随着中国央行(PBoC)资产负债表缩小，投资者害怕这将在在发达国家债券市场触发“量化紧缩”，并担心中国自身将发生信贷危机。
As the balance sheet of the PBOC shrinks, investors fear that "quantitative tightening" will be triggered in developed bond markets, and worry that a credit crunch will occur in China itself.
但人们更担心的是，在银行仍然如此不情愿借款的情况下，更多的量化宽松政策将会不足以对抗财政紧缩政策。
But the bigger worry is that, while Banks remain so reluctant to lend, more QE will prove inadequate to counter fiscal austerity.
如果有什么区别的话，日本量化宽松的记录应当提高通货紧缩的担忧。
If anything, the record of quantitative easing in Japan should heighten worries of deflation.
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