全球股市周四大幅下跌，因为投资者越来越怀疑，各国央行为应对信贷紧缩而采取的大规模措施是否足以消除危机。

Global equities¹ suffered heavy falls yesterday as investor² doubts grew over whether sweeping³ measures by central banks to tackle the credit crunch⁴ would be sufficient to defuse the crisis.

亚洲和欧洲股市遭遇沉重打击。分析师们警告称，与问题的规模相比，这些央行计划采取的干预措施相当温和——特别是有迹象显示，大型金融机构的亏损还在增加。美国股市同样走低。 Asian and European shares were hit hard as analysts⁵ warned that the planned intervention⁶ looked relatively⁷ modest compared with the scale of the problem – not least because there are signs that losses at big financial institutions are continuing to mount. US shares also sagged⁸.

瑞银(UBS)策略师威廉?奥唐奈(William O’Donnell)表示：“这个计划所针对的目标，并不包括当初导致我们陷入这一境地的毒瘤——（美国）住宅市场和信贷环境的崩溃。”

“What the programme will not do is cure the cancer that got us here in the first place, the [US] housing bust⁹ and the collapse¹⁰ in credit conditions,” said William O’Donnell, strategist at UBS.

各央行都在强调，自己愿意在必要时进行更大规模的干预，试图以此消除投资者的担忧。

Central bankers tried to counter investor concerns by stressing their willingness to intervene more radically¹¹ if necessary.

英国央行(Bank of England)负责金融市场事务的保罗?塔克(Paul Tucker)表示，各国央行的协调行动是缓解金融市场压力所必需的一系列政策行动之一。他表示：“我们必须努力避免流动性状况趋紧、资产价值走低、资本资源减损、信贷供应减少和总体需求下降等后果陷入彼此相互作用的恶性循环。”

Paul Tucker, the Bank of England’s head of markets, said the co-ordinated action was one of a series of policies necessary to relieve pressure in financing markets. “We must try to avoid a vicious circle in which tighter liquidity¹² conditions, lower asset values, impaired¹³ capital resources, reduced credit supply and slower aggregate¹⁴ demand feed back on each other,” he said.

然而，欧美货币市场的资金借贷成本仍维持在7年来最高水平附近。

However, the cost of borrowing funds in the European and US money markets remained close to seven-year highs.

在英镑银行间市场，3个月期资金借贷成本从6.627%降至6.514%，而美元市场3个月期利率则从5.057%降至4.990%。在欧元市场，3个月期融资成本基本没有变化，为4.949%，略低于周三的4.952%。

In the sterling¹⁵ interbank market, the cost of borrowing threemonth money fell to 6.514 per cent from 6.627 per cent, while in the dollar market three-month rates dropped to 4.990 per cent from 5.057 per cent. In the euro market, three-month funding costs barely moved, trading at 4.949 per cent, compared with 4.952 per cent on Wednesday.

一些分析师将市场的淡静反应归咎于“时滞”效应，以及各央行在计划具体实施方面存在的不确定性。

Some analysts blamed this muted reaction on a “timelag” effect, coupled with uncertainty¹⁶ about how central banks will actually implement¹⁷ their plan.