u1edbi ti\u1ec1n t\u1ec7, ch\u00ednh quy\u1ec1n Nh\u1eadt B\u1ea3n \u0111\u00e3 mua kho\u1ea3ng 5,33 ngh\u00ecn t\u1ef7 y\u00ean (t\u01b0\u01a1ng \u0111\u01b0\u01a1ng 34 t\u1ef7 USD) ch\u1ec9 trong m\u1ed9t ng\u00e0y v\u00e0o th\u1ee9 S\u00e1u tu\u1ea7n tr\u01b0\u1edbc; k\u1ebft h\u1ee3p v\u1edbi c\u00e1c ho\u1ea1t \u0111\u1ed9ng ph\u1ed1i h\u1ee3p tr\u1ecb gi\u00e1 kho\u1ea3ng 8,45 ngh\u00ecn t\u1ef7 y\u00ean v\u00e0o ng\u00e0y h\u00f4m tr\u01b0\u1edbc, kho\u1ea3n \u0111\u1ea7u t\u01b0 v\u1ed1n trong m\u1ed9t th\u00e1ng cho \u0111\u1ee3t can thi\u1ec7p n\u00e0y \u0111\u00e3 v\u01b0\u1ee3t m\u1ee9c cao nh\u1ea5t l\u1ecbch s\u1eed tr\u01b0\u1edbc \u0111\u00f3 l\u00e0 11,73 ngh\u00ecn t\u1ef7 y\u00ean, l\u1eadp k\u1ef7 l\u1ee5c v\u1ec1 m\u1ee9c can thi\u1ec7p trong m\u1ed9t th\u00e1ng cao nh\u1ea5t t\u1eebng \u0111\u01b0\u1ee3c ghi nh\u1eadn. Th\u1ecb tr\u01b0\u1eddng th\u01b0\u1eddng t\u1eadp trung v\u00e0o \u0111\u1ea7u t\u01b0 v\u1ed1n c\u1ee7a Nh\u1eadt B\u1ea3n nh\u01b0ng \u0111\u00e1nh gi\u00e1 th\u1ea5p \u0111\u00e1ng k\u1ec3 t\u1ea7m quan tr\u1ecdng th\u1ef1c s\u1ef1 c\u1ee7a s\u1ef1 tham gia c\u1ee7a Hoa K\u1ef3. \"\u56fe\u7247<\/p>\n

\u0110\u00e2y l\u00e0 l\u1ea7n \u0111\u1ea7u ti\u00ean k\u1ec3 t\u1eeb n\u0103m 2011, M\u1ef9 v\u00e0 Nh\u1eadt B\u1ea3n \u0111\u1ea1t \u0111\u01b0\u1ee3c s\u1ef1 ph\u1ed1i h\u1ee3p s\u00e2u s\u1eafc trong vi\u1ec7c can thi\u1ec7p v\u00e0o th\u1ecb tr\u01b0\u1eddng ngo\u1ea1i h\u1ed1i. B\u1ed9 T\u00e0i ch\u00ednh Hoa K\u1ef3 \u0111\u00e3 tr\u1ef1c ti\u1ebfp tham gia ch\u1ee9 kh\u00f4ng ph\u1ea3i b\u1eb1ng l\u1eddi n\u00f3i nh\u01b0 tr\u01b0\u1edbc \u0111\u00e2y. S\u1ef1 can thi\u1ec7p c\u1ee7a Washington kh\u00f4ng ch\u1ec9 c\u1ee7ng c\u1ed1 \u00fd ngh\u0129a t\u00edn hi\u1ec7u c\u1ee7a s\u1ef1 can thi\u1ec7p m\u00e0 c\u00f2n l\u00e0m gi\u1ea3m \u0111\u00e1ng k\u1ec3 m\u1ee9c ti\u00eau th\u1ee5 v\u1ed1n c\u1ea7n thi\u1ebft c\u1ee7a Nh\u1eadt B\u1ea3n \u0111\u1ec3 \u0111\u1ea1t \u0111\u01b0\u1ee3c hi\u1ec7u \u1ee9ng t\u1ef7 gi\u00e1 h\u1ed1i \u0111o\u00e1i t\u01b0\u01a1ng t\u1ef1 - \u0111\u00e2y c\u0169ng l\u00e0 l\u00fd do c\u1ed1t l\u00f5i khi\u1ebfn s\u1ef1 m\u1ea5t gi\u00e1 \u0111\u01a1n ph\u01b0\u01a1ng d\u1ef1 ki\u1ebfn \u200b\u200bc\u1ee7a \u0111\u1ed3ng y\u00ean c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c \u0111\u1ea3o ng\u01b0\u1ee3c ch\u1ec9 sau hai ng\u00e0y giao d\u1ecbch. T\u1ed5ng th\u1ed1ng M\u1ef9 Trump \u0111\u1ecbnh ngh\u0129a \u0111\u00e2y l\u00e0 \"t\u00edn hi\u1ec7u c\u1ee7a t\u00ecnh h\u1eefu ngh\u1ecb\", \u0111\u1ed3ng th\u1eddi kh\u1eb3ng \u0111\u1ecbnh ho\u1ea1t \u0111\u1ed9ng n\u00e0y l\u00e0 m\u1ed9t b\u1ed1 c\u1ee5c ph\u1ed1i h\u1ee3p d\u1ef1a tr\u00ean s\u1ef1 \u0111\u1ed3ng thu\u1eadn ch\u00ednh s\u00e1ch song ph\u01b0\u01a1ng, ch\u1ee9 kh\u00f4ng ph\u1ea3i ho\u1ea1t \u0111\u1ed9ng kh\u1ea9n c\u1ea5p \u0111\u01a1n ph\u01b0\u01a1ng c\u1ee7a Nh\u1eadt B\u1ea3n.<\/p>\n

