Official definition · 官方定义
“One one-hundredth (.01) of a percentage point. For example, eight percent is equal to 800 basis points.”[1]
— U.S. Securities and Exchange Commission, Investor.gov Glossary · investor.gov ↗ · accessed 2026-10-25
A basis point is 0.01 of a percentage point. Traders use it to quote small moves in interest rates and yields, so a rise of 25 basis points means rates went up by 0.25%.
一个基点等于 0.01 个百分点。利率和收益率的细小变动都用它来报价：涨 25 个基点，就是涨了 0.25%。
Almost every number in a rates story is quoted in basis points, because a percentage point is too coarse. When the yield on a 30-year bond moves 20 basis points in a day, the price of that bond can swing several percent — a move that matters to anyone holding it. Central banks also speak in basis points: a quarter-point cut is 25 basis points. If you read “the spread widened 220 basis points” as “220 percent”, you will misjudge the risk by a factor of one hundred.
利率报道里几乎所有数字都用基点，因为「一个百分点」这个单位太粗。30 年期美债收益率一天动 20 个基点，对应债券价格可能波动几个百分点——对持仓的人是实打实的钱。
央行也这么说：降息 25 个基点，就是 0.25 个百分点。把「利差扩大 220 个基点」读成「220%」，风险会被高估一百倍。
| Move变动 | Where it appeared出现位置 | What it means这句话在说什么 |
|---|---|---|
| 17 bp | The tenth of a point that moved the whole curve 基点 · 第 2 张术语卡 | The two-year yield rose 17 basis points in a day, which is a large move for a government bond. 债市不用「百分之几」说话，因为收益率的分母太大、日常波动太小。1 个基点 = 0.01%。换算成钱：10 亿美元、久期 5 年的组合，收益率上 1 个基点，价格大约跌 5 万美元。所以「17 个基点」不是修辞，是账面上的真金白银。央行加息 25 个基点，就是 0.25%。 |
| 25 bp | The bond market raised rates for the Fed 基点 · 第 2 张术语卡 | September's move was 25 bp; the argument now is whether another 25 follows in December. 用基点说话是为了避免「涨了 0.25%」这种歧义——是绝对 0.25 个百分点，还是相对上涨 0.25%？债券交易员几乎只用基点：10 年期收益率从 4.99% 到 5.24%，他们会说「上了 25 个点」。1 个基点听起来很小，但在 30 万亿美元的美债市场上，1 个基点大约对应上千亿美元的价格变动。 |
| 500 bp | Why CoreWeave is in the crosshairs of the AI scare 基点 · 第 4 张术语卡 | One week: 500 basis points on the 2030 bond, taking the yield from about 11% to near 16%; default insurance rose to about 1,200 basis points. 债市习惯用基点，因为价格对收益率极其敏感：久期 5 年的债券，收益率上行 100 个基点，价格大约跌 5%。一周 500 个基点，等于市场在几天内把这家公司的风险等级重新定了一遍价。 |
| 114 bp | Why a $2 trillion deficit and 5% Treasury yields are becoming America’s biggest economic challenge 基点 · 第 3 张术语卡 | The 10-year has risen 114 basis points since late February — from about 4% to 5.1%. 债市用基点，是因为几十个基点的变化对长久期债券影响巨大：一只久期 15 年的债券，收益率上行 100 个基点，价格大约跌 15%。所以新闻里“上行 114 个基点”不是小数点后的噪音，而是真金白银。 |
| 22 bp | SpaceX buys the last spectrum it needs to enter US mobile 基点 · 第 9 张术语卡 | Verizon's bond due in 2058 widened 22 basis points to 220 — fresh competition arrives just as the borrowing gets dearer. 利差「走阔 22 个基点」的意思是：同期限美国国债收益率不变的情况下，市场要求 Verizon 多付 0.22 个百分点的利息才肯买它的债。放在本文里就是信用层面的定价 —— 股价反映预期，债券利差反映违约风险与融资成本，两者常同向但节奏不同。读债券新闻，先分清说的是「收益率」还是「利差」。 |
| 370 bp | Accenture Brushes Off the AI Disruption Fears With a Record Year of Bookings 基点 · 第 4 张术语卡 | Accenture's fourth-quarter GAAP operating margin rose 370 basis points, from 11.6 per cent to 15.3 per cent; the full-year adjusted figure rose only 20 basis points. 记法：100 个基点 = 1 个百分点；央行加息「25 个基点」就是 0.25%。读财报时留意两点：① 同一个数字用基点讲显得小、用百分点讲显得大，注意口径；② 「+370 个基点」里有多少来自真实经营改善、多少来自去年基数低，要分开看。 |
| 20 bp | U.S. bond-market slide deepens, pushing yields to two-decade highs 基点 · 第 3 张术语卡 | “The rate on the maturity surged as much as 20 basis points” = it jumped 0.20 percentage points in a single day. For a 30-year bond that is a violent move. 换算：1bp = 0.01%，10bp = 0.1%，25bp = 0.25%（一次标准加息幅度），100bp = 1%。说「涨了三个基点」时，中文里常写成「上行 3bp」。债市习惯用基点，是因为最小的措辞差别往往就是几十个基点。 |
25 basis points
0.25 of a percentage point, not 25%. A 25% move would be 2,500 bp.
A basis point move
Usually a move in the yield, not the price. Prices move the other way.
bp vs percentage point
100 bp = 1 percentage point. Mixing them understates a move by 100×.
· raise rates by 25 basis points
· a 50-basis-point cut
· widened 220 basis points
· up 114 basis points since February
raise rates by 25 basis points 加息 25 个基点；a 50-basis-point cut 降息 50 个基点；widened 220 basis points 走阔 220 个基点；up 114 basis points since February 自 2 月以来上升 114 个基点。
· basis point vs percentage point
· bp vs bps (same unit, singular vs plural)
basis point 是万分之一，percentage point 是百分之一；bp 是单数，bps 是复数，单位相同。
X rose/fell N basis points to Y%, the highest/lowest since Z.
行情句：X 上升 N 个基点至 Y%，为 Z 以来最高或最低——基点、点位、时间三个信息缺一不可。
“The two-year yield rose 17 basis points in a day, which is a large move for a government bond.”
“September's move was 25 bp; the argument now is whether another 25 follows in December.”
“One week: 500 basis points on the 2030 bond, taking the yield from about 11% to near 16%; default insurance r…”
“The 10-year has risen 114 basis points since late February — from about 4% to 5.1%.”
“Verizon's bond due in 2058 widened 22 basis points to 220 — fresh competition arrives just as the borrowing g…”
“Accenture's fourth-quarter GAAP operating margin rose 370 basis points, from 11.6 per cent to 15.3 per cent;…”
““The rate on the maturity surged as much as 20 basis points” = it jumped 0.20 percentage points in a single d…”