<P style="MARGIN: 0cm 0cm 0pt" class=MsoNormal><SPAN lang=EN-US><o:p><FONT face="Times New Roman"> </FONT></o:p></SPAN></P>
<P style="MARGIN: 0cm 0cm 0pt" class=MsoNormal><B style="mso-bidi-font-weight: normal"><SPAN lang=EN-US><FONT face="Times New Roman">[</FONT></SPAN></B><B style="mso-bidi-font-weight: normal"><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">全球主要指数</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">]<o:p></o:p></FONT></SPAN></B></P>
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<P style="MARGIN: 0cm 0cm 0pt" class=MsoNormal><st1:chsdate w:st="on" IsROCDate="False" IsLunarDate="False" Day="19" Month="4" Year="2011"><SPAN lang=EN-US><FONT face="Times New Roman">4</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">月</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">19</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">日</SPAN></st1:chsdate><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">收盘：上证指数</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">2999.04</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">，跌</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">1.91%</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">；沪深</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">300</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">指数</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">3295.81</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">，跌</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">1.89%</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">；中小板指</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">6372.79</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">，跌</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">0.86%</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">；恒生指数</SPAN><SPAN lang=EN-US><FONT face="Times New Roman"> 23532.51</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">，跌</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">1.25%</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">；德</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">DAX 7039.31 </FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">涨</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">0.18%</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">；道琼工业</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">12266.75 </FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">涨</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">0.53%</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">；纳斯达克</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">2744.97 </FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">涨</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">0.35%</FONT></SPAN></P>
<P style="MARGIN: 0cm 0cm 0pt" class=MsoNormal><SPAN lang=EN-US><o:p><FONT face="Times New Roman"> </FONT></o:p></SPAN></P>
<P style="MARGIN: 0cm 0cm 0pt" class=MsoNormal><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">人民币兑美元中间价</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">6.5346</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">，下行</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">36</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">基点；</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">CRB</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">指数</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">680.19 </FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">涨</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">0.40%</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">；</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">BDI 1271 </FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">跌</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">1.01%</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">；</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">GlobalCoal</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">煤炭价格周指（</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">NEWC INDEX 123.12 </FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">跌</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">0.15%</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">，</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">RB INDEX 124.11 </FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">跌</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">0.39%</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">）</SPAN></P>