<\/a>C\u00f4ng c\u1ee5 FIMA ch\u00ednh th\u1ee9c ra m\u1eaft: ch\u00eca kh\u00f3a c\u1ed1t l\u00f5i lo\u1ea1i b\u1ecf \u00e1p l\u1ef1c b\u00e1n n\u1ee3 M\u1ef9<\/strong><\/p>\n

Tr\u01b0\u1edbc \u0111\u1ee3t can thi\u1ec7p n\u00e0y, m\u1ed1i lo ng\u1ea1i l\u1edbn nh\u1ea5t c\u1ee7a th\u1ecb tr\u01b0\u1eddng l\u00e0 Nh\u1eadt B\u1ea3n, v\u1edbi t\u01b0 c\u00e1ch l\u00e0 ch\u1ee7 n\u1ee3 l\u1edbn nh\u1ea5t th\u1ebf gi\u1edbi c\u1ee7a M\u1ef9 \u1edf n\u01b0\u1edbc ngo\u00e0i (v\u1edbi kho\u1ea3ng 1,14 ngh\u00ecn t\u1ef7 USD t\u00ednh \u0111\u1ebfn cu\u1ed1i th\u00e1ng 5), s\u1ebd ti\u1ebfp t\u1ee5c s\u1eed d\u1ee5ng d\u1ef1 tr\u1eef \u0111\u00f4 la M\u1ef9 c\u1ee7a m\u00ecnh \u0111\u1ec3 can thi\u1ec7p v\u00e0o t\u1ef7 gi\u00e1 h\u1ed1i \u0111o\u00e1i, \u0111i\u1ec1u n\u00e0y ch\u1eafc ch\u1eafn s\u1ebd \u0111i k\u00e8m v\u1edbi vi\u1ec7c b\u00e1n th\u00e1o n\u1ee3 M\u1ef9 tr\u00ean quy m\u00f4 l\u1edbn, t\u1eeb \u0111\u00f3 \u0111\u1ea9y l\u00e3i su\u1ea5t tr\u00e1i phi\u1ebfu M\u1ef9 l\u00ean cao v\u00e0 t\u0103ng \u00e1p l\u1ef1c l\u00ean th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu M\u1ef9. X\u00e9t cho c\u00f9ng, l\u00e3i su\u1ea5t tr\u00e1i phi\u1ebfu kho b\u1ea1c Hoa K\u1ef3 k\u1ef3 h\u1ea1n 30 n\u0103m tr\u01b0\u1edbc \u0111\u00f3 \u0111\u00e3 t\u0103ng l\u00ean m\u1ee9c cao nh\u1ea5t trong 19 n\u0103m, v\u00e0 l\u00e3i su\u1ea5t tr\u00e1i phi\u1ebfu kho b\u1ea1c k\u1ef3 h\u1ea1n 10 n\u0103m c\u0169ng \u0111\u1ea1t m\u1ee9c cao m\u1edbi trong h\u01a1n m\u1ed9t n\u0103m. B\u1ea3n th\u00e2n th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu \u0111\u00e3 \u1edf tr\u1ea1ng th\u00e1i c\u00e2n b\u1eb1ng mong manh. Tuy nhi\u00ean, Wmax x\u00e1c nh\u1eadn r\u1eb1ng s\u1ef1 can thi\u1ec7p chung n\u00e0y \u0111\u00e3 ch\u00ednh th\u1ee9c k\u00edch ho\u1ea1t \u201cC\u01a1 s\u1edf Repo c\u1ee7a C\u01a1 quan Ti\u1ec1n t\u1ec7 Qu\u1ed1c t\u1ebf v\u00e0 N\u01b0\u1edbc ngo\u00e0i\u201d c\u1ee7a C\u1ee5c D\u1ef1 tr\u1eef Li\u00ean bang (C\u01a1 s\u1edf Repo FIMA), b\u1ecf qua ho\u00e0n to\u00e0n vi\u1ec7c b\u00e1n n\u1ee3 c\u1ee7a Hoa K\u1ef3 theo m\u00f4 h\u00ecnh can thi\u1ec7p truy\u1ec1n th\u1ed1ng.<\/p>\n

