{"id":1624,"date":"2025-06-09T18:36:03","date_gmt":"2025-06-09T16:36:03","guid":{"rendered":"https:\/\/ujvilagtrend.hu\/?p=1624"},"modified":"2025-06-09T18:36:04","modified_gmt":"2025-06-09T16:36:04","slug":"brazilia-pandakotvenyt-bocsathat-ki-meg-az-iden","status":"publish","type":"post","link":"https:\/\/ujvilagtrend.hu\/?p=1624","title":{"rendered":"Braz\u00edlia pandak\u00f6tv\u00e9nyt bocs\u00e1that ki m\u00e9g az id\u00e9n"},"content":{"rendered":"\n<h3 class=\"wp-block-heading\"><strong>B\u0151v\u00fcl\u0151 p\u00e9nz\u00fcgyi egy\u00fcttm\u0171k\u00f6d\u00e9s K\u00edna \u00e9s Braz\u00edlia k\u00f6z\u00f6tt<\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">A braz\u00edliai p\u00e9nz\u00fcgyminiszt\u00e9rium <a href=\"https:\/\/www.guancha.cn\/internation\/2025_06_09_778739.shtml\" title=\"\">meger\u0151s\u00edtette<\/a>, hogy m\u00e1r 2025-ben sor ker\u00fclhet az orsz\u00e1g els\u0151 pandak\u00f6tv\u00e9ny\u00e9nek kibocs\u00e1t\u00e1s\u00e1ra \u2013 sz\u00e1molt be a Financial Times j\u00fanius 9-\u00e9n. A h\u00edr szerint D\u00e1rio Durigan, Braz\u00edlia p\u00e9nz\u00fcgyminiszter-helyettese elmondta: az orsz\u00e1g egyszerre tervez fenntarthat\u00f3 fejl\u0151d\u00e9st c\u00e9lz\u00f3 \u00e1llamk\u00f6tv\u00e9nyt kibocs\u00e1tani az amerikai, az eur\u00f3pai \u00e9s a k\u00ednai piacon. Ut\u00f3bbi a k\u00ednai bels\u0151 piacra sz\u00e1nt, j\u00fcanban denomin\u00e1lt panda t\u00edpus\u00fa k\u00f6tv\u00e9nyt jelenten\u00e9.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>A d\u00f6nt\u00e9s illeszkedik Lula eln\u00f6k K\u00edna-bar\u00e1t k\u00fclgazdas\u00e1gi strat\u00e9gi\u00e1j\u00e1ba<\/strong>, amely az Egyes\u00fclt \u00c1llamok \u00e1ltal gerjesztett kereskedelmi konfliktusok \u00e9s szankci\u00f3s politika k\u00f6zepette <strong>a gazdas\u00e1gi f\u00fcggetlened\u00e9s \u00e9s a p\u00e9nz\u00fcgyi diverzifik\u00e1ci\u00f3<\/strong> ir\u00e1ny\u00e1ba mozdult el. A brazil \u00e1llamad\u00f3ss\u00e1g t\u00f6bb mint 95 sz\u00e1zal\u00e9ka jelenleg re\u00e1lban denomin\u00e1lt, \u00e9s a devizaad\u00f3ss\u00e1g t\u00falnyom\u00f3 r\u00e9sze doll\u00e1rban van. A j\u00fcan-alap\u00fa finansz\u00edroz\u00e1s \u00faj lehet\u0151s\u00e9geket nyitna meg Braz\u00edlia sz\u00e1m\u00e1ra, k\u00fcl\u00f6n\u00f6sen a magas hazai kamatk\u00f6rnyezet \u00e9s a n\u00f6vekv\u0151 ad\u00f3ss\u00e1gteher mellett.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>A pandak\u00f6tv\u00e9ny jelent\u00e9se \u00e9s m\u0171k\u00f6d\u00e9se<\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>A pandak\u00f6tv\u00e9ny olyan k\u00f6tv\u00e9nyt\u00edpus, amelyet nem k\u00ednai kibocs\u00e1t\u00f3 bocs\u00e1t ki a k\u00ednai belf\u00f6ldi piacon, j\u00fcanban denomin\u00e1lva.<\/strong> A befektet\u0151k k\u00ednai int\u00e9zm\u00e9nyek \u00e9s mag\u00e1nszem\u00e9lyek, akik renminbiben v\u00e1s\u00e1rolj\u00e1k meg az \u00e1llampap\u00edrt. A konstrukci\u00f3 lehet\u0151v\u00e9 teszi, hogy a kibocs\u00e1t\u00f3 orsz\u00e1g j\u00fcanhoz jusson an\u00e9lk\u00fcl, hogy devizakock\u00e1zatot kellene v\u00e1llalniuk a k\u00ednai befektet\u0151knek. A befolyt \u00f6sszeget vagy \u00e1tv\u00e1ltj\u00e1k m\u00e1s valut\u00e1ra, vagy \u2013 ami gyakoribb \u2013 <strong>K\u00edn\u00e1ban k\u00f6ltik el term\u00e9kekre, szolg\u00e1ltat\u00e1sokra, beruh\u00e1z\u00e1sokra<\/strong>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>A panda elnevez\u00e9s szimbolikus<\/strong>: ahogy l\u00e9tezik samuraik\u00f6tv\u00e9ny Jap\u00e1nban, vagy bulldogk\u00f6tv\u00e9ny az Egyes\u00fclt Kir\u00e1lys\u00e1gban, \u00fagy K\u00edn\u00e1ban a nemzet szimb\u00f3lum\u00e1r\u00f3l nevezt\u00e9k el ezt a k\u00f6tv\u00e9nyt\u00edpust.