{"id":11123,"date":"2026-01-16T21:16:10","date_gmt":"2026-01-17T00:16:10","guid":{"rendered":"https:\/\/hanin.org.ar\/?p=11123"},"modified":"2026-01-16T21:16:11","modified_gmt":"2026-01-17T00:16:11","slug":"%ec%98%a4%eb%8a%98%ec%9d%98-%ea%b2%bd%ec%a0%9c01%ec%9b%94-16%ec%9d%bc-2","status":"publish","type":"post","link":"https:\/\/hanin.org.ar\/?p=11123","title":{"rendered":"\uc624\ub298\uc758 \uacbd\uc81c(01\uc6d4 16\uc77c)"},"content":{"rendered":"\n<figure class=\"wp-block-image size-full\"><img fetchpriority=\"high\" decoding=\"async\" width=\"275\" height=\"183\" src=\"https:\/\/hanin.org.ar\/wp-content\/uploads\/2026\/01\/download-8.jpg\" alt=\"\" class=\"wp-image-11124\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">\uc624\ub298\uc758 \uacbd\uc81c<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>BCRA, \ub2ec\ub7ec \ub9e4\uc785 \uacc4\uc18d \uadf8\ub7ec\ub098 \uc678\ud658\ubcf4\uc720\uc561\uc740 \ub2e4\uc2dc \uac10\uc18c<br>\uc544\ub974\ud5e8\ud2f0\ub098 \uc911\uc559\uc740\ud589(BCRA)\uc740 \uc678\ud658\uc790\uc720\uc2dc\uc7a5(MLC)\uc5d0\uc11c 9\uac70\ub798\uc77c \uc5f0\uc18d\uc73c\ub85c \ub2ec\ub7ec\ub97c \uc21c\ub9e4\uc218\ud588\ub2e4. \uc774\ub294 2025\ub144 1\ubd84\uae30 \uc774\ud6c4 \ucc98\uc74c \ub098\ud0c0\ub09c \uc5f0\uc18d \ub9e4\uc785 \uae30\ub85d\uc774\ub2e4.<br>\uc774\ub0a0 \uc678\ud658\uc2dc\uc7a5\uc5d0\uc11c \uc911\uc559\uc740\ud589\uc740 \ubbf8\ud654 4,700\ub9cc \ub2ec\ub7ec\uc758 \uc21c\ub9e4\uc218\ub97c \uae30\ub85d\ud588\ub2e4. \uc774\ub85c\uc368 BCRA\ub294 \uc9c0\ub09c\uc8fc \uc774\ud6c4 \ub204\uc801 \ub9e4\uc785\uc561\uc774 5\uc5b5 6,200\ub9cc \ub2ec\ub7ec\uc5d0 \ub2ec\ud558\uac8c \ub418\uc5c8\ub294\ub370, \uc774\ub294 \uc911\uc559\uc740\ud589\uc774 \ub2ec\ub7ec \ud658\uc728\uc5d0 \ub300\ud55c \uc555\ub825\uc744 \uc644\ud654\ud558\uae30 \uc704\ud574 \uc0ac\uc804\uc5d0 \ubc1d\ud78c \uc2dc\uc7a5 \uac70\ub798\ub7c9\uc758 5% \uc218\uc900\uc744 \ud06c\uac8c \uc6c3\ub3c4\ub294 \uaddc\ubaa8\ub2e4.