C\u01a1 ch\u1ebf n\u00e0y \u0111\u01b0\u1ee3c thi\u1ebft l\u1eadp trong \u0111\u1ee3t d\u1ecbch b\u1ec7nh n\u0103m 2020, cho ph\u00e9p c\u00e1c ng\u00e2n h\u00e0ng trung \u01b0\u01a1ng \u1edf n\u01b0\u1edbc ngo\u00e0i s\u1eed d\u1ee5ng kho\u1ea3n n\u1ee3 M\u1ef9 n\u1eafm gi\u1eef c\u1ee7a h\u1ecd l\u00e0m t\u00e0i s\u1ea3n th\u1ebf ch\u1ea5p \u0111\u1ec3 c\u00f3 \u0111\u01b0\u1ee3c thanh kho\u1ea3n \u0111\u00f4 la M\u1ef9 l\u00ean t\u1edbi 60 t\u1ef7 USD v\u1edbi th\u1eddi h\u1ea1n l\u00ean t\u1edbi 7 ng\u00e0y. M\u1ee5c \u0111\u00edch ban \u0111\u1ea7u c\u1ee7a n\u00f3 l\u00e0 cung c\u1ea5p cho c\u00e1c ng\u00e2n h\u00e0ng trung \u01b0\u01a1ng \u1edf n\u01b0\u1edbc ngo\u00e0i m\u1ed9t t\u1ea5m \u0111\u1ec7m b\u1eb1ng \u0111\u00f4 la M\u1ef9 khi th\u1ecb tr\u01b0\u1eddng ch\u1ecbu \u00e1p l\u1ef1c v\u00e0 \u0111\u1ec3 tr\u00e1nh vi\u1ec7c b\u00e1n n\u1ee3 t\u1eadp trung c\u00f3 th\u1ec3 g\u00e2y ra t\u00ecnh tr\u1ea1ng h\u1ed7n lo\u1ea1n tr\u00ean th\u1ecb tr\u01b0\u1eddng. Wmax tin r\u1eb1ng \u0111\u00e2y l\u00e0 l\u1ea7n \u0111\u1ea7u ti\u00ean k\u1ec3 t\u1eeb khi th\u00e0nh l\u1eadp c\u01a1 ch\u1ebf FIMA, n\u00f3 \u0111\u01b0\u1ee3c \u00e1p d\u1ee5ng trong k\u1ecbch b\u1ea3n can thi\u1ec7p t\u1ef7 gi\u00e1 h\u1ed1i \u0111o\u00e1i c\u1ee7a m\u1ed9t n\u01b0\u1edbc l\u1edbn v\u00e0 t\u1ea7m quan tr\u1ecdng th\u1ecb tr\u01b0\u1eddng c\u1ee7a n\u00f3 v\u01b0\u1ee3t xa b\u1ea3n th\u00e2n c\u00f4ng c\u1ee5 n\u00e0y. Nh\u1eefng lo ng\u1ea1i tr\u01b0\u1edbc \u0111\u00e2y c\u1ee7a th\u1ecb tr\u01b0\u1eddng v\u1ec1 vi\u1ec7c b\u00e1n n\u1ee3 v\u1ec1 c\u01a1 b\u1ea3n d\u1ef1a tr\u00ean ph\u00e1n \u0111o\u00e1n qu\u00e1n t\u00ednh c\u1ee7a m\u00f4 h\u00ecnh c\u0169 l\u00e0 \"b\u00e1n n\u1ee3 M\u1ef9 l\u1ea5y \u0111\u00f4 la M\u1ef9\"; v\u00e0 vi\u1ec7c k\u00edch ho\u1ea1t FIMA t\u01b0\u01a1ng \u0111\u01b0\u01a1ng v\u1edbi vi\u1ec7c m\u1edf k\u00eanh thanh kho\u1ea3n \u0111\u00f4 la M\u1ef9 \u0111\u1ed9c l\u1eadp cho c\u00e1c qu\u1ef9 can thi\u1ec7p c\u1ee7a Nh\u1eadt B\u1ea3n, kh\u00f4ng ch\u1ec9 \u0111\u1ea1t \u0111\u01b0\u1ee3c m\u1ee5c ti\u00eau mua \u0111\u1ed3ng y\u00ean Nh\u1eadt v\u00e0 \u1ed5n \u0111\u1ecbnh t\u1ef7 gi\u00e1 m\u00e0 c\u00f2n kh\u00f4ng g\u00e2y \u00e1p l\u1ef1c b\u00e1n l\u00ean th\u1ecb tr\u01b0\u1eddng th\u1ee9 c\u1ea5p n\u1ee3 c\u1ee7a M\u1ef9. \u0110\u00e2y c\u0169ng l\u00e0 c\u01a1 s\u1edf ng\u1ea7m h\u1ed7 tr\u1ee3 c\u1ed1t l\u00f5i r\u1eb1ng trong giai \u0111o\u1ea1n can thi\u1ec7p n\u00e0y, l\u1ee3i su\u1ea5t tr\u00e1i phi\u1ebfu d\u00e0i h\u1ea1n c\u1ee7a M\u1ef9 kh\u00f4ng t\u0103ng th\u00eam tr\u01b0\u1edbc s\u1ef1 can thi\u1ec7p.<\/p>\n

