Low interest rates are one thing, but negative interest rates are something else entirely. 低利率是一回事,负利率则是完全不同的另一回事。
HSBC this week wrote to the banks that will be affected and will introduce the negative interest rates on August 1. 汇丰本周已致函将受到影响的银行,并将于8月1日起实施负利率。
Switzerland a much smaller market that is not part of the eurozone last week became the first government in history to sell benchmark 10-year debt at negative interest rates, raising worries about distortions in global financial markets. 作为一个规模小得多的非欧元区市场,瑞士上周成为史上第一个以负利率出售基准10年期政府债券的国家,引起人们对于国际金融市场扭曲的担忧。
Government bond yields are the risk-free rate that price all risk assets, and negative interest rates will continue to incite asset reflation. 国债收益率是无风险利率,该利率确定了所有风险资产的价格,而负利率将继续助长资产再膨胀。
But how should an investor think about stock versus bond valuations or corporate credit versus government bond yields with sovereign bonds trading with negative interest rates? 但在主权债券利率为负时,投资者应如何看待股票相对债券的估值、或公司信贷相对国债的收益率呢?
Its hallmark is the advance of negative interest rates and negative bond yields across the continent. 其特点是整个欧洲大陆出现负利率和负债券收益率。
The latest example came on Wednesday, when Germany issued a five-year bond worth nearly$ 4 billion, with a negative interest rate. 最近的例子发生在周三,德国发行了总值近40亿美元的五年期债券,利率为负值。
For starters, they can drive right through the zero boundary and impose negative interest rates. 首先,它们可以越过零利率的边界,实施负利率。
On the other hand, years of high property prices, high inflation and negative interest rates had created a bubble economy which needed to be corrected if we are to remain economically vibrant. 另一方面,多年来的高楼价、高通胀和负利率,产生了泡经济效应。这种情况必须加以调整,香港的经济才能保持活力。
Nils Bernstein, governor of the central bank, said the upward pressure on the krone was the most severe he had seen in his seven years as governor, and warned that negative interest rates could be on the cards if the problem continues. 伯恩斯坦表示,克朗目前面临的升值压力是他上任7年以来最严重的。他警告,如果升值压力无法消除,丹麦央行可能考虑实行负利率政策。
Pent-up demand for such accounts is so great that in some areas deposit-collectors are able to charge for the privilege, collecting a hefty negative interest rate of 3 per cent a month. 这类账户被压抑的需求非常巨大,在一些地区,存款机构甚至能够对此收费,要求储户反过来支付每月3%的高额利率。
But let me also go on to say this, that years of inflation close to double digits, and negative interest rates, inevitably have brought about asset price inflation. 但我想继续指出,多年来接近双位的通胀数字和负利率,导致资产价格上升,无可避免。
I have heard the case made that computers would probably not be able to cope with negative interest rates. 我曾听说有人提出这样的理由:电脑可能无法处理负利率的情况。
A third argument is that zero or negative interest rates might lure investors into purchasing risky assets, in the full knowledge that those policies will sooner or later have to be reversed once the economy recovers. 第三种说法是,零利率或负利率可能会吸引投资者购买高风险资产,因为他们十分清楚:一旦经济复苏,这些政策迟早将会逆转。
It used negative interest rates for the purpose of a highly targeted operation. 该央行实行负利率,是为了一种目的性很强的操作。
A negative interest rate is like a tax on deposits. 负利率类似于对存款征税。
First there were negative interest rates in Sweden; soon they might come to the UK. 在瑞典率先引入负利率之后,英国可能很快也将效仿。
Policy makers previously worried that negative interest rates might cause markets to malfunction, but that has not happened so far. 政策制定者最初担心,负利率可能导致市场失调,但这种情况迄今没有出现。
One extreme possibility would be to stamp cash, putting an expiry date on banknotes that would force their holders to pay a fee equivalent to the negative interest rates. 一个极端可能性是,给现金做上标记,给纸币设定一个到期日,迫使持有者支付一笔相当于负利率的费用。
Last month, UBS and Credit Suisse imposed negative interest rates on short-term cash deposits in an attempt to stem inflows from investors seeking a haven from the eurozone crisis. 上月,瑞银和瑞信对短期现金存款实施负利率,此举旨在制止欧元区危机中寻求避险的投资者将资金注入瑞士。
This means that negative interest rates of minus 1 or 2 per cent would probably not trigger a serious dash for cash. 这意味着,-1%或-2%的利率,可能不会引发人们大规模的提现行为。
Some central bankers have also argued that negative interest rates would kill the business model of money market funds. 一些央行行长还辩称,负利率将扼杀货币市场基金的业务模式。
Then, the only mechanisms for dealing with the substantial inflow of funds into the Hong Kong dollar were exchange market intervention and the threat of negative interest rates. 当时若有大量资金流入港元,应付方法就只有干预汇市及实施负利率。
Financial repression: distortion in the financial system, with negative interest rates, subsidy interest rates to some privileged borrowers, selective credit allocation, and excessive bureaucratic control over the financial system. 金融抑制:金融体制中的扭曲现象,包括负利率,给某些享有特权的借款人的利率补贴,选择性的信贷分配,以及对金融体制上过多的官僚控制。
Negative interest rates are therefore not an all-or-nothing proposition. 因此,负利率并不是一个非此即彼的命题。
Academics are generally less troubled by the notion of a negative interest rate than practitioners, who tend to be overawed by technical arguments. 相对于容易被技术性论据吓住的业内人士,学术界人士通常不那么受负利率说法的困扰。
In contrast, the US Fed still pursued an accommodative policy of low, to effective negative interest rates up through the first half of the year, commencing its new tightening cycle in June. 相反的,美国联储直至去年上半年仍追随低息至有效的负利息政策。由六月份起始进行紧缩周期。
As the price is going up, China enters the period of negative interest rate. 伴随物价指数的上涨,我国进入了存款负利率时期。