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<P style="MARGIN: 0cm 0cm 0pt" class=MsoNormal><B style="mso-bidi-font-weight: normal"><SPAN lang=EN-US><FONT face="Times New Roman">[</FONT></SPAN></B><B style="mso-bidi-font-weight: normal"><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">瑞达国内宏观观点</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">]<o:p></o:p></FONT></SPAN></B></P>
<P style="MARGIN: 0cm 0cm 0pt" class=MsoNormal><SPAN style="FONT-FAMILY: Verdana; BACKGROUND: white; mso-hansi-font-family: ''Times New Roman''" lang=EN-US><BR>1.<SPAN style="mso-spacerun: yes"> </SPAN></SPAN><SPAN style="FONT-FAMILY: 宋体; BACKGROUND: white; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: Verdana">中国人民银行网站刊发副行长胡晓炼署名文章。主要内容包括：</SPAN><SPAN style="FONT-FAMILY: Verdana; BACKGROUND: white; mso-hansi-font-family: ''Times New Roman''" lang=EN-US>1</SPAN><SPAN style="FONT-FAMILY: 宋体; BACKGROUND: white; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: Verdana">）通胀引发因素还没有发生根本性转变；</SPAN><SPAN style="FONT-FAMILY: Verdana; BACKGROUND: white; mso-hansi-font-family: ''Times New Roman''" lang=EN-US>2</SPAN><SPAN style="FONT-FAMILY: 宋体; BACKGROUND: white; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: Verdana">）央行将继续实施好稳健的货币政策；</SPAN><SPAN style="FONT-FAMILY: Verdana; BACKGROUND: white; mso-hansi-font-family: ''Times New Roman''" lang=EN-US>3</SPAN><SPAN style="FONT-FAMILY: 宋体; BACKGROUND: white; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: Verdana">）上调存款准备金率，主要是对冲外汇流入投放的新增流动性；</SPAN><SPAN style="FONT-FAMILY: Verdana; BACKGROUND: white; mso-hansi-font-family: ''Times New Roman''" lang=EN-US>4</SPAN><SPAN style="FONT-FAMILY: 宋体; BACKGROUND: white; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: Verdana">）进一步发挥利率杠杆在调节总需求、管理通胀预期中的作用；</SPAN><SPAN style="FONT-FAMILY: Verdana; BACKGROUND: white; mso-hansi-font-family: ''Times New Roman''" lang=EN-US>5</SPAN><SPAN style="FONT-FAMILY: 宋体; BACKGROUND: white; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: Verdana">）增强汇率弹性，减缓输入型通货膨胀压力；</SPAN><SPAN style="FONT-FAMILY: Verdana; BACKGROUND: white; mso-hansi-font-family: ''Times New Roman''" lang=EN-US>6</SPAN><SPAN style="FONT-FAMILY: 宋体; BACKGROUND: white; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: Verdana">）进一步落实好差别准备金动态调整措施。</SPAN><SPAN style="FONT-FAMILY: Verdana; BACKGROUND: white; mso-hansi-font-family: ''Times New Roman''" lang=EN-US><o:p></o:p></SPAN></P>
<P style="MARGIN: 0cm 0cm 0pt" class=MsoNormal><SPAN style="FONT-FAMILY: Verdana; BACKGROUND: white; mso-hansi-font-family: ''Times New Roman''" lang=EN-US><BR></SPAN><SPAN lang=EN-US><FONT face="Times New Roman">2.<SPAN style="mso-spacerun: yes"> </SPAN></FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; BACKGROUND: white; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: Verdana">汇丰</SPAN><SPAN style="FONT-FAMILY: Verdana; BACKGROUND: white; mso-hansi-font-family: ''Times New Roman''" lang=EN-US>(HSBC)</SPAN><SPAN style="FONT-FAMILY: 宋体; BACKGROUND: white; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: Verdana">周二公布，名为“汇丰中国制造业采购经理人指数</SPAN><SPAN style="FONT-FAMILY: Verdana; BACKGROUND: white; mso-hansi-font-family: ''Times New Roman''" lang=EN-US>(PMI)</SPAN><SPAN style="FONT-FAMILY: 宋体; BACKGROUND: white; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: Verdana">预览”的</SPAN><SPAN style="FONT-FAMILY: Verdana; BACKGROUND: white; mso-hansi-font-family: ''Times New Roman''" lang=EN-US>4</SPAN><SPAN style="FONT-FAMILY: 宋体; BACKGROUND: white; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: Verdana">月初值数据为</SPAN><SPAN style="FONT-FAMILY: Verdana; BACKGROUND: white; mso-hansi-font-family: ''Times New Roman''" lang=EN-US>51.8</SPAN><SPAN style="FONT-FAMILY: 宋体; BACKGROUND: white; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: Verdana">，与上月终值持平，确认制造业增长正逐步企稳，但产出指数创下九个月来低点。</SPAN><SPAN style="FONT-FAMILY: Verdana; BACKGROUND: white; mso-hansi-font-family: ''Times New Roman''" lang=EN-US><BR style="mso-special-character: line-break"><BR style="mso-special-character: line-break"></SPAN><SPAN style="COLOR: black; mso-bidi-font-size: 10.5pt" lang=EN-US><o:p></o:p></SPAN></P>