\"\u56fe\u7247<\/p>\n

<\/a>\u0110\u1ec1 xu\u1ea5t m\u1edf r\u1ed9ng FIMA: \u0110\u1ec1 xu\u1ea5t ch\u00ednh s\u00e1ch m\u1edbi m\u00e0 Wash ph\u1ea3i \u0111\u1ed1i m\u1eb7t<\/strong><\/p>\n

Sau khi can thi\u1ec7p, B\u1ed9 tr\u01b0\u1edfng T\u00e0i ch\u00ednh Hoa K\u1ef3 Bessent \u0111\u00e3 n\u00f3i r\u00f5 r\u1eb1ng n\u1ebfu th\u1ecb tr\u01b0\u1eddng \u0111\u1ed3ng y\u00ean Nh\u1eadt l\u1ea1i bi\u1ebfn \u0111\u1ed9ng m\u1ea5t tr\u1eadt t\u1ef1, Hoa K\u1ef3 s\u1ebd kh\u00f4ng lo\u1ea1i tr\u1eeb vi\u1ec7c tham gia can thi\u1ec7p chung m\u1ed9t l\u1ea7n n\u1eefa, \u0111\u1ed3ng th\u1eddi \u0111\u1ec1 xu\u1ea5t r\u1eb1ng n\u00ean th\u00fac \u0111\u1ea9y m\u1edf r\u1ed9ng quy m\u00f4 c\u1ee7a c\u01a1 ch\u1ebf mua l\u1ea1i FIMA. Bessent c\u0169ng b\u00e0y t\u1ecf s\u1ef1 \u1ee7ng h\u1ed9 \u0111\u1ed1i v\u1edbi c\u00e1c ch\u00ednh s\u00e1ch kinh t\u1ebf c\u1ee7a ch\u00ednh ph\u1ee7 Takaichi Sanae c\u1ee7a Nh\u1eadt B\u1ea3n, tin r\u1eb1ng Nh\u1eadt B\u1ea3n \u0111ang b\u01b0\u1edbc v\u00e0o \"giai \u0111o\u1ea1n m\u1edbi c\u1ee7a Abenomics\", \u0111i\u1ec1u n\u00e0y c\u0169ng kh\u1eb3ng \u0111\u1ecbnh t\u1eeb ph\u00eda r\u1eb1ng s\u1ef1 ph\u1ed1i h\u1ee3p gi\u1eefa Hoa K\u1ef3 v\u00e0 Nh\u1eadt B\u1ea3n \u1edf c\u1ea5p \u0111\u1ed9 ch\u00ednh s\u00e1ch kinh t\u1ebf \u0111ang ng\u00e0y c\u00e0ng s\u00e2u s\u1eafc to\u00e0n di\u1ec7n v\u00e0 vi\u1ec7c can thi\u1ec7p t\u1ef7 gi\u00e1 h\u1ed1i \u0111o\u00e1i ch\u1ec9 l\u00e0 m\u1ed9t bi\u1ec3u hi\u1ec7n r\u00f5 r\u00e0ng c\u1ee7a \u0111i\u1ec1u \u0111\u00f3. Wmax \u0111\u00e1nh gi\u00e1 r\u1eb1ng \u0111\u00e2y ho\u00e0n to\u00e0n kh\u00f4ng ph\u1ea3i l\u00e0 m\u1ed9t \u0111\u1ec1 xu\u1ea5t t\u1ea1m th\u1eddi \u0111\u1ec3 theo xu h\u01b0\u1edbng m\u00e0 l\u00e0 c\u00e1ch b\u1ed1 tr\u00ed d\u00e0i h\u1ea1n c\u1ee7a Hoa K\u1ef3 d\u1ef1a tr\u00ean m\u00f4 h\u00ecnh thanh kho\u1ea3n \u0111\u1ed3ng \u0111\u00f4 la to\u00e0n c\u1ea7u.<\/p>\n

M\u1ed9t m\u1eb7t, vi\u1ec7c m\u1edf r\u1ed9ng FIMA c\u00f3 th\u1ec3 cung c\u1ea5p th\u00eam v\u0169 kh\u00ed thanh kho\u1ea3n USD cho qu\u00e1 tr\u00ecnh \u1ed5n \u0111\u1ecbnh t\u1ef7 gi\u00e1 h\u1ed1i \u0111o\u00e1i ti\u1ebfp theo c\u1ee7a Nh\u1eadt B\u1ea3n, ti\u1ebfp t\u1ee5c h\u1ed7 tr\u1ee3 t\u1ef7 gi\u00e1 \u0111\u1ed3ng y\u00ean Nh\u1eadt v\u00e0 ch\u1ed1ng l\u1ea1i t\u00ecnh tr\u1ea1ng \u0111\u1ea7u c\u01a1 b\u00e1n kh\u1ed1ng m\u00e0 kh\u00f4ng \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu M\u1ef9; m\u1eb7t