近期,美国等主要经济体央行陆续开启货币政策正常化进程,并呈现加速迹象,这将通过汇率、资产价格、资金流动等渠道,对我国货币政策实施形成牵引,推动人民币利率走高。而且,国内宏观经济和金融环境也支持和需要利率水平在未来一段时期高位震荡。货币政策正常化进程提速今年以来,美国经济数据表现稳健,个别指标的扰动不影响整体趋势;欧洲 Recently, central banks in major economies such as the United States started the process of normalization of monetary policy one after another and showed signs of acceleration. This will drag the implementation of monetary policy through exchange channels, asset prices and capital flows and push the RMB interest rate higher. Moreover, the domestic macroeconomic and financial environment also supports and requires high levels of interest rate volatility in the coming period. The normalization of monetary policy speeding up this year, the U.S. economic data showed steady, the disturbance of individual indicators does not affect the overall trend; Europe