今日的焦点将放在英国央行和欧洲央行利率的公布上。
Today's focus will be on the BoE and ECB rate announcements.
本周市场依然聚焦欧洲央行利率决定和周五的非农就业数据。
Focus for the week still remains ECB interest rate decision and Friday's Non-farm payroll data.
本周的重点是周四英国央行利率会议，最后周五将公布生产者价格水平。
The highlight of the week is Thursday with the BOE rate meeting and Friday ends it with the producer prices report.
影响央行利率决策的重要因素之一便是货币的稳定性，或称为”通胀”。
One of the biggest influences on a central bank's interest rate decision is price stability, or "inflation".
当央行利率提升过早，就如2011年欧洲央行所为，所造成的伤害大到央行不得不反道而行。
When central Banks have raised rates too early-as the European central bank did in 2011-they have done such harm that they have felt compelled to reverse course.
这一理念把通胀目标作为稳定人们未来政策预期的手段，并将央行利率政策的透明和可预见性放在重要位置。
It favours an inflation target as a way to anchor people's expectations of future policy, and puts a lot of weight on the transparency and predictability of central Banks' interest-rate decisions.
但由于在央行利率上调之后，银行可暂缓提高存款利率，因此在这一周期内存贷利率差会有一定幅度加大。
But deposit spreads should widen as rates rise, because Banks can delay passing on some of the extra interest to savers.
一个相关问题：如果因为经济形势(比如：央行利率变化)造成所有借款人的贷款利率上升或下降，那么会怎样呢？
A related issue: what happens if the interest rates for all borrowers move higher or lower, due to developments in the economy (eg a change in central bank interest rates)?
从2%到3.5%欧洲央行利率的上升看上去并不太多，但却暗指了按揭利息支付(假设高于央行利率一个百分点)会升高50%。
A rise in ECB rates from 2% to 3.5% seems modest, yet it implies a rise in mortgage interest payments (assuming a rate one percentage point above the central bank rate) of 50%.
亚洲市场：中国再次掀起创建超主权国际储备货币的辩论，推动外汇储备多样化——市场等待非农就业数据和欧洲央行利率决定。
Asian Snap: China revives the reserve currency debate and pushes for more Forex diversification - NFP's and ECB rate decision loom.
下一个重要事件就是明日英国央行和欧洲央行利率的决定，但在利率最终决定公布之前，大陆市场将密切关注欧元区的零售销售。
The next major event will be tomorrow's BoE and ECB rate announcement, but until then on the continent markets we will be watching Eurozone retail sales.
哈佛大学的杰里米·斯坦(Jeremy Stein)——格林斯潘此篇论文的讨论者之一——指出，低水平的央行利率对低收入的借款人而言可能关系重大。
Jeremy Stein of Harvard University, a discussant of Mr Greenspan's Brookings paper, points out that low policy rates may have mattered a great deal for income-constrained borrowers.
去年，当欧洲各国的货币政策制定者开始在法兰克福的欧洲央行（European Central Bank）开会，为新欧元区设定利率时，他们在会上讲的是英文。
When monetary policymakers from around Europe began meeting at the European Central Bank in Frankfurt last year to set interest rates for the new Euroland, they held their deliberations in English.
其他大部分央行要么保持利率不变，要么反而加息。
Most other central banks have either kept rates unchanged or raised them.
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.
英国的利率水平目前已处于历史新低，至少从那些由央行制定的利率来看是这样。
BRITAIN's interest rates, at least those set by the central bank, are now at record lows.
但是由于银行很难在贷出钱，央行的低利率依然不会创造奇迹。
But with Banks reluctant to lend, lower rates from central Banks will not work miracles.
例如，在新西兰，央行降低的利率已经超过了五个百分点，但当地货币仍在升值。
In New Zealand, for example, the central bank has lowered interest rates more than five percentage points but the local currency is still appreciating.
意大利新发行的国债收益率已经超过6%，比欧洲央行基准利率高出了500个基点。
Yields on Italy's new issue debt are over 6%, more than 500 basis points over the European Central Bank benchmark interest rate.
1995年的时候，央行的利率目标是2.25%，政策制定者可以为了刺激经济而降息。
Back in 1995, with the central bank's interest-rate target at 2.25%, policy makers were able to reduce rates to stimulate the economy.
由于美联储继续将美国短期利率维持在接近于零的水平，其他国家央行上调利率很有可能会推动该国货币兑美元升值。
With the Fed holding short-term rates close to zero, a move by another central bank to boost rates will tend to lift its currency against the dollar.
绝大多数央行都下调了利率。
他同样也写到，由于央行未必基于利率假设而讨论其政策，因此才造成了不统一。
He has also written that it is inconsistent for a central bank to discuss its policy on the basis of assumptions about interest rates that are not necessarily its own.
本周多家央行宣布降息，导致利率骤降。
Interest rates are falling sharply, with more central Banks announcing cuts this week.
在美国和欧元区，三月期银行间利率和预期央行政策利率之间的波动范围也已增大。
The spreads between three-month interbank rates and expected central-bank policy rates have also risen in America and the euro area.
外管局在声明中还指出，对于货币掉期的利率，可在符合央行关于存贷款利率规定的前提下，有交易双方自行协商决定。
The interest rates in currency swaps can also be decided by the two parties, though they must be in line with the central bank's rules on deposit and loan rates, SAFE said.
外管局在声明中还指出，对于货币掉期的利率，可在符合央行关于存贷款利率规定的前提下，有交易双方自行协商决定。
The interest rates in currency swaps can also be decided by the two parties, though they must be in line with the central bank's rules on deposit and loan rates, SAFE said.
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