kh\u00e1c, n\u00f3 c\u0169ng t\u01b0\u01a1ng \u0111\u01b0\u01a1ng v\u1edbi vi\u1ec7c x\u00e2y d\u1ef1ng m\u1ed9t m\u1ea1ng l\u01b0\u1edbi an to\u00e0n thanh kho\u1ea3n v\u1eefng ch\u1eafc h\u01a1n cho c\u00e1c ch\u1ee7 n\u1ee3 M\u1ef9 tr\u00ean to\u00e0n c\u1ea7u v\u00e0 gi\u1ea3m r\u1ee7i ro h\u1ec7 th\u1ed1ng khi c\u00e1c ng\u00e2n h\u00e0ng trung \u01b0\u01a1ng \u1edf n\u01b0\u1edbc ngo\u00e0i t\u1eadp trung b\u00e1n n\u1ee3 M\u1ef9 trong chu k\u1ef3 th\u1eaft ch\u1eb7t ch\u00ednh s\u00e1ch c\u1ee7a Fed. \u0110\u00e2y l\u00e0 m\u1ed9t c\u01a1 ch\u1ebf \u1ed5n \u0111\u1ecbnh chi ph\u00ed th\u1ea5p cho th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu v\u00e0 t\u00e0i ch\u00ednh t\u00e0i ch\u00ednh c\u1ee7a Hoa K\u1ef3.<\/p>\n

Nh\u01b0ng \u0111\u1ec1 xu\u1ea5t n\u00e0y c\u0169ng b\u1ed5 sung th\u00eam nhi\u1ec7m v\u1ee5 ch\u00ednh s\u00e1ch m\u1edbi cho t\u00e2n Ch\u1ee7 t\u1ecbch C\u1ee5c D\u1ef1 tr\u1eef Li\u00ean bang Warsh. Theo quy \u0111\u1ecbnh, h\u1ea1n ng\u1ea1ch v\u00e0 \u0111i\u1ec1u ch\u1ec9nh quy \u0111\u1ecbnh c\u1ee7a FIMA ph\u1ea3i \u0111\u01b0\u1ee3c FOMC ch\u00ednh th\u1ee9c ph\u00ea duy\u1ec7t. Cu\u1ed9c h\u1ecdp th\u01b0\u1eddng k\u1ef3 ti\u1ebfp theo c\u1ee7a C\u1ee5c D\u1ef1 tr\u1eef Li\u00ean bang s\u1ebd di\u1ec5n ra v\u00e0o th\u00e1ng 9. M\u1eb7c d\u00f9 v\u1ec1 m\u1eb7t l\u00fd thuy\u1ebft c\u00f3 th\u1ec3 t\u1ed5 ch\u1ee9c c\u00e1c cu\u1ed9c h\u1ecdp t\u1ea1m th\u1eddi nh\u01b0ng n\u00f3 ch\u1ec9 \u00e1p d\u1ee5ng trong c\u00e1c t\u00ecnh hu\u1ed1ng kh\u1ee7ng ho\u1ea3ng. Warsh hi\u1ec7n \u0111ang th\u00fac \u0111\u1ea9y nhi\u1ec1u ch\u01b0\u01a1ng tr\u00ecnh ngh\u1ecb s\u1ef1 nh\u01b0 c\u1ea3i c\u00e1ch c\u01a1 ch\u1ebf truy\u1ec1n th\u00f4ng c\u1ee7a Fed, \u0111\u00e1nh gi\u00e1 l\u1ea1i khu\u00f4n kh\u1ed5 l\u1ea1m ph\u00e1t v\u00e0 \u0111i\u1ec1u ph\u1ed1i nh\u1eefng kh\u00e1c bi\u1ec7t n\u1ed9i b\u1ed9 trong ch\u00ednh s\u00e1ch l\u00e3i su\u1ea5t. Vi\u1ec7c m\u1edf r\u1ed9ng FIMA c\u00f3 \u0111\u01b0\u1ee3c \u01b0u ti\u00ean hay kh\u00f4ng v\u00e0 n\u00f3 s\u1ebd \u0111\u01b0\u1ee3c th\u1ef1c hi\u1ec7n v\u1edbi t\u1ed1c \u0111\u1ed9 nh\u01b0 th\u1ebf n\u00e0o s\u1ebd tr\u1edf th\u00e0nh m\u1ed9t c\u01a1 h\u1ed9i quan tr\u1ecdng \u0111\u1ec3 quan s\u00e1t c\u00e1c \u01b0u ti\u00ean ch\u00ednh s\u00e1ch c\u1ee7a Fed. Th\u1ecb tr\u01b0\u1eddng th\u01b0\u1eddng t\u1eadp trung v\u00e0o tr\u00f2 ch\u01a1i ch\u00ednh s\u00e1ch l\u00e3i su\u1ea5t m\u00e0 b\u1ecf qua t\u00e1c \u0111\u1ed9ng s\u00e2u s\u1eafc c\u1ee7a vi\u1ec7c \u0111i\u1ec1u ch\u1ec9nh