<br>\uc774 \uac19\uc740 \uc804\ub7b5\uc740 \uad6d\uc81c\ud1b5\ud654\uae30\uae08(IMF)\uc5d0\uc11c\ub3c4 \uae0d\uc815\uc801\uc73c\ub85c \ud3c9\uac00\ub410\ub2e4. IMF \ub300\ubcc0\uc778 \uc904\ub9ac \ucf54\uc791(Julie Kozack)\uc740 \ucd5c\uadfc \ud1b5\ud654\u00b7\ud658\uc728 \uc81c\ub3c4 \uc870\uc815\uc758 \ud2c0 \uc548\uc5d0\uc11c \uc678\ud658\ubcf4\uc720\uc561\uc744 \uc7ac\uac74\ud558\uae30 \uc704\ud55c \uc870\uce58\ub4e4\uc744 \uae0d\uc815\uc801\uc73c\ub85c \ubcf4\uace0 \uc788\ub2e4\uace0 \uc5b8\uae09\ud588\ub2e4.<br>\uadf8\ub7ec\ub098 \uc2dc\uc7a5\uc5d0\uc11c\uc758 \ub2ec\ub7ec \ub9e4\uc785\uc5d0\ub3c4 \ubd88\uad6c\ud558\uace0, \uc678\ud658\ubcf4\uc720\uc561\uc740 \uac10\uc18c\uc138\ub97c \ubcf4\uc600\ub2e4.<br>\uc911\uc559\uc740\ud589\uc758 \ucd1d \uc678\ud658\ubcf4\uc720\uc561\uc740 \ud558\ub8e8 \ub3d9\uc548 7,100\ub9cc \ub2ec\ub7ec \uac10\uc18c\ud574 446\uc5b5 4,600\ub9cc \ub2ec\ub7ec\ub85c \uc9d1\uacc4\ub410\ub2e4.<br>\uacf5\uc2dd \uc18c\uc2dd\ud1b5\uc5d0 \ub530\ub974\uba74, \uc774\ubc88 \uac10\uc18c\ub294 \uc8fc\ub85c \uad6d\uc81c\uae30\uad6c\uc5d0 \ub300\ud55c \ubd80\ucc44 \uc0c1\ud658 \ub54c\ubb38\uc73c\ub85c, \ud2b9\ud788 \ubbf8\uc8fc\uac1c\ubc1c\uc740\ud589(IDB)\uacfc \uc138\uacc4\uc740\ud589\uc5d0 \ub300\ud55c \uc57d 1\uc5b5 \ub2ec\ub7ec \uaddc\ubaa8\uc758 \uc9c0\uae09\uc774 \uc601\ud5a5\uc744 \ubbf8\ucce4\ub2e4.<br>\ub2e4\ub9cc \uc77c\ubd80 \uae08\uc735\uc790\uc0b0\uc758 \uac00\uaca9 \uc0c1\uc2b9\uc774 \uc774\ub7ec\ud55c \uac10\uc18c\ubd84\uc744 \ubd80\ubd84\uc801\uc73c\ub85c \uc0c1\uc1c4\ud588\ub2e4.<br>BCRA\ub294 \ub610\ud55c \uc678\ud658 \ub9e4\uc785\uc774 \ud56d\uc0c1 \ucd1d \uc678\ud658\ubcf4\uc720\uc561 \uc99d\uac00\ub85c \uc9c1\uacb0\ub418\ub294 \uac83\uc740 \uc544\ub2c8\ub2e4\ub77c\uace0 \uac15\uc870\ud588\ub2e4. \ud574\uc678\uc5d0\uc11c \uc720\uc785\ub41c \ub2ec\ub7ec\ub294 \uc804\uccb4 \uc678\ud658\ubcf4\uc720\uc561\uc744 \ub298\ub9ac\uc9c0\ub9cc, \uc774\ubbf8 \uad6d\ub0b4 \uae08\uc735\uc2dc\uc2a4\ud15c\uc5d0 \uc608\uce58\ub3fc \uc788\ub358 \ub2ec\ub7ec\ub97c \ub9e4\uc785\ud55c \uacbd\uc6b0\uc5d0\ub294 \ucd1d\ub7c9\uc774 \uc544\ub2c8\ub77c \u2018\ucd1d\ubcf4\uc720\uc561\uacfc \uc21c\ubcf4\uc720\uc561 \uac04\uc758 \uad6c\uc131\u2019\ub9cc \ubc14\ub010\ub2e4\ub294 \uc124\uba85\uc774\ub2e4.<\/li>\n\n\n\n<li>\ub2ec\ub7ec \ud658\uc728 \ucd94\uac00 \ud558\ub77d<br>\ub2ec\ub7ec \ud658\uc728\uc740 \uc774\ubc88 \uc8fc \ubaa9\uc694\uc77c\uc5d0\ub3c4 \ud558\ub77d\uc138\ub97c \uc2ec\ud654\uc2dc\ud0a4\uba70 \ucd5c\uadfc \ub450 \ub2ec \uc0ac\uc774 \ucd5c\ub300 \uc77c\uc77c \ub099\ud3ed\uc744 \uae30\ub85d\ud588\ub2e4.