自2023年以来,美国金融冲击驱动着新西兰大部分不断上升的债券互换利差。 U.S. financial shocks drive most of New Zealand’s rising bond-swap spreads since 2023.

自2023年中期以来,新西兰政府的债券交换利差有所扩大,反映出市场波动加剧,特别是在全球流动性紧张期间。 Since mid-2023, New Zealand’s government bond-swap spreads have widened, reflecting increased market volatility, particularly during global liquidity stress. 新西兰储备银行使用一种结构矢量自动回归模型进行分析发现,美国金融冲击解释了10年扩张中56%的长期变化,凸显了全球条件对新西兰金融市场的强大影响。 A Reserve Bank of New Zealand analysis using a structural vector autoregression model finds that U.S. financial shocks explain about 56% of the long-term variation in the 10-year spread, highlighting the strong influence of global conditions on New Zealand’s financial markets. 美国和国内因素都促成了这一上升,反映了主权债券利差的更广泛国际趋势。 Both U.S. and domestic factors have contributed to the rise, mirroring broader international trends in sovereign bond spreads.