c\u00f4ng c\u1ee5 thanh kho\u1ea3n \u0111\u1ed1i v\u1edbi h\u1ec7 th\u1ed1ng \u0111\u00f4 la M\u1ef9 to\u00e0n c\u1ea7u - b\u1ea3n ch\u1ea5t c\u1ee7a vi\u1ec7c m\u1edf r\u1ed9ng FIMA l\u00e0 c\u1ee7ng c\u1ed1 c\u01a1 ch\u1ebf \u0111\u1ec7m l\u01b0u th\u00f4ng to\u00e0n c\u1ea7u c\u1ee7a \u0111\u00f4 la M\u1ef9 v\u00e0 c\u1ee7ng c\u1ed1 h\u01a1n n\u1eefa \"\u56fe\u7247 Kh\u1ea3 n\u0103ng ph\u1ee5c h\u1ed3i c\u1ee7a th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu M\u1ef9.<\/p>\n

<\/a>Tri\u1ec3n v\u1ecdng ti\u1ebfp theo v\u00e0 t\u00e1c \u0111\u1ed9ng t\u00e0i s\u1ea3n<\/strong><\/p>\n

Wmax tin r\u1eb1ng trong ng\u1eafn h\u1ea1n, s\u1ef1 can thi\u1ec7p ph\u1ed1i h\u1ee3p c\u1ee7a Hoa K\u1ef3 v\u00e0 Nh\u1eadt B\u1ea3n + s\u1ef1 h\u1ed7 tr\u1ee3 c\u1ee7a c\u00e1c c\u00f4ng c\u1ee5 FIMA \u0111\u00e3 l\u00e0m t\u0103ng \u0111\u00e1ng k\u1ec3 chi ph\u00ed \u0111\u1ea7u c\u01a1 c\u1ee7a vi\u1ec7c b\u00e1n kh\u1ed1ng \u0111\u1ed3ng y\u00ean Nh\u1eadt v\u00e0 xu h\u01b0\u1edbng \u0111\u01a1n ph\u01b0\u01a1ng gi\u1ea3m gi\u00e1 nhanh ch\u00f3ng c\u1ee7a \u0111\u1ed3ng y\u00ean Nh\u1eadt \u0111\u00e3 \u0111\u01b0\u1ee3c h\u1ea1n ch\u1ebf m\u1ed9t c\u00e1ch hi\u1ec7u qu\u1ea3. Tuy nhi\u00ean, xu h\u01b0\u1edbng \u0111\u1ea3o chi\u1ec1u c\u1ee7a t\u1ef7 gi\u00e1 h\u1ed1i \u0111o\u00e1i v\u1eabn c\u1ea7n s\u1ef1 h\u1ed7 tr\u1ee3 c\u01a1 b\u1ea3n t\u1eeb vi\u1ec7c b\u00ecnh th\u01b0\u1eddng h\u00f3a ch\u00ednh s\u00e1ch ti\u1ec1n t\u1ec7 c\u1ee7a Ng\u00e2n h\u00e0ng Nh\u1eadt B\u1ea3n; k\u1ef3 v\u1ecdng hi\u1ec7n t\u1ea1i c\u1ee7a th\u1ecb tr\u01b0\u1eddng v\u1ec1 vi\u1ec7c Ng\u00e2n h\u00e0ng Trung \u01b0\u01a1ng Nh\u1eadt B\u1ea3n t\u0103ng l\u00e3i su\u1ea5t v\u00e0o th\u00e1ng 9 ti\u1ebfp t\u1ee5c t\u0103ng, \u0111i\u1ec1u n\u00e0y s\u1ebd tr\u1edf th\u00e0nh \u0111\u1ed9ng l\u1ef1c c\u1ed1t l\u00f5i cho xu h\u01b0\u1edbng c\u1ee7a \u0111\u1ed3ng y\u00ean trong giai \u0111o\u1ea1n ti\u1ebfp theo. Th\u1ee9 S\u00e1u tu\u1ea7n n\u00e0y, B\u1ed9 T\u00e0i ch\u00ednh Nh\u1eadt B\u1ea3n s\u1ebd c\u00f4ng b\u1ed1 b\u00e1o c\u00e1o can thi\u1ec7p h\u00e0ng qu\u00fd, ti\u1ebft l\u1ed9 chi ti\u1ebft ho\u1ea1t \u0111\u1ed9ng h\u00e0ng ng\u00e0y t\u1eeb th\u00e1ng 4 \u0111\u1ebfn th\u00e1ng 6, \u0111i\u1ec1u n\u00e0y c\u0169ng s\u1ebd cung c\u1ea5p cho th\u1ecb tr\u01b0\u1eddng c\u01a1 s\u1edf ch\u00ednh x\u00e1c h\u01a1n \u0111\u1ec3 \u0111\u00e1nh gi\u00e1 t\u1ed1c \u0111\u1ed9 v\u00e0 phong c\u00e1ch \u0111i\u1ec1u h\u00e0nh s\u1ef1 can thi\u1ec7p c\u1ee7a ch\u00ednh quy\u1ec1n. \u0110\u1ed1i