<br>\uad6d\ubbfc\uc740\ud589(Banco Naci\u00f3n) \uae30\uc900 \uc18c\ub9e4\ud658\uc728\uc740 1,466.87\ud398\uc18c\uae4c\uc9c0 \ud558\ub77d\ud588\uace0, \ub3c4\ub9e4\ud658\uc728\uc740 1,441\ud398\uc18c\ub85c 0.8% \ud558\ub77d, \uc774\ub294 11\uc6d4 17\uc77c \uc774\ud6c4 \uac00\uc7a5 \ud070 \ud558\ub77d\ud3ed\uc774\ub2e4.<br>\uc774\ub85c \uc778\ud574 \uacf5\uc2dd \ud658\uc728\uc740 \ud604\uc7ac \ud658\uc728 \ubc34\ub4dc \uc0c1\ub2e8 1,544.40\ud398\uc18c \ub300\ube44 7.2% \ub0ae\uc740 \uc218\uc900\uc5d0 \uc704\uce58\ud558\uac8c \ub418\uc5c8\uc73c\uba70, \uc774\ub294 \ucd5c\uadfc \ub450 \ub2ec \uc911 \uac00\uc7a5 \ud070 \uaca9\ucc28\uc774\ub2e4.<br>\uc678\ud658\uc2dc\uc7a5\uc758 \uac70\ub798\ub7c9\ub3c4 \ud06c\uac8c \uc99d\uac00\ud574, MLC (\uc790\uc720\ud658\uc804\uc2dc\uc7a5)\uc5d0\uc11c 4\uc5b5 1,000\ub9cc \ub2ec\ub7ec\uac00 \uac70\ub798\ub418\uc5c8\ub294\ub370, \uc774\ub294 \uc804 \uac70\ub798\uc77c\ubcf4\ub2e4 \ud604\uc800\ud788 \ub192\uc740 \uc218\uc900\uc774\ub2e4.<br>\ud55c\ud3b8 \uc120\ubb3c\ud658 \uc2dc\uc7a5\uc5d0\uc11c\ub294 \uc5ec\uc804\ud788 \ub192\uc740 \uae08\ub9ac \uc218\uc900\uc774 \uc720\uc9c0\ub418\uba70 \ud22c\uc790\uc790\ub4e4\uc758 \uc2e0\uc911\ud55c \ud0dc\ub3c4\ub97c \ubc18\uc601\ud588\ub2e4.<br>\ud558\ub77d\uc138\ub294 \ubaa8\ub4e0 \ud658\uc728\uc5d0 \uac78\uccd0 \ub098\ud0c0\ub0ac\ub2e4.<br>CCL \ud658\uc728\uc740 0.8% \ud558\ub77d\ud574 1,515.32\ud398\uc18c<br>MEP \ud658\uc728\uc740 0.5% \ud558\ub77d\ud574 1,473.83\ud398\uc18c<br>\uadf8 \uacb0\uacfc, \uacf5\uc2dd \ub2ec\ub7ec \ub300\ube44 \uaca9\ucc28\ub294 \uac01\uac01 5.16%\uc640 2.28% \uc218\uc900\uc73c\ub85c \ucd95\uc18c\ub410\ub2e4.<\/li>\n\n\n\n<li>\ub2ec\ub7ec \uad6d\ucc44 \ubc18\ub4f1\u00b7\uad6d\uac00\uc704\ud5d8\uc9c0\uc218 \ud558\ub77d<br>\ub2ec\ub7ec \ud45c\uc2dc \uad6d\ucc44\ub294 3\uac70\ub798\uc77c \uc5f0\uc18d \ud558\ub77d \ud6c4 \ubc18\ub4f1\ud588\ub2e4. \uc774\ub294 \uae00\ub85c\ubc8c \uc704\ud5d8 \ud68c\ud53c \uc2ec\ub9ac\uac00 \uc644\ud654\ub418\uba70 \uc2e0\ud765\uad6d \uc2dc\uc7a5 \uc804\ubc18\uc758 \ud22c\uc790 \ud658\uacbd\uc774 \uac1c\uc120\ub41c \uac83\uacfc \uada4\ub97c \uac19\uc774\ud55c\ub2e4.