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Nem Braz\u00edlia az els\u0151 fecske<\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Az elm\u00falt \u00e9vekben egyre t\u00f6bb orsz\u00e1g \u00e9lt a pandak\u00f6tv\u00e9ny kibocs\u00e1t\u00e1s\u00e1nak lehet\u0151s\u00e9g\u00e9vel. <strong>Lengyelorsz\u00e1g volt az els\u0151 eur\u00f3pai \u00e1llam (2016), Magyarorsz\u00e1g t\u00f6bb alkalommal is \u00e9lt az eszk\u00f6zzel, de Sri Lanka, Egyiptom, Pakiszt\u00e1n, Chile, D\u00e9l-Afrika is csatlakozott a sorhoz.<\/strong> Nemzetk\u00f6zi fejleszt\u00e9si bankok \u2013 p\u00e9ld\u00e1ul az \u00c1zsiai Fejleszt\u00e9si Bank vagy a Vil\u00e1gbank \u2013 is bocs\u00e1tottak m\u00e1r ki pandak\u00f6tv\u00e9nyt.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>A tendencia vil\u00e1gos: a glob\u00e1lis d\u00e9l orsz\u00e1gai egyre ink\u00e1bb alternat\u00edv p\u00e9nz\u00fcgyi forr\u00e1sokat keresnek, hogy cs\u00f6kkents\u00e9k a doll\u00e1rrendszernek val\u00f3 kiszolg\u00e1ltatotts\u00e1got.<\/strong><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Mit nyer Braz\u00edlia a pandak\u00f6tv\u00e9nnyel?<\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">A brazil korm\u00e1ny j\u00fcanhoz jut, mik\u00f6zben:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>ker\u00fcli az amerikai kamatkock\u00e1zatot<\/strong>,<\/li>\n\n\n\n<li><strong>cs\u00f6kkenti a doll\u00e1rf\u00fcgg\u00e9st<\/strong>,<\/li>\n\n\n\n<li><strong>k\u00ednai beruh\u00e1z\u00e1sokat vagy besz\u00e1ll\u00edt\u00f3i szerz\u0151d\u00e9seket finansz\u00edrozhat<\/strong> j\u00fcanban.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Mivel a k\u00ednai k\u00f6tv\u00e9nypiac kamatk\u00f6rnyezete kedvez\u0151bb, <strong>az \u00e1llamad\u00f3ss\u00e1g \u00e1tlagos k\u00f6lts\u00e9ge is cs\u00f6kkenhet<\/strong>, k\u00fcl\u00f6n\u00f6sen a hazai, 14% feletti alapkamat f\u00e9ny\u00e9ben.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Mit nyer K\u00edna?<\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">K\u00edna sz\u00e1m\u00e1ra a pandak\u00f6tv\u00e9ny:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>er\u0151s\u00edti a j\u00fcan nemzetk\u00f6zi szerep\u00e9t<\/strong>,<\/li>\n\n\n\n<li><strong>t\u0151kepiaci nyit\u00e1st szimboliz\u00e1l a vil\u00e1g fel\u00e9<\/strong>,<\/li>\n\n\n\n<li><strong>lehet\u0151v\u00e9 teszi, hogy k\u00ednai befektet\u0151k k\u00f6zvetlen\u00fcl kapcsol\u00f3djanak a glob\u00e1lis d\u00e9l \u00e1llamaihoz<\/strong>.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">A j\u00fcan nem teljes konvertibilit\u00e1sa miatt a K\u00edn\u00e1ba be\u00e1raml\u00f3 j\u00fcan-v\u00e1s\u00e1rl\u00e1sok jellemz\u0151en <strong>K\u00edn\u00e1ban hasznosulnak<\/strong>. Ez <strong>el\u0151ny\u00f6s a k\u00ednai gazdas\u00e1gnak<\/strong>, mert n\u00f6veli az orsz\u00e1g p\u00e9nz\u00fcgyi k\u00f6zvet\u00edt\u0151 szerep\u00e9t.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Mit vesz\u00edt az Egyes\u00fclt \u00c1llamok?