10月28日口譯文章：中國央行本年內第六次降息刺激經濟
China's central bank cut interest rates on Friday for the sixth time in less than a year, and it again lowered the amount of cash that banks must hold as reserves in a bid to jump start growth in its stuttering economy.
Monetary policy easing in the world's second-largest economy is at its most aggressive since the 2008/09 financial crisis, as growth looks set to slip to a 25-year-low this year of under 7 percent.
Yet underscoring China's drive to deepen financial reforms, which many believe are necessary to invigorate the economy, the People's Bank of China (PBOC) said it was freeing the interest rate market by scrapping a ceiling on deposit rates.
The change, which Beijing had promised to deliver for months, will in theory allow banks to price loans according to their risk, and remove a distortion to the price of credit that analysts say fuels wasteful investment in China.
China's policy loosening came a day after the European Central Bank said it could give a bigger policy jolt to the economy as soon as December to fight falling prices.
"We've got half the world's central banks in easing mode," said Joe Rundle, the head of trading at ETX Capital in London. "And we'll probably see more easing from China to come."
The PBOC said on its website that it was lowering the one-year benchmark bank lending rate by 25 basis points to 4.35 percent, effective from Oct. 24. The one-year benchmark deposit rate was lowered by 25 basis points to 1.50 percent.
The reserve requirement ratio (RRR) was also cut by 50 basis points for all banks, taking the ratio to 17.5 percent for the biggest lenders, while banks that lend to agricultural firms and small companies received another 50-basis-point reduction to their RRR.
The late-evening moves come just ahead of a high-level meeting in Beijing starting on Monday where senior Chinese leaders will thrash out the country's economic blue-print for the next five years.
Investors in Europe took cheer and shares soared, while the Chinese offshore yuan CNH= fell against the U.S. dollar.
"In the next step, monetary policy...will be kept not too loose or too tight to ensure stable economic growth," the PBOC said in a separate question-and-answer session.
It added that China's current muted consumer inflation and falling market interest rates provided a window for the country to liberalize its deposit rates.
It has been a tumultuous year for China's economy.
A summer stock market plunge and shock devaluation of the yuan CNY=CFXS in August roiled global markets and fanned fears of a hard landing, prompting Chinese leaders to take drastic measures to assure investors they have the economy under control.
Friday's easing came minutes after Premier Li Keqiang was quoted on state radio as saying that China will make "reasonable use" of rate and RRR cuts to keep its economy growing at a reasonable pace.
Senior Chinese leaders do not usually comment directly on the country's rate or RRR adjustments.
The cuts came in the same week as sobering economic data for the third quarter that demonstrated the daunting challenges faced by the country's leaders, not least in achieving a growth target of around 7 percent set by the government.
Data released on Monday showed China's economy grew 6.9 percent between July and September from a year earlier, dipping below 7 percent for the first time since the global financial crisis.
With Chinese imports tumbling for the 11th straight month in September and producer prices stuck in deflation for more than three years, some analysts say China's policymakers have their work cut out.
"We're still waiting for clear evidence of an economic turnaround," analysts at Capital Economics said in a note to clients.
"We are retaining our forecast that benchmark rates and the reserve requirement ratio will both be cut once more before the end of the year, with a further move in both early in 2016."
【參考譯文】
中國央行在本周五舉行本年內第六次降息，而且它再次下降了銀行必需持有的現金貯備尺度，用以刺激低迷的經濟。
在增加速率跌破7%進入二十五年間最低谷的情形之下，這是2008年9月金融危急以來天下第二大經濟體所制訂的最為激進的泉幣政策。
中國國民銀行稱其正經由過程再也不設置存款浮動利率上限來攤開利率市場。只管很多人以為這項舉動已震動深化金融改造的底線，但它對付刺激經濟來講非常需要。
中國當局許諾會在幾個月內作出的轉變，在理論上可以或許讓銀行們依據各自的危害來給貸款訂價，並清除剖析員們口中的失真信貸價錢，剖析職員稱信貸價錢失真致使了海內大批的過分投資。
歐洲中心銀行說它可以在十仲春為中國供給更強進的政策刺激，以應答價錢下跌。中國當局在其揭櫫此言前一天開釋新政策。
倫敦ETX本錢商業賣力人Joe Rundle說：“現在天下上折半的央行都出於寬松模式，咱們大概會瞥見中國開釋更寬松的政策。”
中國國民銀行在其網站上宣告，自10月24日起,其將下調金融機構一年期國民幣貸款基準利率0.25個百分點至4.35%，一年期存款基準利率下調0.25個百分點至1.5%。
金融機構國民幣存款預備金率也被下調了0.5個百分點至17.5%。同時，為加大金融支撐三農和小微企業正向鼓勵,對相符尺度金融機構分外下降存款預備金率0.5個百分點
深夜的新政策於周一的高端談判前釋出，中國的高層引導們將在北京商議制訂中國經濟將來五年的成長藍圖。
歐洲的投資者們十離開心，股價大漲。而與此同時，離岸國民幣兌美元重挫。
中國國民銀行在另外一個答辯集會上稱：“下一步的泉幣政策既不會過於壓縮也不會過於寬松，如許能力包管妥當的經濟成長。”
它彌補說，中國海內放緩的花費者膨脹和削減的市場利率為國度房款存款利率供給了有益前提。
本年對付中國經濟來講是個艱屯之際。
今夏的股市大跌和八月份國民幣匯率貶值讓環球市場一片淩亂，並激發了對中國經濟大概會硬著陸的擔心。這匆匆使中國引導人采用嚴格辦法向投資者們包管中國經濟仍在掌握之下。
在周五的政策開釋幾分鐘以前，總理李克強在國度播送電台上說中國會“公道削減”利率和存款預備金率來包管中國經濟合剃頭展。
中國高等引導鮮少對付中國利率或存款預備金率做出直接評價。
在本周，本年第三季度的經濟數據註解中國引導人正面對嚴格的磨練，挑釁不單單來自實現7%上下的增加目的。
周一出爐的數據註解從七月到玄月中國經濟增加速率跌至6.9%，這是環球金融危急暴發以來該數字初次破7。
停止到玄月份，中國入口額已連續11個月下跌，而臨盆價錢在近三年都出於通貨壓縮狀況。一些剖析員稱中國的引導人們已停滯了他們的事情。
Capital Economics的剖析員在一份關照中告知客戶說：“咱們仍舊在期待經濟遷移轉變的顯著標記。”
“咱們仍舊保存本身的猜測——基準利率和存款預備金率在歲尾會再度下調，而在2016歲首年月會有進一步調劑。”
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