这显然会削弱美元的实际价值，再加上即将来临的负实际利率时代，金价将获得强有力支撑。
This will significantly undercut support for the dollar. This, together with the ongoing environment of negative real interest rates, GFMS believes, should prove highly supportive of gold.
我推测，由于次贷危机，美联储会又一次大幅下调实际利率，我们可能会再次进入，负实际利率的时代。
I suspect that with the subprime crisis the Fed will be pushing real interest rates down dramatically again and we may be in a period of negative real interest rates again.
它能试着通过制造通货膨胀预期而实现负的实际利率。
It can try to achieve negative real interest rates by creating expectations of inflation.
负的实际政策利率曾在一段时间内助长了房地产价格泡沫，人为地刺激了消费。
Negative real policy interest rates have helped inflate asset price bubbles, which artificially stimulate spending - for a while.
实际利率(包括通货膨胀)过去两年一直为负，即使是现在，也仅仅勉强为正(见图)。
Real interest rates (ie, after allowing for inflation) have been negative for the past two years and even now are barely positive (see chart).
然而由于中国目前的通胀率高于5%，中国企业和消费者在银行的存款实际利率为负。
With China's inflation rate currently above 5%, Chinese companies and consumers investing in Banks face the prospect of a negative real savings rate.
但是，中央银行能够采取相应的政策来影响利率的变化，通过增加通胀预期来降低实际利率，使其跌入负利率区间。
But the central bank can use the policy to communicate its intentions and raise expectations for inflation, which reduces real interest rates, even into negative territory.
目前，储蓄账户的实际利率是负的。
Currently, the real interest rates of savings accounts are negative.
毕竟美联储所要做的就是制造通胀从而使实际利率为负。
After all, all the Fed has to do is create some inflation to generate negative rates.
廉价资本导致了大规模的风险低估；在2002年5月，美国的实际利率为负，尽管如此，美国的消费者物价通胀率还是没变。
Cheap money led to the wholesale underpricing of risk; America ran negative real interest rates in 2002-05, even though consumer-price inflation was quiescent.
在十月，美国甚至成功发售一实际利率为负的通胀挂钩债券。
In October America even managed to issue an inflation-linked bond with a negative real yield.
但今年通胀率持续攀升，这意味存款人面临着实际利率的负回报。
But inflation has risen steadily this year, which means bank depositors are essentially facing a negative interest rate return.
他指出利率现在无法代偿储蓄者的通涨损失：实际利率为负。
He points out that rates now fail to compensate savers for inflation: real interest rates are negative.
结果令人惊讶，在中国和俄罗斯，实际利率是负的，分别远低于基准利率的8%和5%。
The results are startling. In China and Russia, actual real rates are negative, against estimates of neutral real rates of 8% and 5% respectively.
大型新兴经济体中，只有巴西和南非的实际利率还有意义，其余大多为负利率。
Only Brazil and South Africa among major emerging economies have significant real rates; many are negative.
另外随着通胀率回升为正，日本的实际利率仍然为负，而短期利率年内预期不会超过通胀率。
Also, with inflation back in positive territory, real interest rates in Japan are still negative and short-term rates are not expected to rise above inflation until next year.
尽管近期加息了，但是实际利率仍然为负。
Despite the recent increases, real interest rates remain negative.
面对通货紧缩，央行却无力通过实际负利率来刺激消费。
Deflation robs a central bank of its ability to stimulate spending using negative real interest rates.
早在上世纪70年代，他们就对外国人名下的银行账户收取一定费用，实际上是实行负利率。
Back in the 1970s they charged foreigners a fee for having a bank account, in effect imposing a negative interest rate.
负的实际利率相当于征收占GDP6.3%的税收。
Negative real interest rates were worth tax revenues equivalent to 6.3% of GDP per year.
收息者操控的世界将成为维多利亚时代的英国，高实际利率，金本位，无负利率，无量化宽松。
A world governed by rentiers would be Victorian Britain, with high real rates and a gold standard, not negative real rates and QE.
对于美联储来说，理想的途径是使利率适当地低于通胀水平——既保持实际利率为负，又使美元能够逐渐贬值。
The ideal path for the Fed is for interest rates to stay well below inflation - keeping the real interest rate negative - and for the US dollar to decline gradually.
背后的一个驱动因素，是低成本资金和3%通胀率之下的实际负利率。
One element driving this is cheap money and negative real interest rates, with inflation running at 3%.
在CPI升幅持续上扬的情况下，假若不调整名义贷款利率，实际贷款利率变成负利率的可能性便日高。
If nominal lending rates were not adjusted in light of the creeping CPI inflation, there would be a growing likelihood of real lending rates becoming negative.
在CPI升幅持续上扬的情况下，假若不调整名义贷款利率，实际贷款利率变成负利率的可能性便日高。
If nominal lending rates were not adjusted in light of the creeping CPI inflation, there would be a growing likelihood of real lending rates becoming negative.
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