本期《经济学家》7月2日付印的时候，欧洲央行有望将其主要的再融资利率保持在1%不变。
As the Economist went to press on July 2nd, the European Central Bank (ECB) was expected to keep its main "refi" interest rate unchanged, at 1%.
危机发生之前，欧洲央行本想将隔夜利率保持在接近再融资利率的水平。
Before the crisis, the ECB would aim to keep overnight interest rates close to the refi rate.
有了央行撒的这么多钱，银行对隔夜贷款收取的利率一直远远低于再融资利率，偶尔有几次猛涨(参见图表)。
With so much cash splashing around, the charge that Banks make for overnight loans has stayed well below the refi rate, with some occasional spikes (see chart).
一旦再融资利率降至1 %，那么存款利率将降至为零，除非欧洲央行采取措施缩小这一差距。
Once the refi rate is cut to 1%, the deposit rate will go to zero unless the ECB Narrows the gap.
但实际上从很大程度上中国的外币储蓄和金融资产是被动形成的，尤其是占70%的央行储蓄。
But the fact is that to a large extent the stock and portfolio of China's foreign-currency assets are formed passively, particularly the 70% share in central-bank reserves.
同时，央行降低再融资和再贴现利率，等等。
At the same time, the central bank reduced refinancing and rediscount rate, and so on.
欧洲央行宣布将再融资利率保持在1％的水平不变，同时将经济预测小幅向上修正。
The ECB announced to keep its refinancing rate unchanged at 1%, while slightly revised up economic forecasts.
在第一个实例，当美联储(或任何为此事央行)通过购买金融资产和支票上写自己太多的钱，随之而来的通货膨胀和通货膨胀预期。
In the first instance, when the Fed (or any central bank for that matter) creates too much money by buying financial assets and writing checks on itself, inflation and inflation expectations ensue.
尽管周一发布的最新CPI数据表现疲弱，但市场还是预期欧洲央行会维持其现行政策不变(主要再融资利率为0.25%、存款利率为0.00%以及边际贷款利率为0.75%)。
The ECB is expected to keep the status quo (main refi rate at 0.25%, deposit rate 0.00% and marginal lending rate at 0.75%) despite the weakness in latest CPI data released on Monday.
一家央行发行货币收购大规模金融资产是极不寻常的。
It's highly unusual for a central bank to print money to buy large amounts of financial assets.
欧洲央行将于近日做出政策利率决策。届时，该行也有可能以类似的措辞，承诺将再融资利率保持低位。
When the ECB decides on policy rates next week, a commitment to keep the refi rate low along similar lines to the other central Banks cannot be ruled out.
欧洲央行将于近日做出政策利率决策。届时，该行也有可能以类似的措辞，承诺将再融资利率保持低位。
When the ECB decides on policy rates next week, a commitment to keep the refi rate low along similar lines to the other central Banks cannot be ruled out.
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