<br>\uc774 \uc601\ud5a5\uc73c\ub85c \uad6d\uac00\uc704\ud5d8\uc9c0\uc218\ub294 \ub2e4\uc2dc 600bp \uc544\ub798\ub85c \ub0b4\ub824\uac00 2.6% \ud558\ub77d\ud55c 571bp\ub97c \uae30\ub85d\ud588\ub2e4.<br>\ud604\uc9c0 \ud22c\uc790\uc790\ub4e4\uc740 \uc5ec\uc804\ud788 \uae08\ub9ac \ud750\ub984\uacfc \uc804\ub0a0 \uc2e4\uc2dc\ub41c \uad6d\ucc44 \uc785\ucc30 \uacb0\uacfc\uc5d0 \uc8fc\ubaa9\ud558\uace0 \uc788\ub2e4. \ud574\ub2f9 \uc785\ucc30\uc5d0\uc11c\ub294 \ub354 \ub192\uc740 \uc218\uc775\ub960\uc774 \uc778\uc815\ub410\uc9c0\ub9cc, \uc2dc\uc911\uc5d0 \uc2e0\uaddc \ud398\uc18c\ub294 \ud480\ub9ac\uc9c0 \uc54a\uc558\ub2e4.<br>\uae00\ub85c\ubc8c \ucc44\uad8c\uc740 \ucd5c\ub300 0.9% \uc0c1\uc2b9(\uae00\ub85c\ubc8c 2029 \ucc44\uad8c \uc8fc\ub3c4)\ud588\uc73c\uba70, \ubcf4\ub098\ub974 \ucc44\uad8c\uc740 \ucd5c\ub300 0.6% \uc0c1\uc2b9(2038\ub144\ubb3c \uc911\uc2ec)\ud588\ub2e4.<br>\ubc18\uba74 S&amp;P \uba54\ub974\ubc1c \uc9c0\uc218\ub294 \ud558\ub77d\uc138\ub97c \uc774\uc5b4\uac00\uba70 \ud398\uc18c \uae30\uc900 0.8% \ud558\ub77d, \ub2ec\ub7ec \uae30\uc900\uc73c\ub85c\ub294 \uac70\uc758 \ubcc0\ub3d9\uc774 \uc5c6\uc5c8\ub2e4. \ub274\uc695\uc5d0\uc11c\ub294 \uc544\ub974\ud5e8\ud2f0\ub098 ADR\uc774 \ucd5c\ub300 2.9% \ud558\ub77d\ud588\ub2e4.<\/li>\n\n\n\n<li>\ubc84\ud3ec\ub4dc, YPF \uc18c\uc1a1\uc5d0\uc11c \u2018\ubc95\uc815\ubaa8\ub3c5\u2019 \uc120\uc5b8 \uc694\uad6c<br>YPF \uad6d\uc720\ud654 \uc18c\uc1a1\uacfc \uad00\ub828\ud574, \ud22c\uc790\ud380\ub4dc \ubc84\ud3ec\ub4dc \uce90\ud53c\ud138(Burford Capital)\uc740 \ubbf8\uad6d \ubc95\uc6d0\uc5d0\uc11c \uc544\ub974\ud5e8\ud2f0\ub098\ub97c \ubc95\uc815\ubaa8\ub3c5 \uc0c1\ud0dc\ub85c \uc120\uc5b8\ud574 \ub2ec\ub77c\uace0 \uc694\uccad\ud558\uba70 \uacf5\uc138\ub97c \uac15\ud654\ud588\ub2e4.<br>\uc774 \uc694\uccad\uc740 2012\ub144 YPF \uad6d\uc720\ud654\ub85c \uc2dc\uc791\ub41c \uc18c\uc1a1\uc758 \uc5f0\uc7a5\uc120\uc5d0 \uc788\uc73c\uba70, \ud574\ub2f9 \uc0ac\uac74\uc740 1\uc2ec\uc5d0\uc11c 160\uc5b5 \ub2ec\ub7ec\uc758 \ubc30\uc0c1 \ud310\uacb0\ub85c \uc774\uc5b4\uc84c\uace0, \uc774\uc790\ub294 \ub204\uc801\ub3fc \ud604\uc7ac 180\uc5b5 \ub2ec\ub7ec\ub97c \ucd08\uacfc\ud55c \uac83\uc73c\ub85c \uc54c\ub824\uc84c\ub2e4.