本文研究了中国利率市场化也即利率自由化问题。
This paper focuses China's interest rate liberalization reform.
这意味着,在最简单的利率期限结构理论,即利率期限结构的预期理论中
That means, in the simplest-- it's called the expectations theory of the term structure.
即使是协议中表述最清楚、最可信的部分，即利率机制问题，也会令人产生疑问。
Even the clearest, most credible part of the deal, the interest-rate mechanism, raises questions.
通过这种方式被监管水转换率(即利率由生产燃料喷射器)可与对照格局共振火焰。
In this manner the rate of water conversion (ie, the rate of fuel production by the injector) can be regulated and the pattern of resonance in the flame controlled.
不考虑贴现率即利率的变化，这样便能专注于资产价值的不确定性对债务价值的影响。
With no account of the discount rate, we are absorbed in property value influence under uncertainty.
“我们很可能离开那个位置不远了——即利率问题不是最重要的问题，”Strauss-Kahn说。
“We’re probably not very far from the point where the question of interest rates is not the most important question, ” Strauss-Kahn said.
在传统的精算理论中，一般不考虑利率因素，而当我们所考虑的是一种长期的险种的时候，则常常需要考虑货币的时间价值，即利率问题。
In the traditional actuarial theory, interest factor is not considered generally. But when we consider a long-term risk process, we must consider the time value of money, which is interest problems.
但是如果英国银行不能再降低利率，它仍然可以提高货币基础(即：现金和商业银行准备金)，这是振兴经济的又一方法。
But if the bank of England can no longer lower interest rates, it can still raise the monetary base (cash and commercial-bank reserves), which gives it another way to boost the economy.
只有银行主管人（即家长）能够更改利率，设立新帐户（和初始余额）或者关闭帐户。
Only a bank officer (that is, a parent) can change the interest rate, set up a new account (and the initial balance), or close an account.
在一系列新出炉报告的刺激下，周二联储会议议题是利率政策，即考虑其它刺激金融体系的方式方法。
The Fed meets Tuesday on interest-rate policy amid a flurry of reports that it is considering additional ways to juice the financial system.
信贷息差，即信誉较差的借贷者需要支付的额外利率，已从其三月的峰值降下来，虽然最近又有所上升。
Credit spreads, which measure the excess interest rate paid by riskier borrowers, have fallen from their March peaks, although they have recently been rising again.
有关利率的决策是由中国央行即中国人民银行做出的。
Interest rates decisions are taken by The Peoples' Bank of China.
但他们却极少提及另一重要的经济指标；实际利率(即考虑通胀后利率)的超低水平。
But they very rarely mention an important economic measure; the very low level of real interest rates (ie, after allowing for inflation).
首先，是分析宏观货币环境：即分析货币供给、官方利率和信贷价格。
The first has to do with overall monetary conditions: money supply, official interest rates and the price of credit.
许多央行正在为经济出现泡沫而忐忑不安。 但为应对这一经济过热现象，它们手中只有一种呆笨的应对措施，即调整银行短期利率。
Many central banks that are concerned by emerging bubbles have only a very blunt instrument, short-term interest rates, to try to restrain this exuberance.
例如，欧洲央行将在9月30日再次以其基准利率，即1%，向银行提供为期一年的无限制贷款。
The European Central bank (ECB), for instance, will again offer unlimited one-year loans to Banks at its main interest rate, of 1%, on September 30th.
美联储本周三宣布，其将延长4000亿美元国债持有期限，以期降低长期银行贷款的利率，这即所谓的 美元扭曲操作 。
The Fed announced Wednesday that it would shuffle $400 billion of its own bond holdings in hopes of reducing interest rates on long-term loans, a plan known as Operation Twist.
美联储(Fed)目前必须说服市场认同它的观点：即美国经济将富于弹性，而利率仍将维持高位。
The us Federal Reserve must now persuade the markets to share its view that the economy will prove resilient and interest rates accordingly remain high.
在短期，利率的调高对那些最不需要高利率的国家造成冲击最大，即南欧和冰岛【Ireland】这些处于困境中的经济体。
Higher interest rates will have most impact in the short run where it is least needed, in the troubled economies of southern Europe and Ireland.
其中，rate是年利率（即，如果年利率是11.5%，rate 就是 11.5）。
where rate is the annual interest rate (that is, 11.5 for 11.5%).
多数的经济学家认为,中性利率,即既不刺激也不抑制欧元区需求的利率水平,应该在3%以上(指名义利率).
Most economists think that the “neutral” rate of interest, which would neither stimulate nor restrain demand in the euro area, is now more than 3% (in nominal terms).
我相信艾伦·格林斯潘的话是对的，即主张房市的急速繁荣主要不是因为美联储的原因，而是因为全球存款储备的充裕供应引致的全世界的低利率。
I believe that Alan Greenspan is right in claiming that the main cause of the housing boom was not the Fed's actions but the worldwide low interest rates due to an abundant world supply of savings.
但是，美联储已经开始提高短期利率，使收益曲线变得扁平，收益曲线即长短期利率之间的利差。
But the Federal Reserve had already started raising short-term interest rates, flattening the yield curve, the difference between short and long rates.
如此之低的公债利率水平给了股市乐观者又一(相当有力的)论据，即相比而言，股息分红水平已经不错了。
Such low bond yields do give the equity bulls one more (fairly powerful) argument-that dividend yields look good by comparison.
即远期利率等于未来即期利率的期望值。
即远期利率等于未来即期利率的期望值。
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