No one knows when the credit cycle will end, he says.
他说：没有人知道信用循环什么时候会结束。
Thus it is necessary to analysis the credit cycle in China.
因此，对中国信贷周期的研究就显得很有必要。
It can do this by tailoring capital requirements to the credit cycle.
根据信贷周期调整资本要求就可以做到这一点。
Between 2001 and 2008 it acted as a useful counterweight to the credit cycle.
在2001到2008年间，它做法看起来是用来平衡信用循环。
Fixed-income volatility also follows the credit cycle with a two-year lag.
固定收入的波动也遵循了为期两年的滞后信贷周期。
Too much new borrowing could put companies at risk if the credit cycle turns.
如果信贷链条扭转的话，过多的新增借款将使企业面临风险。
So central Banks and bank regulators need to act in concert to temper the credit cycle.
所以央行和银行监管者需要一致的行动来熨平信贷周期。
This new tool could be deployed to dampen the boom-and-bust nature of the credit cycle.
这个新工具将被用来弱化泡沫产生到破灭的自然信贷周期。
The waxing and waning of the dollar is strongly linked to the ups and downs of the credit cycle.
美元的涨跌已经与信贷周期的起伏紧密地联系在一起。
This slow turning of the credit cycle will not be enough to save some Banks from being overwhelmed by losses.
这样缓慢的信贷循环周转将不足以挽救一些银行而不被损失击溃。
Third and most important, the opportunity for speculation in land both fuels - and is fuelled by - the credit cycle.
第三，也是最重要的一点，土地投机的机会既会驱动信贷周期，也受到信贷周期的驱动。
But the credit cycle will turn eventually. When it does, investors, unprotected by covenants, may be left feeling wallet-lite.
但是信贷周期必将发生转折，一旦这天来到，缺乏条款保障的投资者可能欲哭无泪。
Of course, they can always take part via their pension funds-though that will be little comfort if the credit cycle ever becomes a crunch.
当然他们总可以通过养老金基金参与其中——但一旦信用循环断裂这也丝毫不能起到什么安慰的作用。
This has been the most pronounced credit cycle in history, but this process is now in reverse and will prove to be a multi-year adjustment.
这曾经是一个有史以来最为人津津乐道的信贷循环，但这一进程正在逆转，并将进行多年的调整。
But the markets rebounded very quickly because we weren't at the end of the credit cycle. I think that's going to be the case again this time.
但股市很快反弹，因为我们没在信用周期的尾头。我认为这次又是这种情况。
Volatility follows the credit cycle like night follows day, and periods following credit booms are marked by high volatility, for example, 2000–2003 and 2007–2008.
像黑夜一样波动遵循信贷周期如下一天，时段内信贷激增是由高波动性，例如2000-2003年和2007-2008年，标记。
In positive phases of the credit cycle, alpha is generated primarily from the correct forecasting of upgrades, and in negative phases primarily from correctly forecasting downgrades.
在信用周期的积极阶段，超额回报首先产生于对信用升级的正确预测，以及在消极阶段首先产生于对信用降级的正确预测。
FDIC Chairman Sheila Bair said Banks are 'bumping along the bottom of the credit cycle' and that the number of bank failures in 2010 will likely eclipse the 140 recorded last year.
FDIC董事长拜尔(Sheila Bair)表示，银行业“在信贷周期的底部跌跌撞撞”，2010年银行破产数量可能会超过去年的140家。
Mervyn King, the governor of the Bank of England, will assume responsibility for the stability of the financial system and control of the credit cycle, while retaining power to set interest rates.
英格兰银行行长默文金，将会在保持设定利率权力的同时，为了金融体系的稳定而承担责任，并且控制信贷周期。
The bank's credit culture is consistent throughout the cycle, meaning that it loses market share in boom times and wins business in environments like this one.
该银行的信贷传统在整个经济周期中都保持一致，这意味着它在繁荣时嗲会失去市场份额，但在像如今经济衰退的情况下却可以赢得业务。
Our strategy is designed to outperform over the full credit market cycle and to derive alpha from country selection and, where permitted, currency selection.
我们的战略在设计上是在一个完整的信用市场周期内执行并从国家选择以及在允许的情况下从货币选择中获取超额回报。
The economy was “trapped in a vicious cycle” and needed a big “jolt” to ease the flow of credit and to cushion the drop in private demand.
经济”陷入了一个恶劣的周期里”，需要”重拳出击”来缓解信贷流动性紧张，缓冲急剧下滑的私人需求。
Credit relative to GDP, then, does not grow in a straight line, thanks to the economic cycle. But even in the longer term a rising trend is not inevitable.
由于经济周期，贷款与GDP的比并不总是呈直线增长，但从更长期看增长势头并不是不可避免。
The economy was "trapped in a vicious cycle" and needed a big "jolt" to ease the flow of credit and to cushion the drop in private demand.
经济已经陷入了一个致命的循环，需要一次强烈的震荡来缓解信贷的流通，缓冲已经下跌的个人需求。
Since 1930, no cycle has seen corporate credit spreads narrow so much so quickly, suggesting a rush to anything that pays a yield.
自1930年以来，没有哪个经济周期的企业信贷利差像现在这样快速大幅收窄，这似乎表明人们在一窝蜂追逐任何能产生收益的资产。
Thanks to a 30% federal tax credit, that works out as much the same as a combined-cycle gas-turbine plant-but without the noise and fumes.
这和我们国家用30%的税收建成的一座联合涡轮燃气发电厂的产能一样，不同的是，人家不产生噪音和废气。
In all three volumes of this debt trilogy, the cycle began with capital flooding across borders, driving down interest rates and spurring credit growth.
在这部债务三部曲的所有三卷中，周期始于资本洪流的跨境流动，它推低了利率，刺激了信贷增长。
In all three volumes of this debt trilogy, the cycle began with capital flooding across borders, driving down interest rates and spurring credit growth.
在这部债务三部曲的所有三卷中，周期始于资本洪流的跨境流动，它推低了利率，刺激了信贷增长。
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