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美长债收益率高位难下如何影响中国经济和融资市场？_我的网站

一 | K图 US30Y_0 　　美债长端收益率上升，对中国的影响并不是简单表现为“中国利率跟随美国上升”，而是通过外需、汇率和跨境资金流动、货币政策以及企业融资等渠道传导。　　上周，30年期美债收益率一路飙升至2007年以来新高，美国财政部部长贝森特宣布扩大部分长期美债回购规模，美债收益率短暂回落后又回归高位。　　当地时间8月24日，贝森特再次强调，将于9月9日实施下一次债券回购操作。 On a balmy summer day in mid-August of 2021, the 20-year US-led nation-building project in Afghanistan came to an abrupt end. Following a 10-day blitzkrieg offensive in which the Taliban* captured 32 of the country’s 34 provinces with little resistance, the militants encircled and then entered Kabul and caused its government to flee, all while US and coalition forces, diplomats, and intelligence agents were still evacuating.,Afghanistan has been mired in foreign-backed civil conflict for generations, with the US-led invasion of the country in 2001 ensuing 23 years after the CIA kicked off Operation Cyclone - a covert action involving the deployment of jihadist fighters and tens of billions of dollars’ worth of weapons and cash to Afghanistan to fight a fledgling Soviet-backed government.,“We have to look at the history – the United States created the Afghan mujahedeen against the Soviet Union, when the Soviet Union came to help Afghanistan…That Islamic fundamentalism which includes Taliban, Mujahideen, ISIS [Daesh]** and others was created by the West,” says Dr. Zalmay Gulzad, a specialist on Afghan politics and professor of social sciences at Harold Washington College in Chicago.,WorldA Tale of Two Withdrawals: Why Soviet and US Pull-Outs From Afghanistan Were So Different18 August 2021, 04:00 GMT,In the mid-1990s, a few years after the end of the Cold War, Zbigniew Brzezinski, national security advisor to President Jimmy Carter, boasted that the overarching goal of the US project in Afghanistan was to “make the Soviets bleed for as much and as long as is possible,” and to coordinate with the intelligence services from the UK, Pakistan, Saudi Arabia, and other countries to make this happen.,Over four decades on, this strategy remains central to Washington’s calculations, Dr. Gulzad says, comparing US attempts to now use the Taliban to stir up trouble along Russia’s soft underbelly in Central Asia to the NATO proxy conflict against Moscow in Ukraine. Iran is another major target of US geopolitical ambitions, and Washington would like to play on the differences between the Sunni Taliban and the Shia Iranian state to “create problems” for the Islamic Republic, the academic argues.,Taliban Promise Safety for Resistance Leaders Including Ahmad Massoud as They Meet in Tehran10 January, 13:57 GMT,Graveyard of Empires,Brown University’s Costs of War project has calculated that the War in Afghanistan cost the United States alone more than $2.3 trillion, equivalent to $300 million per day for nearly 20 straight years. Notwithstanding the extravagant spending, and the rotational deployment of over 800,000 US troops and tens of thousands of personnel from over three dozen allied nations over the past generation, the Afghanistan project, once described by Harvard academic and chickenhawk Michael Ignatieff as a “humanitarian” “nation-building lite” adventure, has failed spectacularly.,The causes are legion, ranging from the pervasive corruption of Afghanistan’s political institutions and security structures (whose true fragility was demonstrated in August 2021), to the coalition’s tolerance for and even cooperation with unsavory warlords, drug traffickers, and even child sex criminals, and the imperious nature of the Western-backed project itself.,“It was a lost battle from the beginning,” says Dr. Swasti Rao, an associate fellow at the Europe and Eurasia Center at the Manohar Parrikar Institute for Defense Studies and Analyses in New Delhi.,US 'Lost Track' of Afghan War Aims, Says Retired Marine General12 August, 17:00 GMT,“One of the problems with the US is that it wishes to see the entire world in its own mirror image, what is called the liberal world order comprising of free market and democracy. This approach has a problem when enforced top down without taking account the regional and grassroots realities, cultural sensibilities of the people at hand. The government of Ashraf Ghani was never a popular government with massive charges of corruption that the Afghan people did not identify with,” Rao explains.,The researcher noted that all around the world, but in West Asia in particular, the “project of the liberal order of which the US considers itself a custodian” has met with failure.,“After 20 years, about $2.5 trillion and the lives of its citizens and soldiers, the US realized that retreating is the best possible decision, something they had been planning for a long time,” Rao says.,Challenges, Opportunities,A year on from Kabul’s fall, the situation in Afghanistan is unstable, unpredictable, and dangerous, both for ordinary Afghans and for countries in the region.,“After one year of the US withdrawal from Afghanistan and the Taliban takeover, it is Afghans who are suffering more than any other regional or extra-regional states,” says Shreyas Deshmukh, a researcher with the National Security Program at Delhi Policy Group, an India-based think tank.,“Now it is evident that the Taliban has not given up its extremist tendencies and will continue to stick with its interpretation of the extremist Sharia-based governance model. They do not have any concrete ideas to govern the state because [the Taliban] is a primarily insurgent organization. Therefore, anti-social elements including other terrorist organizations, drug lords, and human traffickers [have been] taking advantage of this vacuum. During the initial months after the Taliban takeover, the level of violence was reduced but now there is an uptick, as anti-Taliban forces are regrouping,” Deshmukh notes.,AfghanistanTaliban Militants Fire Into Air to Disperse Women's Protest in Kabul - Videos13 August, 07:44 GMT,The researcher points to an important dilemma for the Taliban: whether to make concessions on its governance model in exchange for cooperation with, assistance from, and possible recognition from other countries. Such a decision, Deshmukh notes, would carry with it the risk of heightening divisions within the Taliban’s ranks and even raise the possibility of their government’s collapse and renewed civil war. “On the contrary, if they implement a strict interpretation of Sharia law while going against international norms then the country will once again become a haven for terrorist organizations,” he warns.,Dr. Rao concurs with this pessimistic appraisal of Afghanistan’s internal situation, noting that while the Taliban proved capable of taking over from the Western-backed government, “they do not know how to engage in governance per se, let alone [create an] inclusive government with minorities and women. It’s been a year of denial of women’s rights, media crackdown, and retaliatory killings amid mass hunger. Especially with the Taliban bringing back the feared Ministry for the Promotion of Virtue and the Prevention of Vice, enforcing the group’s austere interpretation of Islam, it is more unlikely that women or minorities might have a say in the government any time in the foreseeable future,” he says.,Worse yet, Rao says, if the situation continues to fester, it will cause “even more unrest, drugs and illegal weapons smuggling, bloody fights between various fundamentalist groups like ISIS-K and the Taliban; in short a situation that will remain a regional security [concern] with uncontrolled global ramifications.”,The scholar emphasizes that the international community has asked the Taliban to form an inclusive government, ensure the rights of women and minorities, and guarantee that Afghanistan will no longer serve as a launch pad for global terror operations. “Unless that happens, the trade or investment promised by China will not flow. It is important to note that even Russia and China, which share a better equation with the Taliban compared to the Western world, have not recognized their government,” Rao believes.,WorldLithium, Gold & Rare Earths: How China May Open the Door to New Business Opportunities for Afghans19 August 2021, 08:38 GMT,At the same time, the researcher notes that although the US withdrawal exacerbated regional chaos, landed sophisticated weapons in Taliban hands, and created a regional power vacuum, it also “created space for countries like Russia, China and Iran to play a far more decisive role in the region,” as Washington shifted its attention to Eastern Europe and China.,Deshmukh concurs. “The Taliban is not a designated terrorist organization by many states including the US. However, its leadership is under UNSC and US sanctions. The real question is, will the countries recognize the Taliban regime in the near future? China, Pakistan, Russia, and Qatar have given some signals that they might recognize the regime. However, it remains a risky business considering that the Taliban is continuing close cooperation with terrorist organizations like AQ, Tehrik-e-Taliban Pakistan and Lashkar-e-Taiba. Many of their leaders have taken safe haven in Afghanistan.”,“No country would like to align itself with this regime and recognize them, for now. Meanwhile, they will continue to engage with the Taliban to provide humanitarian assistance to Afghans, keep a tab on terrorist elements which could threaten the national interest of those countries, and further to reap some economic benefits from Afghanistan,” Deshmukh concludes.,* A group under United Nations sanctions for terrorist activities.,** A terrorist group outlawed in Russia and many other countries.。与此同时，市场又传出美国财政部可能动用规模接近1万亿美元的财政部一般账户（TGA）资金，为不断扩大的美债回购计划提供资金。

