Central Banks hold most of their foreign-exchange reserves in dollars, a boon for America that has allowed it to issue debt more cheaply.

各国银行也以美元形式持有绝大部分的外汇储备，这给美国更便宜地发放债务带来极大便利。

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SINCE last August, some of the world's most powerful central bankers have battled with growing resourcefulness to restore the law of gravity to the market that Banks use for short-term borrowing.

自从去年8月以来，全球几大主要央行殚精竭虑恢复银行同业市场秩序。

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'Most central Banks are somewhat behind the curve,' says Thomas Kaegi, economist for UBS Wealth Management in Singapore.

瑞银财富管理(ubs Wealth Management)驻新加坡经济学家凯吉(Thomas Kaegi)说，大部分国家的央行都迟迟没有行动。

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But the error of central banks for most of their existence has been in the opposite direction: inflation something, as in Japan now, welcomed in its early phases by political and business establishments.

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Bulls cite the underlying fundamentals for gold, including the ultra-loose monetary policy by most global central banks as keeping the gold supported for the time being.

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Mr Carney said there was room "within the framework of flexible inflation targeting that exists in most advanced economies", for central banks to achieve monetary stability over the appropriate horizon.

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