The deposit rate has been a better guide to the policy stance than the refi rate has.
准备金利率比起再融资利率能让人更好地揣测政策立场。
Before the crisis, the ECB would aim to keep overnight interest rates close to the refi rate.
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。
Once the refi rate is cut to 1%, the deposit rate will go to zero unless the ECB Narrows the gap.
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。
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%.
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。
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。
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).
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)。
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.
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.
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%)。
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