央行降息

在英国，我们看到昨天央行降息。

And here in the UK , we saw interest rates cut yesterday .

市场定价显示，澳大利亚央行降息的几率并不大，仅为10%。

Market pricing shows a slim 10 % chance of the RBA cutting rates .

英国央行降息的幅度出乎许多分析师意料。

The depth of the Bank of England cut caught many analysts by surprise .

中国被迫追随西方央行降息的脚步。

China felt compelled this week to follow western central banks in cutting interest rates .

经济学家估计，欧洲央行降息的全部效应，一般需要6个月的传导时间。

Economists estimate that the full effect of cuts in ECB interest rates typically takes six months to feed through .

韩国央行降息整整1个百分点，达到3%的创纪录低位。

The Bank of Korea cut its rate by a full percentage point to a record low of 3 per cent .

欧元央行降息也会支持美元对欧元的坚挺，尽管就此问题仍然存在诸多不确定因素。

The US currency may also be supported against the euro by an interest rate cut by the European Central Bank , although the uncertainty about this is high .

此外，在实际意义上，债券收益率的任何提高，都有可能部分（如果不是全部）抵消各国央行降息努力的通货再膨胀效应。

Moreover , in a practical sense , any rise in bond yields threatens to neutralise some if not all of the reflationary impact of the rate-cutting efforts by central banks .

随即，中国股市从9月份开始攀升，而且再也没有回落过。受央行降息鼓舞，仅上个月沪市就上扬了25%。

Right on cue , stocks took off in September and have never looked back . Boosted by an interest rate cut , the Shanghai market is up 25 % in just the past month .

更有利的大环境可能导致印度出现持久的良性循环&通胀水平降低有助于维持币值稳定，进而为印度央行降息提供可能性。

A more benign environment could lead to a sustained virtuous circle in India , in which lower inflation promotes a stable currency and makes it possible in turn for the central bank to cut interest rates .

这个过程是由欧洲央行降息275个基点推动的，它还没有结束，全部传导到经济中需要一些时间。

The process has been fuelled by the 275 basis points cut that the ECB has decided . The process is not finished . We need some time for all that to feed through into the economy .

瑞士央行还降息25个基点，将其3个月期伦敦同行拆借利率（libor）目标区间缩减至0-0.75%。

The SNB also cut its interest rates by 25 basis points , taking its three-month LIBOR target range down to 0-0.75 per cent .

但目前，由于各国央行宣布降息，以遏制通货紧缩恐慌，这种比较看上去有点夸大。

But now , with central banks cutting rates to fight fears of deflation , the comparison looks stretched .

另一方面，布斯认为，一些新兴市场央行的降息是错误的。

On the other hand , Mr Booth thinks some emerging markets central banks have erred in cutting rates .

投资者似乎认为中国央行的降息举措表明，经济增长放缓幅度甚至可能超过预期水平。

Investors appeared to interpret the cut as a sign that a slowdown in economic growth might be even more serious than they expected .

中国央行已降息两次，鼓励银行增加放贷，特别是对小型企业的贷款，并推出补贴政策促进消费者支出。

It has cut interest rates twice , encouraged banks to lend more , especially to small businesses , and introduced subsidies to induce consumers to spend .

因此，如果有人说，为了那些陷入这场危机的无辜市民的利益，央行应该降息，你可千万不要上当。

So do not be fooled by anybody who says that the central bank should cut interest rates for the benefit of innocent citizens who have been caught up in this maelstrom .

“最新数据中几乎没有什么证据可以挑战欧洲央行应当降息的观点，”他表示，“唯一的问题是降息幅度应当有多大。”

" There is little in these numbers to challenge the view that the ECB should be cutting rates , " he said . " The only question is by how much . "

上海股市昨日未理会中国央行的降息举措，反而屈从于华尔街带来的低迷走势，上海市场基准股指两年来首次收于2000点以下。

The Shanghai stock market shrugged off a cut in Chinese interest rates and succumbed to wall Street-generated gloom yesterday , with its benchmark index closing below 2000 points for the first time in two years .

眼下这场可能是二战后欧洲大陆最严重的经济衰退中，欧洲央行因为降息步伐缓慢而饱受批评。

The ECB 's taken heat from critics who say it 's been too slow to cut its key rate amid a recession that 's likely to be continental Europe 's worst since World War II .

经济学家表示，强劲的出口数据，意味着韩国央行近期降息以提振经济的可能性下降，特别是在高通胀率削弱了消费者支出能力的情况下。

Economists said that the strong export data meant it was less likely the central bank would cut interest rates any time soon to prop up the economy , especially when high inflation curtails consumers ' spending power .

新兴市场的表现稍微好点，资本流入保持在每年1万亿美元左右，因为发达国家的央行纷纷降息和扩大资产负债表规模，这鼓励资金进一步走向海外寻求更高的回报。

Emerging markets have fared somewhat better , with inflows sustained at about $ 1tn per year as central banks in developed countries have cut interest rates and expanded their balance sheets . This has encouraged money to move further afield in search of higher returns .

巴西央行迄今一共降息三次，把作为基准的清算与托管特别系统（Selic）目标利率下调到11%。

The bank has made three consecutive interest-rate cuts in total , bringing the benchmark Selic base interest rate to11 % .

大宗商品价格走低，让澳大利亚央行获得了降息空间。

Softer commodity prices allowed the bank the inflation wiggle-room to act .

欧洲央行也应该降息吗？

Should the ECB also lower its interest rates ?

随着通胀压力逐步缓解，欧洲央行将转向降息举措。

As inflationary pressures ease gradually , the ECB will move towards cutting rates .

本周市场的重点将是各大央行强有力的降息决定。

This week , markets will be focused on the aggressive rate cuts from central banks .

多国央行宣布联合降息之前，英国政府宣布了一项875亿美元的银行救助计划。

The interest-rate announcement was made just after the British government disclosed its own $ 87.5 bank-rescue plan .

特别是近来油价的下跌，使各国央行获得了降息空间。

The recent fall in oil prices has , in particular , given central banks the space to cut policy rates .

可以想见，欧洲央行将进一步降息，欧元则将进一步走软，这应该都将缓解紧缩带来的苦痛。

We can also expect further cuts in ECB interest rates and a weaker euro , both of which should ease the pain .