中国人民银行超预期下调政策利率

时间：2022-08-19 09:05:57

（单词翻译:单击）

8月15日，人民银行开展4000亿元中期借贷便利（MLF）操作，中标利率下调10个基点至2.75％，7天期逆回购利率同步下调10个基点至2％，为尚需稳固的国内经济注入金融强心剂。面对尚不稳固的经济恢复基础，宏观政策仍以稳增长为主线，择机加码调控，积极对冲经济下行压力。

China's central bank delivered surprise interest rate cuts on Monday, suggesting that the country is still willing to lend more monetary¹ support on the aggregate² front in the coming months despite a potential rise in structural³ inflationary pressure, experts said.

专家表示，中国人民银行8月15日超预期下调政策利率，表明尽管结构性通胀压力可能上升，但在未来几个月货币政策将继续从总量上发力。

Thanks to Monday's rate cuts, the country's loan prime rates－or the market-driven benchmark lending rates－are likely to see reductions this month, helping⁴ revive corporate⁵ credit demand and mitigate⁶ a real estate slowdown, they said.

他们表示，这次降息促使中国最优惠贷款利率（由市场驱动的基准贷款利率）本月可能会下降，这有助于恢复企业信贷需求，支持房地产市场回暖。

The People's Bank of China conducted 400 billion yuan ($59.2 billion) in medium-term lending facility operations on Monday at an interest rate of 2.75 percent, down from 2.85 percent a month earlier.

8月15日，央行开展4000亿元中期借贷便利（MLF）操作，中标利率为2.75%，低于上个月2.85%的利率。

Using the MLF rate as a key policy benchmark, the PBOC had kept it unchanged for six months until Monday's reduction. The interest rate of seven-day reverse repurchase agreements was also trimmed by 10 basis points to 2 percent on Monday.

在央行15日降息前，MLF操作利率已经连续6个月保持不变。8月15日，七天逆回购利率也下调了10个基点至2%。

Most market participants had not expected the central bank to launch the rate cuts as it had flagged the risk of structural inflationary pressure and its intention to fend⁷ off cross-border capital outflow risks amid overseas monetary tightening⁸ in a report last week.

此前多数观点认为央行恐难降息。因为央行在上周的一份报告中强调警惕结构性通胀压力，并准备在海外央行加快收紧步伐的背景下抵御跨境资本外流风险。

Upon the unexpected rate cuts, futures⁹ contracts for China's government bonds rose on Monday. Main contracts for 10-year, five-year and two-year government bond futures ended Monday's trading up 0.7 percent, 0.52 percent and 0.19 percent, respectively, according to market tracker Wind Info.

此次央行超预期降息后，国债期货上涨。Wind数据显示，截至15日收盘，10年期国债期货主力合约涨0.70%，5年期主力合约涨0.52%，2年期主力合约涨0.19%。

Experts said Monday's rate cuts will reassure¹⁰ the market about the central bank's priority of growth stabilization¹¹ among multiple policy goals, especially as the latest economic and financial data have underlined the necessity of strengthening macroeconomic policy support.

专家表示，此次降息表明央行的首要政策目标仍然是稳增长，尤其是最新的经济和金融数据表明了加强宏观经济政策支持的必要性。

The National Bureau of Statistics said on Monday that the country's recovery in consumer and investment activity has slowed due to factors including renewed COVID-19 cases and a real estate downturn.

国家统计局8月15日表示，受疫情和房地产市场低迷等影响，投资、消费增速放缓。

Retail¹² sales rose 2.7 percent year-on-year in July, down from 3.1 percent in June. Fixed-asset investment expanded by 5.7 percent in the January-July period, down from 6.1 percent for the January-June period, dragged by a 6.4 percent decline in real estate development investment, the NBS said.

7月份，社会消费品零售总额同比增长2.7%，低于6月的3.1%。国家统计局数据显示，受1-7月份全国房地产开发投资下降6.4%的影响，1-7月份全国固定资产投资同比增长5.7%，低于1-6月份的6.1%。

Credit demand also cooled in July as China's increment¹³ in aggregate social financing－the total amount of financing to the real economy－stood at 756.1 billion yuan last month, down by 319.1 billion yuan from a year ago, the central bank reported on Friday.

央行8月12日发布的报告显示，7月份信贷需求也有所降温，7月社会融资规模增量为7561亿元，与去年同期相比减少3191亿元。

The MLF rate cut may only be the first step to ramp¹⁴ up monetary support, analysts¹⁵ with Soochow Securities said in a report.

东吴证券分析师在一份报告中表示，MLF降息可能只是增加货币政策支持的第一步。

Wen Bin¹⁶, chief economist¹⁷ at China Minsheng Bank, said the possibility of another interest rate cut cannot be ruled out as the PBOC's policy setting still takes domestic factors as dominant¹⁸ determinants while the pace of the Fed's tightening slows in the US.

中国民生银行首席经济学家温彬表示，不能排除央行再次降息的可能性，因为国内因素仍然是影响央行政策制定的决定性因素，而美联储的紧缩步伐有所放缓。

Moreover, Wen said it is possible for the PBOC to reduce the reserve requirement ratio in the fourth quarter to boost long-term liquidity¹⁹ and reduce banks' funding costs.