<P style="MARGIN: 0cm 0cm 0pt" class=MsoNormal><SPAN lang=EN-US><FONT face="Times New Roman">3.<SPAN style="mso-spacerun: yes"> </SPAN></FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; BACKGROUND: white; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: Verdana">中国商务部周二公布，今年</SPAN><SPAN style="FONT-FAMILY: Verdana; BACKGROUND: white; mso-hansi-font-family: ''Times New Roman''" lang=EN-US>3</SPAN><SPAN style="FONT-FAMILY: 宋体; BACKGROUND: white; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: Verdana">月实际外商直接投资</SPAN><SPAN style="FONT-FAMILY: Verdana; BACKGROUND: white; mso-hansi-font-family: ''Times New Roman''" lang=EN-US>(FDI)</SPAN><SPAN style="FONT-FAMILY: 宋体; BACKGROUND: white; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: Verdana">为</SPAN><SPAN style="FONT-FAMILY: Verdana; BACKGROUND: white; mso-hansi-font-family: ''Times New Roman''" lang=EN-US>125.2</SPAN><SPAN style="FONT-FAMILY: 宋体; BACKGROUND: white; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: Verdana">亿美元，同比增长</SPAN><SPAN style="FONT-FAMILY: Verdana; BACKGROUND: white; mso-hansi-font-family: ''Times New Roman''" lang=EN-US>32.9%</SPAN><SPAN style="FONT-FAMILY: 宋体; BACKGROUND: white; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: Verdana">。</SPAN><SPAN style="FONT-FAMILY: Verdana; BACKGROUND: white; mso-hansi-font-family: ''Times New Roman''" lang=EN-US>1-3</SPAN><SPAN style="FONT-FAMILY: 宋体; BACKGROUND: white; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: Verdana">月实际</SPAN><SPAN style="FONT-FAMILY: Verdana; BACKGROUND: white; mso-hansi-font-family: ''Times New Roman''" lang=EN-US>FDI</SPAN><SPAN style="FONT-FAMILY: 宋体; BACKGROUND: white; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: Verdana">则为</SPAN><SPAN style="FONT-FAMILY: Verdana; BACKGROUND: white; mso-hansi-font-family: ''Times New Roman''" lang=EN-US>303.4</SPAN><SPAN style="FONT-FAMILY: 宋体; BACKGROUND: white; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: Verdana">亿美元，同比增长</SPAN><SPAN style="FONT-FAMILY: Verdana; BACKGROUND: white; mso-hansi-font-family: ''Times New Roman''" lang=EN-US>29.4%</SPAN><SPAN style="FONT-FAMILY: 宋体; BACKGROUND: white; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: Verdana">。</SPAN></P>
<P style="MARGIN: 0cm 0cm 0pt" class=MsoNormal><SPAN style="FONT-FAMILY: Verdana; BACKGROUND: white; mso-hansi-font-family: ''Times New Roman''" lang=EN-US><BR>4.<SPAN style="mso-spacerun: yes"> </SPAN>19</SPAN><SPAN style="FONT-FAMILY: 宋体; BACKGROUND: white; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: Verdana">日银监会召开</SPAN><SPAN style="FONT-FAMILY: Verdana; BACKGROUND: white; mso-hansi-font-family: ''Times New Roman''" lang=EN-US>2011</SPAN><SPAN style="FONT-FAMILY: 宋体; BACKGROUND: white; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: Verdana">年第二次经济金融形势通报会，银监会党委书记、主席刘明康表示，</SPAN><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">银行必须要更加自觉地贯彻落实关于房地产市场调控的各项方针政策，更加自觉地做好房地产信贷风险防控工作。</SPAN><SPAN style="FONT-FAMILY: 宋体; BACKGROUND: white; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: Verdana">下一阶段银行业要防范房地产贷款风险，并开展新一轮的房地产贷款压力测试。</SPAN><SPAN style="FONT-FAMILY: Verdana; BACKGROUND: white; mso-hansi-font-family: ''Times New Roman''" lang=EN-US><o:p></o:p></SPAN></P>
<P style="MARGIN: 0cm 0cm 0pt" class=MsoNormal><SPAN style="FONT-FAMILY: Verdana; BACKGROUND: white; mso-hansi-font-family: ''Times New Roman''" lang=EN-US><o:p> </o:p></SPAN></P>
<P style="TEXT-INDENT: -10.95pt; MARGIN: 0cm 0cm 0pt 10.95pt; mso-char-indent-count: -1.04" class=MsoNormal><B style="mso-bidi-font-weight: normal"><SPAN lang=EN-US><FONT face="Times New Roman">[</FONT></SPAN></B><B style="mso-bidi-font-weight: normal"><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">瑞达国际宏观观点</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">]<o:p></o:p></FONT></SPAN></B></P>
<P style="MARGIN: 0cm 0cm 0pt" class=MsoNormal><SPAN lang=EN-US><BR><FONT face="Times New Roman">1. </FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">美国</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">3</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">月份新屋开工数较上月增加</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">7.2%</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">，折合成年率为</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">549,000</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">套。数据从此前低位反弹，但仍大幅低于预期，房地产市场依旧疲软。</SPAN></P>