二 | 尽管这一消息显示财政部在回购操作上的资金空间可能比此前市场预期的更大，但华尔街机构并未因此明显看好长期美债，市场对于长端利率继续维持高位甚至进一步上行的担忧并未完全消退。　　与此同时，市场还在等待美联储主席凯文·沃什本周在杰克逊霍尔全球央行年会上的首次重要讲话，以寻找未来货币政策路径的更多线索。　　对于中国而言，美债长端收益率高企的影响也正在从外部市场波动，逐渐传导至出口、汇率、货币政策以及企业融资等领域。而美元长期融资成本维持高位，也给人民币跨境融资工具提供了新的发展空间。　　美债长端收益率难降　　近期美债长端收益率持续高位运行，市场对此已有较为明确的判断：美国财政赤字和国债供给压力仍然存在，通胀和地缘政治增加长期利率的不确定性，同时AI企业大规模发债也进一步增加了对长期资金的需求。在这一背景下，长端美债收益率中的期限溢价明显上升。　　当地时间8月19日，美国财政部宣布，将10年至20年期以及20年至30年期名义国债的流动性支持回购操作规模至少提高一倍，由此前每次最高20亿美元提高至至少40亿美元，并于9月9日起实施。消息公布后，美债收益率明显回落，30年期美债收益率一度下降约10个基点。　　但市场的乐观情绪并没有持续太久。　　在市场人士看来，美国财政部回购更多是针对长期国债市场的流动性和久期结构进行调整，并不能从根本上减少美国财政赤字和债务规模。美国政府长期融资需求如果没有发生实质性变化，长端国债供需关系就难以通过有限规模的回购操作得到根本改变。　　事实上，美国财政部此次回购规模即使翻倍至每次至少40亿美元，相较于超过40万亿美元的联邦债务规模仍然有限。美国财政部自身也强调，此次措施的主要目的在于为长期国债市场提供更多流动性支持。　　而最新传出的TGA资金安排，则让市场开始从另一个角度审视美国财政部回购的政策空间。　　当地时间8月24日，CNBC报道称，美国财政部正在考虑动用规模接近1万亿美元的TGA资金，为不断扩大的美债回购计划提供资金。报道援引美财政部高级官员的话称，美国财政部可能从现金储备中拿出部分资金回购收益率较高的旧国债，但目前尚未明确具体规模和时间。