此外，温彬表示，中国人民银行有可能在第四季度降低存款准备金率，以提高长期流动性，降低银行的融资成本。

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收听单词发音

1 monetary
adj.货币的，钱的；通货的；金融的；财政的
参考例句：
The monetary system of some countries used to be based on gold.过去有些国家的货币制度是金本位制的。 Education in the wilderness is not a matter of monetary means.荒凉地区的教育不是钱财问题。

2 aggregate
adj.总计的，集合的；n.总数；v.合计；集合
参考例句：
The football team had a low goal aggregate last season.这支足球队上个赛季的进球总数很少。 The money collected will aggregate a thousand dollars.进帐总额将达一千美元。

3 structural
adj.构造的，组织的，建筑（用）的
参考例句：
The storm caused no structural damage.风暴没有造成建筑结构方面的破坏。 The North American continent is made up of three great structural entities.北美大陆是由三个构造单元组成的。

4 helping
n.食物的一份&adj.帮助人的，辅助的
参考例句：
The poor children regularly pony up for a second helping of my hamburger. 那些可怜的孩子们总是要求我把我的汉堡包再给他们一份。 By doing this, they may at times be helping to restore competition. 这样一来, 他在某些时候,有助于竞争的加强。

5 corporate
adj.共同的，全体的；公司的，企业的
参考例句：
This is our corporate responsibility.这是我们共同的责任。 His corporate's life will be as short as a rabbit's tail.他的公司的寿命是兔子尾巴长不了。

6 mitigate
vt.（使）减轻，（使）缓和
参考例句：
The government is trying to mitigate the effects of inflation.政府正试图缓和通货膨胀的影响。 Governments should endeavour to mitigate distress.政府应努力缓解贫困问题。

7 fend
v.照料（自己），（自己）谋生，挡开，避开
参考例句：
I've had to fend for myself since I was 14.我从十四岁时起就不得不照料自己。 He raised his arm up to fend branches from his eyes.他举手将树枝从他眼前挡开。

8 tightening
上紧，固定，紧密
参考例句：
Make sure the washer is firmly seated before tightening the pipe. 旋紧水管之前，检查一下洗衣机是否已牢牢地固定在底座上了。 It needs tightening up a little. 它还需要再收紧些。

9 futures
n.期货，期货交易
参考例句：
He continued his operations in cotton futures.他继续进行棉花期货交易。 Cotton futures are selling at high prices.棉花期货交易的卖价是很高的。

10 reassure
v.使放心，使消除疑虑
参考例句：
This seemed to reassure him and he continued more confidently.这似乎使他放心一点，于是他更有信心地继续说了下去。 The airline tried to reassure the customers that the planes were safe.航空公司尽力让乘客相信飞机是安全的。

11 Stabilization
稳定化
参考例句：
The position of barycentre on plane directly impacts the stabilization and manipulation of plane. 飞机重心位置直接影响飞机的稳定和操纵特性。 With the higher olefins, stabilization of the energetic intermediates occurs more easily. 在较高的烯烃情况下，高能的中间物稳定作用更易出现。

12 retail
v./n.零售；adv.以零售价格
参考例句：
In this shop they retail tobacco and sweets.这家铺子零售香烟和糖果。 These shoes retail at 10 yuan a pair.这些鞋子零卖10元一双。

13 increment
n.增值，增价；提薪，增加工资
参考例句：
Each increment of knowledge tells us more of our world.知识的点滴增长都会增进我们对世界的认知。 She receives a salary increment each year.她每年得到加薪。

14 ramp
n.暴怒，斜坡，坡道；vi.作恐吓姿势，暴怒，加速；vt.加速
参考例句：
That driver drove the car up the ramp.那司机将车开上了斜坡。 The factory don't have that capacity to ramp up.这家工厂没有能力加速生产。

15 analysts
分析家，化验员( analyst的名词复数 )
参考例句：
City analysts forecast huge profits this year. 伦敦金融分析家预测今年的利润非常丰厚。 I was impressed by the high calibre of the researchers and analysts. 研究人员和分析人员的高素质给我留下了深刻印象。

16 bin
n.箱柜；vt.放入箱内；[计算机] DOS文件名:二进制目标文件
参考例句：
He emptied several bags of rice into a bin.他把几袋米倒进大箱里。 He threw the empty bottles in the bin.他把空瓶子扔进垃圾箱。

17 economist
n.经济学家，经济专家，节俭的人
参考例句：
He cast a professional economist's eyes on the problem.他以经济学行家的眼光审视这个问题。 He's an economist who thinks he knows all the answers.他是个经济学家，自以为什么都懂。

18 dominant
adj.支配的，统治的；占优势的；显性的；n.主因，要素，主要的人(或物)；显性基因
参考例句：
The British were formerly dominant in India.英国人从前统治印度。 She was a dominant figure in the French film industry.她在法国电影界是个举足轻重的人物。

19 liquidity
n.流动性，偿债能力，流动资产
参考例句：
The bank has progressively increased its liquidity.银行逐渐地增加其流动资产。 The demand for and the supply of credit is closely linked to changes in liquidity.信用的供求和流动资金的变化有密切关系。