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<P style="MARGIN: 0cm 0cm 0pt" class=MsoNormal><SPAN lang=EN-US><FONT face="Times New Roman">2.</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">市场研究机构</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">Markit Economics</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">公布的初步数据显示，欧元区</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">4</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">月综合采购经理人指数为</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">57.8</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">，制造业采购经理人指数为</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">57.7</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">，服务业采购经理人指数为</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">56.9</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">。表明欧元区经济能克服能源价格上涨和财政紧缩措施带来的影响持续扩张态势。</SPAN></P>
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<P style="MARGIN: 0cm 0cm 0pt" class=MsoNormal><SPAN lang=EN-US><FONT face="Times New Roman">3. </FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">加拿大</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">3</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">月消费者物价指数年率上升</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">3.3%</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">，为</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">30</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">个月来最快增速，月率上升</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">1.1%</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">，数据超预期。受能源价格和销售税上调等临时性因素影响，经济中存在的大量过剩资源将推升总体和核心通胀水平。</SPAN></P>
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<P style="MARGIN: 0cm 0cm 0pt" class=MsoNormal><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">今日提示：</SPAN><SPAN lang=EN-US><FONT face="Times New Roman"> 16:00</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">德国</SPAN><SPAN lang=EN-US><FONT face="Times New Roman"> 3</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">月生产者物价指数；英国央行公布</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">4</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">月</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">6-7</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">日货币政策会议记录</SPAN><SPAN lang=EN-US><FONT face="Times New Roman"> 22:00</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">美国</SPAN><SPAN lang=EN-US><FONT face="Times New Roman"> 3</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">月</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">NAR</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">季调后成屋销售</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">22:30</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">美国</SPAN><FONT face="Times New Roman"> </FONT><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">上周</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">EIA</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">原油库存变化</SPAN></P>
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<P style="TEXT-INDENT: -10.95pt; MARGIN: 0cm 0cm 0pt 10.95pt; mso-char-indent-count: -1.04" class=MsoNormal><B style="mso-bidi-font-weight: normal"><SPAN lang=EN-US><FONT face="Times New Roman">[</FONT></SPAN></B><B style="mso-bidi-font-weight: normal"><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">观点总结</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">]<o:p></o:p></FONT></SPAN></B></P>
<P style="MARGIN: 0cm 0cm 0pt" class=MsoNormal><SPAN style="FONT-FAMILY: Verdana; BACKGROUND: white; mso-hansi-font-family: ''Times New Roman''" lang=EN-US><o:p> </o:p></SPAN></P>
<P style="MARGIN: 0cm 0cm 0pt" class=MsoNormal><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">央行副行长胡晓炼的文章表明</SPAN><SPAN style="FONT-FAMILY: 宋体; BACKGROUND: white; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: Verdana">，继续上调存款准备金率、加息及人民币升值空间都尚存较大余地，</SPAN><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">这也是央行重要官员首次明确提出，以汇率来应对通胀。国务院参事、央行货币政策委员会委员、国务院发展研究中心金融研究所所长夏斌甚至表明不排除人民币一次升值的可能性。</SPAN><SPAN lang=EN-US><BR style="mso-special-character: line-break"><BR style="mso-special-character: line-break"></SPAN></P>
<P style="MARGIN: 0cm 0cm 0pt" class=MsoNormal><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">欧元</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">/</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">美元（利空）；美元</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">/</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">日元（利好）；美指（利好）；德国国债收益率（利空）；美国国债收益率（利空）；日本国债收益率（利空）；</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">LIBOR</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">隔夜（利好）；</SPAN><SPAN lang=EN-US><FONT face="Times New Roman">EURIBOR</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family:
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