三 | 　　如果这一安排最终落地，意味着美国财政部用于回购的资金来源可能并不局限于此前公布的操作规模，市场对美国财政部“能买多少债”的想象空间也随之扩大。

四 | 　　但值得注意的是，华尔街机构并未因此明显改变对长端美债的判断。德意志银行认为，如果美国财政部最终动用TGA为回购提供资金，其对银行准备金和短期国债发行的影响可能基本相互抵消。高盛等机构则认为，即使回购规模进一步扩大，也很难真正改变长期利率的定价，因为当前推动长端收益率上行的核心因素仍是财政赤字、国债供给以及通胀压力。　　东方汇理资产管理投资研究院亚洲高级投资策略师姚远表示，财政赤字、债务规模以及AI企业大规模举债带来的资金需求，并未因为财政部的回购操作而发生根本改变。“即便短期经济降温或财政干预能够带来阶段性缓和，结构性供需矛盾并未消除，长端利率依旧存在上行压力”。

五 | 　　因此，接下来市场的目光开始转向美联储。　　8月27日至29日，杰克逊霍尔全球央行年会将举行。沃什将于8月28日发表主题演讲，这也是沃什出任美联储主席后的年会首秀。　　路透社指出，在长端美债遭遇抛售、美国财政部介入市场的背景下，投资者希望从沃什的讲话中寻找美联储未来利率路径的更多线索，尤其关注其如何判断当前通胀压力、未来是否存在进一步收紧货币政策的可能，以及如何看待财政政策对债券市场的影响。　　高企的长端收益率已经开始对美国自身融资环境产生影响。

六 | 美国30年期固定房贷利率目前约为6.7%，企业长期融资成本也受到美债基准利率抬升的影响。与此同时，美国政府利息支出持续增加，长期利率越高，财政融资成本越高。

七 | 由此，美债收益率问题已经不再只是金融市场的资产定价问题，而开始成为美国财政和实体经济需要面对的融资成本问题。　　中国货币政策仍“以我为主”　　美债长端收益率上升，对中国的影响并不会简单表现为“中国利率跟随美国上升”。　　当前全球债券市场正在出现明显分化。

八 | 一方面，美国、欧洲、日本等主要发达经济体长期融资成本普遍处于高位；另一方面，中国国债收益率仍维持相对低位。　　野村证券中国首席经济学家陆挺指出，这种利差变化正在重塑全球资本流动格局，也对中国货币政策和人民币国际化提出新的挑战。　　中信证券首席经济学家明明认为，全球债市分化的背后，是国内外基本面的错位。海外通胀黏性、财政供给压力推升长端收益率，而国内通胀相对可控、货币政策维持适度宽松，共同支撑国内债市走出相对独立的行情。　　因此，美债长端收益率高企对中国的影响，更多通过外需、汇率和跨境资金流动、货币政策以及企业融资等渠道传导。