v\u1edbi th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu M\u1ef9, vi\u1ec7c th\u1ef1c hi\u1ec7n c\u01a1 ch\u1ebf FIMA \u0111\u00e3 tr\u1ef1c ti\u1ebfp lo\u1ea1i b\u1ecf k\u1ef3 v\u1ecdng ti\u00eau c\u1ef1c c\u1ed1t l\u00f5i v\u1ec1 \u201ccu\u1ed9c b\u00e1n tr\u00e1i phi\u1ebfu quy m\u00f4 l\u1edbn c\u1ee7a Nh\u1eadt B\u1ea3n\u201d v\u00e0 mang l\u1ea1i l\u1edbp \u0111\u1ec7m ti\u1ec1m \u1ea9n cho l\u1ee3i su\u1ea5t tr\u00e1i phi\u1ebfu d\u00e0i h\u1ea1n c\u1ee7a M\u1ef9.<\/p>\n

N\u1ebfu vi\u1ec7c m\u1edf r\u1ed9ng FIMA ch\u00ednh th\u1ee9c \u0111\u01b0\u1ee3c tri\u1ec3n khai trong t\u01b0\u01a1ng lai, nguy c\u01a1 \u00e1p l\u1ef1c b\u00e1n t\u1eeb b\u00ean ngo\u00e0i tr\u00ean th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu Hoa K\u1ef3 s\u1ebd gi\u1ea3m h\u01a1n n\u1eefa v\u00e0 logic \u0111\u1ecbnh gi\u00e1 c\u1ee7a n\u00f3 s\u1ebd quay tr\u1edf l\u1ea1i nhi\u1ec1u h\u01a1n v\u1edbi l\u1ea1m ph\u00e1t \u0111\u1ecba ph\u01b0\u01a1ng c\u1ee7a Hoa K\u1ef3 v\u00e0 ch\u00ednh s\u00e1ch l\u00e3i su\u1ea5t c\u1ee7a Fed. Nh\u00ecn chung, h\u1ea7u h\u1ebft nh\u1eefng ng\u01b0\u1eddi tham gia th\u1ecb tr\u01b0\u1eddng v\u1eabn b\u1ecb m\u1eafc k\u1eb9t trong ph\u00e2n t\u00edch tuy\u1ebfn t\u00ednh n\u00f4ng c\u1ea1n v\u1ec1 \u201cquy m\u00f4 can thi\u1ec7p \u2192 t\u0103ng gi\u1ea3m t\u1ef7 gi\u00e1 h\u1ed1i \u0111o\u00e1i\u201d v\u00e0 kh\u00f4ng x\u00e1c \u0111\u1ecbnh \u0111\u01b0\u1ee3c s\u1ef1 \u0111\u1ed5i m\u1edbi c\u00f4ng c\u1ee5 v\u00e0 s\u1ef1 ph\u00e1t tri\u1ec3n th\u1ec3 ch\u1ebf \u0111\u1eb1ng sau s\u1ef1 c\u1ed1 n\u00e0y. Wmax lu\u00f4n ch\u00fa tr\u1ecdng \u0111\u1ebfn nh\u1eefng thay \u0111\u1ed5i trong c\u01a1 ch\u1ebf c\u01a1 b\u1ea3n c\u1ee7a h\u1ec7 th\u1ed1ng \u0111\u1ed3ng \u0111\u00f4 la M\u1ef9 to\u00e0n c\u1ea7u v\u00e0 s\u1edbm quan t\u00e2m \u0111\u1ebfn ti\u1ec1m n\u0103ng \u1ee9ng d\u1ee5ng c\u1ee7a c\u00f4ng c\u1ee5 FIMA trong c\u00e1c k\u1ecbch b\u1ea3n can thi\u1ec7p t\u1ef7 gi\u00e1. Vi\u1ec7c tri\u1ec3n khai n\u00e0y c\u0169ng \u0111\u00e3 x\u00e1c minh khu\u00f4n kh\u1ed5 nghi\u00ean c\u1ee9u v\u00e0 \u0111\u00e1nh gi\u00e1 c\u1ee7a ch\u00fang t\u00f4i. Trong t\u01b0\u01a1ng lai, ch\u00fang t\u00f4i s\u1ebd ti\u1ebfp t\u1ee5c theo d\u00f5i vi\u1ec7c \u0111i\u1ec1u ch\u1ec9nh c\u01a1 ch\u1ebf FIMA, m\u1ed1i li\u00ean k\u1ebft ch\u00ednh s\u00e1ch M\u1ef9-Nh\u1eadt v\u00e0 nh\u1ecbp \u0111i\u1ec7u ch\u00ednh s\u00e1ch c\u1ee7a Ng\u00e2n h\u00e0ng Nh\u1eadt B\u1ea3n \u0111\u1ec3 \u0111\u01b0a ra c\u01a1 s\u1edf ph\u00e1n \u0111o\u00e1n h\u01b0\u1edbng t\u1edbi t\u01b0\u01a1ng lai h\u01a1n cho vi\u1ec7c ph\u00e2n b\u1ed5 c\u00e1c lo\u1ea1i t\u00e0i s\u1ea3n ch\u00ednh.<\/p>\n\n\n