<\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">A pandak\u00f6tv\u00e9nyek glob\u00e1lis elterjed\u00e9se <strong>al\u00e1\u00e1ssa a doll\u00e1r hegem\u00f3ni\u00e1j\u00e1t<\/strong>:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>cs\u00f6kken az USA-nak kiszolg\u00e1ltatott p\u00e9nz\u00fcgyi kapcsolatok sz\u00e1ma,<\/li>\n\n\n\n<li>cs\u00f6kken az amerikai szankci\u00f3s politika hat\u00e9konys\u00e1ga,<\/li>\n\n\n\n<li><strong>az amerikai \u00e1llampap\u00edrok \u00e9s doll\u00e1r-alap\u00fa k\u00f6tv\u00e9nyek ir\u00e1nti kereslet hossz\u00fa t\u00e1von visszaeshet<\/strong>.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Mik\u00f6zben Trump eln\u00f6k \u00fajrav\u00e1laszt\u00e1sa ut\u00e1n az Egyes\u00fclt \u00c1llamok ism\u00e9t protekcionista \u00e9s agressz\u00edvan \u00f6n\u00e9rdek-vez\u00e9relt k\u00fclpolitik\u00e1t folytat, a vil\u00e1g \u2013 k\u00fcl\u00f6n\u00f6sen a glob\u00e1lis d\u00e9l \u2013 <strong>nem ny\u00edltan szembefordul, hanem csendesen kivonul az amerikai befoly\u00e1s al\u00f3l.<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Braz\u00edlia pandak\u00f6tv\u00e9nye nem forradalom, hanem \u00faj korszak kezdete a glob\u00e1lis p\u00e9nz\u00fcgyi kapcsolatokban.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>B\u0151v\u00fcl\u0151 p\u00e9nz\u00fcgyi egy\u00fcttm\u0171k\u00f6d\u00e9s K\u00edna \u00e9s Braz\u00edlia k\u00f6z\u00f6tt A braz\u00edliai p\u00e9nz\u00fcgyminiszt\u00e9rium meger\u0151s\u00edtette, hogy m\u00e1r 2025-ben sor ker\u00fclhet az orsz\u00e1g els\u0151 pandak\u00f6tv\u00e9ny\u00e9nek kibocs\u00e1t\u00e1s\u00e1ra \u2013 sz\u00e1molt be a Financial Times j\u00fanius 9-\u00e9n. A h\u00edr szerint D\u00e1rio Durigan, Braz\u00edlia p\u00e9nz\u00fcgyminiszter-helyettese elmondta: az orsz\u00e1g egyszerre tervez fenntarthat\u00f3 fejl\u0151d\u00e9st c\u00e9lz\u00f3 \u00e1llamk\u00f6tv\u00e9nyt kibocs\u00e1tani az amerikai, az eur\u00f3pai \u00e9s a k\u00ednai piacon. Ut\u00f3bbi [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":1625,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":{"format":"standard"},"jnews_primary_category":[],"jnews_override_bookmark_settings":[],"jnews_social_meta":[],"jnews_override_counter":[],"footnotes":""},"categories":[2454],"tags":[102,204,47,908,907],"class_list":["post-1624","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-kategoria-nelkuli-hu","tag-brazilia","tag-globalis-gazdasag","tag-kina","tag-pandakotveny","tag-tokepiac"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/ujvilagtrend.hu\/index.php?rest_route=\/wp\/v2\/posts\/1624","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ujvilagtrend.hu\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ujvilagtrend.hu\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ujvilagtrend.hu\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ujvilagtrend.hu\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1624"}],"version-history":[{"count":1,"href":"https:\/\/ujvilagtrend.hu\/index.php?rest_route=\/wp\/v2\/posts\/1624\/revisions"}],"predecessor-version":[{"id":1626,"href":"https:\/\/ujvilagtrend.hu\/index.php?rest_route=\/wp\/v2\/posts\/1624\/revisions\/1626"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ujvilagtrend.hu\/index.php?rest_route=\/wp\/v2\/media\/1625"}],"wp:attachment":[{"href":"https:\/\/ujvilagtrend.hu\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1624"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ujvilagtrend.hu\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1624"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ujvilagtrend.hu\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1624"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}