<br>\ubc84\ud3ec\ub4dc\ub294 \uc544\ub974\ud5e8\ud2f0\ub098 \uc815\ubd80\uac00 \ud604\u00b7\uc804 \uc815\ubd80 \uace0\uc704 \uc778\uc0ac\ub4e4\uacfc \uad00\ub828\ub41c \ud575\uc2ec \uc815\ubcf4\ub97c \uc81c\ucd9c\ud558\uc9c0 \uc54a\uc558\ub2e4\uace0 \uc8fc\uc7a5\ud588\ub2e4.<br>\uc774\uc5d0 \ub300\ud574 \uc7ac\ubb34\uccad\uc740 \uc131\uba85\uc744 \ud1b5\ud574, \uc544\ub974\ud5e8\ud2f0\ub098\uac00 11\ub9cc 3,000\ud398\uc774\uc9c0 \uc774\uc0c1\uc758 \ubb38\uc11c \uc81c\ucd9c\uacfc \ub2e4\uc218 \uc815\ubd80 \uad00\uacc4\uc790\uc758 \uc99d\uc5b8\uc744 \ud1b5\ud574 \uc7ac\ud310 \uc808\ucc28\ub97c \ucda9\ubd84\ud788 \uc774\ud589\ud588\ub2e4\uace0 \ubc18\ubc15\ud588\ub2e4.<br>\uc774 \uc0ac\uc548\uc740 \uc544\ub974\ud5e8\ud2f0\ub098\uac00 \uad6d\uc81c \uae08\uc735\uc2dc\uc7a5 \uc7ac\uc9c4\uc785\uc744 \ubaa8\uc0c9\ud558\ub294 \ubbfc\uac10\ud55c \uc2dc\uc810\uc5d0 \uc81c\uae30\ub410\uc73c\uba70, \ub9cc\uc57d \uc6d4\uac00 \uad00\ud560 \ubc95\uc6d0\uc774 \ubc95\uc815\ubaa8\ub3c5\uc744 \uc120\uc5b8\ud560 \uacbd\uc6b0 \uad6d\uac00\uc758 \uae08\uc735 \uc2e0\ub8b0 \ud68c\ubcf5\uc5d0 \uc911\ub300\ud55c \ud0c0\uaca9\uc774 \ub420 \uc218 \uc788\ub2e4\ub294 \ud3c9\uac00\ub2e4.<\/li>\n\n\n\n<li>Telecom, 2019\ub144 \uc774\ud6c4 \ucd5c\uc800 \uae08\ub9ac\ub85c 10\ub144\ubb3c 6\uc5b5 \ub2ec\ub7ec \uc870\ub2ec<br>\uc544\ub974\ud5e8\ud2f0\ub098 \ucd5c\ub300 \ud1b5\uc2e0\uc0ac\uc778 \ud154\ub808\ucf64 \uc544\ub974\ud5e8\ud2f0\ub098(Telecom Argentina)\ub294 6\uc5b5 \ub2ec\ub7ec \uaddc\ubaa8\uc758 \uc81c27\ud68c \ud68c\uc0ac\ucc44(Obligaciones Negociables Clase 27)\ub97c \uc2e0\uaddc \ubc1c\ud589\ud588\ub2e4. \uc774\ubc88 \ubc1c\ud589\uc5d0\ub294 24\uc5b5 2,700\ub9cc \ub2ec\ub7ec\uc758 \uc8fc\ubb38\uc774 \ubab0\ub824, \ucd5c\uc885 \ubc30\uc815\uc561\uc758 4\ubc30\ub97c \ub118\ub294 \uc218\uc694\ub97c \uae30\ub85d\ud588\ub2e4.<br>\ud574\ub2f9 \ucc44\uad8c\uc740 \ub9cc\uae30 10\ub144, \ud3c9\uade0 \ub9cc\uae30 9.5\ub144 \uad6c\uc870\ub85c \ubc1c\ud589\ub418\uc5c8\uc73c\uba70, \uc5f0 8.5%\uc758 \uace0\uc815 \uba85\ubaa9\uae08\ub9ac\ub85c \ucc45\uc815\ub3fc \uc2e4\uc9c8 \uc218\uc775\ub960\uc740 8.625%\uc5d0 \ub2ec\ud55c\ub2e4. \ud68c\uc0ac \uce21\uc5d0 \ub530\ub974\uba74 \uc774\ub294 2019\ub144 \uc774\ud6c4 \uad6d\uc81c\uc2dc\uc7a5\uc5d0\uc11c \ud154\ub808\ucf64\uc774 \ub2ec\uc131\ud55c \uac00\uc7a5 \ub0ae\uc740 \uae08\ub9ac\uc774\uc790 \uac00\uc7a5 \uae34 \ub9cc\uae30\ub2e4.