<\/p>","protected":false},"excerpt":{"rendered":"

Wmax \u0111\u00e1nh gi\u00e1 r\u1eb1ng s\u1ef1 can thi\u1ec7p chung c\u1ee7a Hoa K\u1ef3 v\u00e0 Nh\u1eadt B\u1ea3n v\u00e0o th\u1ecb tr\u01b0\u1eddng ngo\u1ea1i h\u1ed1i \u0111\u00e3 \u0111\u1ea1t k\u1ef7 l\u1ee5c l\u1ecbch s\u1eed v\u00e0 B\u1ed9 T\u00e0i ch\u00ednh Hoa K\u1ef3 l\u1ea7n \u0111\u1ea7u ti\u00ean ph\u1ed1i h\u1ee3p s\u00e2u s\u1eafc k\u1ec3 t\u1eeb n\u0103m 2011. C\u01a1 ch\u1ebf mua l\u1ea1i FIMA c\u1ee7a C\u1ee5c D\u1ef1 tr\u1eef Li\u00ean bang ch\u00ednh th\u1ee9c ra m\u1eaft, b\u1ecf qua vi\u1ec7c b\u00e1n th\u00e1o n\u1ee3 M\u1ef9 v\u00e0 thay \u0111\u1ed5i logic truy\u1ec1n d\u1eabn truy\u1ec1n th\u1ed1ng v\u1ec1 can thi\u1ec7p t\u1ef7 gi\u00e1 h\u1ed1i \u0111o\u00e1i. Bessant \u0111\u1ec1 xu\u1ea5t m\u1edf r\u1ed9ng FIMA v\u00e0 b\u1ed5 sung c\u00e1c \u0111\u1ec1 xu\u1ea5t ch\u00ednh s\u00e1ch m\u1edbi cho Wash. S\u1ef1 m\u1ea5t gi\u00e1 trong ng\u1eafn h\u1ea1n c\u1ee7a \u0111\u1ed3ng y\u00ean \u0111\u00e3 \u0111\u01b0\u1ee3c h\u1ea1n ch\u1ebf, nguy c\u01a1 \u00e1p l\u1ef1c b\u00e1n \u0111\u1ed1i v\u1edbi n\u1ee3 c\u1ee7a M\u1ef9 \u0111\u00e3 \u0111\u01b0\u1ee3c lo\u1ea1i b\u1ecf v\u00e0 Ng\u00e2n h\u00e0ng Nh\u1eadt B\u1ea3n v\u1eabn c\u1ea7n h\u1ed7 tr\u1ee3 t\u1eeb vi\u1ec7c t\u0103ng l\u00e3i su\u1ea5t trong d\u00e0i h\u1ea1n.<\/p>","protected":false},"author":1,"featured_media":10806,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"footnotes":""},"categories":[121],"tags":[1545,504,1544,1546],"class_list":["post-10805","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-financial-news","tag-fima","tag-504","tag-1544","tag-1546"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/posts\/10805","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/comments?post=10805"}],"version-history":[{"count":1,"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/posts\/10805\/revisions"}],"predecessor-version":[{"id":10810,"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/posts\/10805\/revisions\/10810"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/media\/10806"}],"wp:attachment":[{"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/media?parent=10805"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/categories?post=10805"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/tags?post=10805"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}