九 | 　　美国长端融资成本持续高企，会通过住房、消费和企业投资等渠道影响美国经济活动，最终体现为进口需求变化。摩根大通中国首席经济学家朱锋表示，中国制造业产业链完整、出口市场多元，具备一定韧性，但如果全球总需求持续收缩，中国出口仍将面临压力。　　从市场结构看，2025年中国对美国出口约4200亿美元，而同期对东盟出口规模已经超过对美国。因此，美债长端收益率高企对中国出口的影响，更可能体现为美国需求变化带来的外需压力，而非单一市场受到冲击。　　相比外需，汇率和跨境资金流动是更直接的金融传导渠道。目前美国10年期国债收益率约4.7%，中国10年期国债收益率约1.68%，中美利差约300个基点。理论上，这会增强美元资产的相对吸引力，并对人民币汇率形成压力。　　但人民币汇率近期表现出较强韧性。8月21日，在岸、离岸人民币对美元汇率双双升破6.72关口，续创近3年半新高。长江大学经管学院教授马敬桂认为，这意味着人民币汇率的定价逻辑正在从单纯的“利差主导”向更加关注产业竞争力等基本面因素转变。　　因此，美债收益率高企对中国货币政策形成的更多是“外部约束”，而非方向上的决定因素。

十 | 华泰证券认为，海外利率主要通过汇率和跨境资金流动约束国内降息节奏，而不是改变中国货币政策方向。中国央行也在《2026年第二季度中国货币政策执行报告》中表示，货币政策仍坚持“以我为主”。　　对企业而言，影响则更加直接。美元债融资成本通常以美国国债收益率作为重要定价基准，美债长端收益率越高，企业发行长期美元债的融资成本也越高。　　这一变化已经体现在中资美元债市场。2026年上半年，中资美元债一级市场发行规模约816.8亿美元，同比下降33.1%。在美元融资成本长期处于高位的情况下，企业开始重新比较不同币种、不同市场的综合融资成本。　　天风固收团队测算，目前美元债与点心债票面利率存在约180个基点的成本差。美元融资成本上升，也使部分企业开始将目光转向离岸人民币债券等融资工具。　　人民币融资迎来“替代窗口”　　美元融资成本持续处于高位，正在给人民币跨境融资市场提供一个新的发展窗口。　　联合资信主权部高级分析师张敏表示，2026年以来中美10年期国债收益率利差倒挂幅度超过200个基点，相较美元融资，人民币融资成本优势突出，提升了人民币债券在全球资本市场的吸引力。　　这一成本差异已经开始体现在具体融资实践中。　　8月5日，中国银行发行全市场首单“双期限”自贸离岸债，规模8亿元，其中9个月期限和365天期限各4亿元，票面利率分别为1.55%和1.58%。今年6月，中国银行已启动全市场首个自贸离岸债滚动发行计划，此次发行是该计划项下的第二期落地。截至8月12日，中国银行参与承销的自贸离岸债已达10只，承销金额超过40亿元，市场份额超过50%。

十一 | 　　8月12日，中国银行协助上海电气环球资本有限公司发行15亿元人民币绿色自贸离岸债，期限3年、票面利率1.8%。这是全市场首单非金融企业自贸离岸债，并创下自贸离岸债市场单笔最大发行规模纪录。该债券账簿峰值达191亿元，认购倍数超过12倍，发行利率较2.4%的初始价格指引收窄60个基点。

十二 | 　　从发行主体来看，人民币跨境融资也正从金融机构向实体企业扩展。渣打银行中国及北亚区债务资本市场主管严守敬表示，随着美元融资成本上升，许多债券发行人正转向发行其他货币计价的债券，以获取较低借款成本，预计这一趋势将持续至今年年底。　　与此同时，人民币跨境债券市场整体保持较快增长。　　据《南华早报》8月24日报道，截至8月14日，由海外公司在中国香港发行的离岸人民币计价点心债券发行量达6830.4亿元，同比增长46%；由海外公司在中国内地发行的人民币计价熊猫债券发行量达1996.8亿元，同比增长80%。高盛数据显示，2026年上半年熊猫债发行1600亿元，点心债发行3580亿元，发行节奏快于2022年至2025年同期。

十三 | 　　明明表示，随着债券通、沪深港通等互联互通机制不断完善，熊猫债、点心债市场扩容提速，境外机构持有人民币债券的规模也在增长。叠加自贸离岸债等产品不断创新，人民币跨境融资市场的参与主体和产品类型进一步丰富。　　不过，分析指出，与全球规模庞大的美元债市场相比，人民币跨境债券市场仍存在明显差距。