<br>\ud154\ub808\ucf64\uc740 \uc774\ubc88 \uc131\uacf5\uc801\uc778 \uc870\ub2ec\uc774 \uac70\uc2dc\uacbd\uc81c \uc548\uc815\uc131\uc774 \uac1c\uc120\ub41c \ud658\uacbd\uc5d0 \ud798\uc785\uc740 \uacb0\uacfc\ub77c\uace0 \uc124\uba85\ud588\ub2e4. \ucd5c\uadfc \ud154\ub808\ud3ec\ub2c8\uce74 \uc544\ub974\ud5e8\ud2f0\ub098(Telef\u00f3nica de Argentina)\ub97c \uc778\uc218\ud55c \ud154\ub808\ucf64\uc740, \ud604\uc7ac \ud1b5\ud569 \uc6b4\uc601\uc744 \uc704\ud55c \uaddc\uc81c \ub2f9\uad6d\uc758 \uc2b9\uc778\uc744 \uae30\ub2e4\ub9ac\uace0 \uc788\uc73c\uba70, \uc870\ub2ec \uc790\uae08\uc740 \ubd80\ucc44 \uad6c\uc870\ub97c \uc801\uadf9\uc801\uc73c\ub85c \uad00\ub9ac\ud558\ub294 \ub370 \uc0ac\uc6a9\ub420 \uc608\uc815\uc774\ub2e4.<\/li>\n\n\n\n<li>\uae30\uc220\uc8fc\uc640 \uc740\ud589 \uc2e4\uc801 \ud798\uc785\uc5b4 \ubc18\ub4f1\ud55c \uc6d4\uac00<br>\uc6d4\uac00\ub294 \uae30\uc220\uc8fc \uac15\uc138\uc640 \uc608\uc0c1\ubcf4\ub2e4 \uc591\ud638\ud55c \uc740\ud589 \uc2e4\uc801\uc5d0 \ud798\uc785\uc5b4 \ubc18\ub4f1\ud588\ub2e4.<br>\uc6d4\uac00\uc758 \uc8fc\uc694 \uc8fc\uac00\uc9c0\uc218\ub4e4\uc740 \uc774\ud2c0 \uc5f0\uc18d \ud558\ub77d \uc774\ud6c4 \ubc18\ub4f1\uc5d0 \uc131\uacf5\ud588\ub2e4. \uc774\ub294 \uae30\uc220\uc8fc\uc5d0 \ub300\ud55c \ud22c\uc790\uc2ec\ub9ac \ud68c\ubcf5, \uae30\ub300\ub97c \uc6c3\ub3c4\ub294 \uc740\ud589\uad8c \uc2e4\uc801 \ubc1c\ud45c, \uadf8\ub9ac\uace0 \uc9c0\uc815\ud559\uc801 \uae34\uc7a5 \uc644\ud654 \uc870\uc9d0\uc5d0 \ub530\ub978 \uac83\uc774\ub2e4.<br>\uc774\ub0a0 \ub2e4\uc6b0\uc874\uc2a4 \uc0b0\uc5c5\ud3c9\uade0\uc9c0\uc218\ub294 0.6% \uc0c1\uc2b9\ud588\uace0, S&amp;P 500 \uc9c0\uc218\uc640 \ub098\uc2a4\ub2e5 \uc885\ud569\uc9c0\uc218\ub294 \uac01\uac01 0.3%\uc529 \uc0c1\uc2b9\ud558\uba70, \uc774\uc804 \uac70\ub798\uc77c\ub4e4\uc758 \ub204\uc801 \ud558\ub77d\ubd84 \uc77c\ubd80\ub97c \ub9cc\ud68c\ud588\ub2e4.