{"editorial":{"content_id":"89251687-5361-488a-9506-dc8149833232","slug":"article-20261029-7c0c2f","content_type":"news","title":"巴西联邦公共债务9月增0.97%至9.383万亿雷亚尔","summary":"受利息计入影响，巴西联邦公共债务9月环比增长0.97%，升至9.383万亿雷亚尔。","body":"巴西国家财政部29日公布，受公共债务利息计入影响，巴西联邦公共债务（DPF）从8月的9.293万亿雷亚尔升至9月的9.383万亿雷亚尔，环比增长0.97%。\n\n其中，内部联邦公共证券债务（DPMFi）增长1.04%，从8.944万亿雷亚尔升至9.037万亿雷亚尔；外部联邦公共债务（DPFe）下降0.82%，从3482.6亿雷亚尔降至3454.1亿雷亚尔，主要因素是上月美元汇率稳定及约30亿雷亚尔的当期支付。\n\n9月财政部净发行（发行减赎回）仅37.8亿雷亚尔，低于历史水平，但计入892.9亿雷亚尔利息，阻止了债务下降。财政部通过利息计入，逐月确认债券利息修正并将该金额纳入公共债务存量。随着Selic基准利率维持在每年13.75%，利息计入对政府债务构成压力。\n\n公共债务缓冲储备（用于动荡时期或到期集中时的财政储备）从8月的1.208万亿雷亚尔升至9月的1.273万亿雷亚尔，目前覆盖7.71个月公共债务到期。未来12个月预计有1.87万亿雷亚尔联邦债券到期。\n\n债务构成方面，Selic挂钩债券占比从52.74%降至51.6%；通胀挂钩债券从23.22%升至23.59%；固定利率债券从20.31%升至21.14%；汇率挂钩债券从3.74%降至3.67%。8月修订的年度融资计划（PAF）预计，年底各类债券占比区间为：Selic挂钩49%至53%，通胀挂钩21%至25%，固定利率20%至24%，汇率挂钩3%至7%。\n\n债务平均期限稳定在4.1年。持有者构成中，金融机构占31.33%，养老基金占22.41%，投资基金占22.93%，非居民（外国人）占9.58%，其他群体占13.76%。受9月中东战争导致金融市场紧张加剧影响，非居民持有占比从8月的9.91%下降。\n\n根据1月提出、8月修订的年度融资计划，联邦公共债务存量预计2026年底在9.7万亿至10.3万亿雷亚尔之间。","why_it_matters":null,"cbi_observation":null,"direction_tag":"巴西","primary_category":"金融监管","secondary_topics":["金融","政策"],"content_level":"编辑整理","event_type":"金融数据","audience_tags":[],"event_location":null,"verification_status":"unverified","published_at":"2026-10-29T23:01:49.411Z","display_date":"2026-10-29","source_published_at":null,"source_url":"https://agenciabrasil.ebc.com.br/economia/noticia/2026-10/divida-publica-sobe-097-em-setembro-e-encosta-em-r-94-trilhoes","source_name":"Agência Brasil — Economia","source_language":"pt","author_name":"编辑部","risk_level":"low","risk_flags":[],"opportunity_flags":[],"trend_signals":[]},"intelligence":null,"meta":{"canonical_url":"https://chinabrazilinsight.com/news/article-20261029-7c0c2f","api_url":"https://chinabrazilinsight.com/api/public/content/article-20261029-7c0c2f","markdown_url":"https://chinabrazilinsight.com/api/public/content/article-20261029-7c0c2f?view=markdown","json_url":"https://chinabrazilinsight.com/api/public/content/article-20261029-7c0c2f?view=json","last_updated":"2026-10-29T23:02:13.637Z","platform":"China Brazil Insight","platform_url":"https://chinabrazilinsight.com"}}