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【中金:结构性“收水”如何影响资产价格?】8月以来,风险资产出现了不同程度调整,市场波动加剧。流动性在QE4期间的风险资产上涨中通过流动性溢价和风险偏好渠道扮演了非常重要的角色。QE4以来,标普500的回报率高达QE1-QE3期间平均回报率的4倍,而布伦特原油的回报率则更是高达8倍。

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