<br>\uc2dc\uc7a5\uc740 \uc815\uce58\uc801 \uce21\uba74\uc5d0\uc11c\ub3c4 \uc548\ub3c4\uac10\uc744 \ucc3e\uc558\ub2e4. \ub3c4\ub110\ub4dc \ud2b8\ub7fc\ud504 \ubbf8\uad6d \ub300\ud1b5\ub839\uc740 \uc5f0\ubc29\uc900\ube44\uc81c\ub3c4(Fed) \uc758\uc7a5 \uc81c\ub86c \ud30c\uc6d4\uc744 \ud574\uc784\ud560 \uacc4\ud68d\uc774 \uc804\ud600 \uc5c6\ub2e4\uace0 \ubc1d\ud614\uc73c\uba70, \uc774\ub294 \ubc95\ubb34\ubd80\uac00 \uc5f0\uc900 \uc758\uc7a5\uacfc \uad00\ub828\ub41c \ud615\uc0ac \uc870\uc0ac\ub97c \uac1c\uc2dc\ud55c \uc774\ud6c4\uc5d0\ub3c4 \uc720\uc9c0\ub41c \uc785\uc7a5\uc774\ub2e4. \uc774 \ubc1c\uc5b8\uc740 \uc81c\ub3c4\uc801 \uc548\uc815\uc131\uc5d0 \ub300\ud55c \uc2e0\ud638\ub85c \ud574\uc11d\ub410\ub2e4.<br>\uacbd\uc81c \uc9c0\ud45c \uce21\uba74\uc5d0\uc11c\ub294 \ubbf8\uad6d \ub178\ub3d9\uc2dc\uc7a5\uc774 \uc810\uc9c4\uc801\uc73c\ub85c \ub454\ud654\ub418\uace0 \uc788\uc74c\uc744 \ubcf4\uc5ec\uc8fc\uace0 \uc788\ub2e4. \uae30\uc5c5\ub4e4\uc740 \ucc44\uc6a9 \uc18d\ub3c4\ub97c \ub2a6\ucd94\ub294 \ub300\uc2e0 \ub300\uaddc\ubaa8 \ud574\uace0\ub294 \ud53c\ud558\ub294 \uc2e0\uc911\ud55c \ud0dc\ub3c4\ub97c \uc720\uc9c0\ud558\uace0 \uc788\uc73c\uba70, \uc5ec\uc804\ud788 \ub3c4\uc804\uc801\uc778 \uacbd\uc81c \ud658\uacbd \uc18d\uc5d0\uc11c \uc0dd\uc0b0\uc131 \ud5a5\uc0c1\uc744 \ud1b5\ud574 \uae30\uc874 \uc778\ub825\uc758 \ud6a8\uc728\uc744 \uadf9\ub300\ud654\ud558\ub824\ub294 \uc6c0\uc9c1\uc784\uc774 \uad00\uce21\ub41c\ub2e4.<br>\uae30\uc220 \uc139\ud130\uac00 \ub2e4\uc2dc \ud55c \ubc88 \uc2dc\uc7a5\uc744 \uc8fc\ub3c4\ud588\ub2e4. \ubc18\ub3c4\uccb4 \uad00\ub828 \uc8fc\uc2dd\ub4e4\uc774 \ucd5c\uadfc \ud558\ub77d \uc774\ud6c4 \uc800\uac00 \ub9e4\uc218\uc138 \uc720\uc785\uc73c\ub85c \uae30\uc220\uc801 \ubc18\ub4f1\uc744 \ubcf4\uc600\ub2e4. \ud2b9\ud788 TSMC(\ub300\ub9cc \ubc18\ub3c4\uccb4 \uc81c\uc870\uc0ac)\uc758 \uacac\uc870\ud55c \ubd84\uae30 \uc2e4\uc801 \ubc1c\ud45c\ub85c \uc8fc\uac00\uac00 4.5% \uc0c1\uc2b9\ud558\uba74\uc11c, \uc2dc\uc7a5 \uc804\ubc18\uc758 \ub099\uad00\ub860\uc744 \uac15\ud654\ud558\uace0 \uc9c0\uc218 \uc0c1\uc2b9\uc5d0 \ucd94\uac00\uc801\uc778 \ub3d9\ub825\uc744 \uc81c\uacf5\ud588\ub2e4.<\/li>\n<\/ol>\n","protected":false},"excerpt":{"rendered":"<p>\uc624\ub298\uc758 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