歐洲各央行本周已做好準(zhǔn)備，將采取措施抑制貨幣和信貸市場的動蕩局勢。上周五，美聯(lián)儲(Fed)采取行動，以優(yōu)惠條件直接向銀行提供貸款，并暗示可能降息。
European central banks are standing ready this week to stem the turmoil in money and credit markets after the US Federal Reserve moved on Friday to make direct loans available to banks on favourable terms and hinted at an interest rate cut.
在美聯(lián)儲改變策略后，金融市場大幅反彈。如果美聯(lián)儲此舉本周能夠平定美國投資者的情緒，那么，歐洲各央行可能也會仿效該做法，確保減輕歐洲投資者的擔(dān)憂。 Financial markets rallied after the Fed’s change of course and, if the move calms US nerves this week, European central bankers are likely to follow to ensure anxieties are soothed there as well.
上周末時，歐元區(qū)銀行間貨幣市場隔夜拆息（代表銀行同業(yè)之間拆借隔夜貸款的成本）已回歸正常，僅略高于歐洲央行4%的政策利率水平。但3個月期利率仍高于正常水平，為4.65%。
At the end of last week, overnight interbank money market interest rates in the eurozone – the cost to banks of borrowing overnight from their counterparts – had returned to normal at just above the European Central Bank’s 4 per cent policy rate. But three-month rates stayed higher than normal at 4.65 per cent.
倫敦銀行間隔夜拆息為6.3%，3個月期利率為6.7%，遠高于英國央行(bank of England)設(shè)定的5.75%的主導(dǎo)利率。
London interbank rates were 6.3 per cent overnight and 6.7 per cent at a three-month maturity, well above the bank of England’s 5.75 per cent main rate of interest.
在金融市場迄今遠未恢復(fù)正常的情況下，各國央行行長表示，如果情況需要，他們將采取進一步措施。
With normality far from being restored yet, central bankers insist that they can take further action if circumstances merit.
除了調(diào)整利率以外，歐洲央行(ECB)還可向銀行發(fā)放期限較長的貸款，以減少銀行向市場借入較昂貴資金的需求。
Short of changing rates, the European Central Bank can lend at longer maturities, reducing the need for its banks to access more expensive funds in the markets.
盡管英國央行一直努力避免成為銀行的第一貸款人，但如果市場利率繼續(xù)處于不正常水平，它將采取行動，確保達到“銀行間隔夜拆息與官方利率相符”的目標(biāo)。
Although the Bank of England is trying to avoid being the first port of call for banks, if unusual market rates persist, it would act to secure its objective for “overnight market interest rates to be in line with the Bank’s official rate”.
3周前，由于心懷恐懼的投資者拒絕貸款，全球很多國家的金融體系失靈，導(dǎo)致金融市場陷入動蕩。
Central banks’ willingness to act follows three weeks of turmoil in which much of the financial system has become gummed up as fearful investors have refused to lend.
美聯(lián)儲將密切關(guān)注市場跡象，看看其舉措是否阻止了危機蔓延。官員們不指望信貸市場狀況或廣大投資者的信心會迅速復(fù)蘇。
The Fed will look for signs that its moves have stopped the contagion. Officials are not expecting any quick recovery in credit market conditions, or in broad market confidence.
各國央行還擔(dān)心他們化解這場信心危機的能力有限，因為即便是高質(zhì)量的信貸也找不到愿意購買的買主。有人指出，一位市場觀察人士說了一句大實話：在這種情況下，央行采取的任何舉措都解決不了實質(zhì)問題。
Central bankers are also nervous that their powers to stem this crisis of confidence are limited, since even good quality credit cannot find ready purchasers. One noted the veracity of a market observer who said that in these circumstances, any action taken by a central bank was immaterial.
European central banks are standing ready this week to stem the turmoil in money and credit markets after the US Federal Reserve moved on Friday to make direct loans available to banks on favourable terms and hinted at an interest rate cut.
在美聯(lián)儲改變策略后，金融市場大幅反彈。如果美聯(lián)儲此舉本周能夠平定美國投資者的情緒，那么，歐洲各央行可能也會仿效該做法，確保減輕歐洲投資者的擔(dān)憂。 Financial markets rallied after the Fed’s change of course and, if the move calms US nerves this week, European central bankers are likely to follow to ensure anxieties are soothed there as well.
上周末時，歐元區(qū)銀行間貨幣市場隔夜拆息（代表銀行同業(yè)之間拆借隔夜貸款的成本）已回歸正常，僅略高于歐洲央行4%的政策利率水平。但3個月期利率仍高于正常水平，為4.65%。
At the end of last week, overnight interbank money market interest rates in the eurozone – the cost to banks of borrowing overnight from their counterparts – had returned to normal at just above the European Central Bank’s 4 per cent policy rate. But three-month rates stayed higher than normal at 4.65 per cent.
倫敦銀行間隔夜拆息為6.3%，3個月期利率為6.7%，遠高于英國央行(bank of England)設(shè)定的5.75%的主導(dǎo)利率。
London interbank rates were 6.3 per cent overnight and 6.7 per cent at a three-month maturity, well above the bank of England’s 5.75 per cent main rate of interest.
在金融市場迄今遠未恢復(fù)正常的情況下，各國央行行長表示，如果情況需要，他們將采取進一步措施。
With normality far from being restored yet, central bankers insist that they can take further action if circumstances merit.
除了調(diào)整利率以外，歐洲央行(ECB)還可向銀行發(fā)放期限較長的貸款，以減少銀行向市場借入較昂貴資金的需求。
Short of changing rates, the European Central Bank can lend at longer maturities, reducing the need for its banks to access more expensive funds in the markets.
盡管英國央行一直努力避免成為銀行的第一貸款人，但如果市場利率繼續(xù)處于不正常水平，它將采取行動，確保達到“銀行間隔夜拆息與官方利率相符”的目標(biāo)。
Although the Bank of England is trying to avoid being the first port of call for banks, if unusual market rates persist, it would act to secure its objective for “overnight market interest rates to be in line with the Bank’s official rate”.
3周前，由于心懷恐懼的投資者拒絕貸款，全球很多國家的金融體系失靈，導(dǎo)致金融市場陷入動蕩。
Central banks’ willingness to act follows three weeks of turmoil in which much of the financial system has become gummed up as fearful investors have refused to lend.
美聯(lián)儲將密切關(guān)注市場跡象，看看其舉措是否阻止了危機蔓延。官員們不指望信貸市場狀況或廣大投資者的信心會迅速復(fù)蘇。
The Fed will look for signs that its moves have stopped the contagion. Officials are not expecting any quick recovery in credit market conditions, or in broad market confidence.
各國央行還擔(dān)心他們化解這場信心危機的能力有限，因為即便是高質(zhì)量的信貸也找不到愿意購買的買主。有人指出，一位市場觀察人士說了一句大實話：在這種情況下，央行采取的任何舉措都解決不了實質(zhì)問題。
Central bankers are also nervous that their powers to stem this crisis of confidence are limited, since even good quality credit cannot find ready purchasers. One noted the veracity of a market observer who said that in these circumstances, any action taken by a central bank was immaterial.