????上周五，中國(guó)央行兩年來(lái)首次下調(diào)官方利率，這一意外舉措令國(guó)際股市與大宗商品市場(chǎng)大幅走高。

????繼一連串令人失望的經(jīng)濟(jì)數(shù)據(jù)，以及地方銀根趨緊跡象之后，中國(guó)人民銀行出手降息，這是政府當(dāng)局?jǐn)?shù)月以來(lái)扶持經(jīng)濟(jì)力度最強(qiáng)的一次。

????中國(guó)經(jīng)濟(jì)正在以2009年以來(lái)最低的速率增長(zhǎng)，雖然政府當(dāng)局努力表現(xiàn)得對(duì)此并不緊張，但現(xiàn)在有最新調(diào)查數(shù)據(jù)顯示，國(guó)內(nèi)生產(chǎn)停滯，主要制造業(yè)用工全面縮減。

????中國(guó)人民銀行的這一舉措與全球范圍內(nèi)央行放松銀根的趨勢(shì)不謀而合，旨在抵御日益增長(zhǎng)的通縮威脅。同時(shí)，也與美聯(lián)儲(chǔ)正準(zhǔn)備出臺(tái)的緊縮政策背向而馳——美國(guó)在經(jīng)歷了為期六年的“緊急狀態(tài)”貨幣政策后迎來(lái)了逐漸強(qiáng)勢(shì)的經(jīng)濟(jì)復(fù)蘇。

????中國(guó)人民銀行將一年期存款利率調(diào)低0.25個(gè)百分點(diǎn)至2.75%，一年期貸款利率調(diào)低0.4個(gè)百分點(diǎn)至5.6%。

????人民銀行的降息公告于中國(guó)金融市場(chǎng)收盤(pán)之后發(fā)布，但歐洲股市聽(tīng)聞此消息后立即大幅上漲，原油等商品價(jià)格也聞風(fēng)而動(dòng)。紐約商品期貨交易所石油基準(zhǔn)合約價(jià)格每桶飆升1.50美元，漲幅為2.5%，達(dá)兩周內(nèi)最高水平。在歐洲，德國(guó)DAX指數(shù)上漲2%，英國(guó)富時(shí)100指數(shù)（FTSE 100）上漲1%。

????歐洲市場(chǎng)的攀升也源自于歐洲央行（ECB）行長(zhǎng)馬里奧?德拉吉（Mario Draghi）的一篇措辭強(qiáng)烈的演講。他在發(fā)言中承諾，將采取有力措施保證歐元區(qū)不會(huì)陷入通縮陷阱。

????由于與存款利率上限、法定存款準(zhǔn)備金率等其他管理工具的相互影響，官方利率在中國(guó)經(jīng)濟(jì)中起到的作用與西方國(guó)家不完全相同。并且，中國(guó)資本管控將國(guó)內(nèi)貨幣市場(chǎng)與境外相隔離。因此，相較于其他國(guó)家的類似措施（例如美聯(lián)儲(chǔ)于2008經(jīng)濟(jì)危機(jī)前夕所出臺(tái)的），中國(guó)降息政策刺激經(jīng)濟(jì)的作用較為有限。

????有趣的是，人民銀行同時(shí)也放寬了對(duì)銀行存款利率浮動(dòng)區(qū)間的限制，將銀行存款利率浮動(dòng)區(qū)間的上限由存款基準(zhǔn)利率的1.1倍調(diào)整為1.2倍。根據(jù)期限不同，利率可在0.35%至4%區(qū)間內(nèi)浮動(dòng)。人民銀行對(duì)國(guó)內(nèi)銀行系統(tǒng)實(shí)施嚴(yán)格的75%貸存比要求。

????綜上所述，此次出臺(tái)的措施似乎旨在為面臨諸多挑戰(zhàn)的銀行系統(tǒng)提供流動(dòng)性支持。中國(guó)銀行業(yè)的不良貸款激增，尤其是對(duì)房地產(chǎn)開(kāi)發(fā)商和建筑公司的貸款。此外，銀行也在尋求機(jī)會(huì)來(lái)自行籌資，以積累資金，滿足客戶認(rèn)購(gòu)股票的相關(guān)需求。

????上周五早些時(shí)候，人民銀行已經(jīng)通過(guò)其官方微博發(fā)布聲明，稱流動(dòng)性“充裕”，以令市場(chǎng)各方放心。據(jù)《華爾街日?qǐng)?bào)》報(bào)道，中國(guó)七天基準(zhǔn)銀行同業(yè)拆息已升至3.48%，升幅高達(dá)0.20%。（財(cái)富中文網(wǎng)）

????譯者：Joe

????China’s central bank cut its official interest rates for the first time in two years Friday, in a surprise move that sent international stock and commodity markets sharply higher.

????The action by the People’s Bank of China, which comes in response to a string of disappointing economic data and increasing signs of tension in local money markets, is the authorities’ strongest show of support in months.

????The economy is currently growing at its slowest rate since 2009, and while Beijing has tried to appear relaxed about that, surveys are now showing output stagnating and jobs being shed across the key manufacturing sector.

????The PBoC’s action also adds to the trend of central banks across the world easing monetary policy to fight off a growing threat of deflation–a trend that goes in the opposite direction to the U.S., where the Federal Reserve is preparing to tighten policy as the economic recovery gains traction after six years of emergency measures.

????The PBoC cut its one-year deposit rate by 0.25 percentage points to 2.75% and the one-year lending rate by 0.40 percentage points to 5.6%.

????It timed its announcement to come after the close of financial markets in China, but European stock markets surged on the news, as did prices for commodities such as crude oil. The benchmark contract on the New York Mercantile Exchange rose by $1.50 a barrel, or 2.5%, to its highest level in two weeks, while in Europe, the German DAX index soared 2% and the U.K.’s FTSE 100 rose 1.0%.

????European markets were also buoyed by a strongly-worded speech by European Central Bank President Mario Draghi promising aggressive action to ensure the Eurozone doesn’t fall into deflation.

????Official interest rates don’t have quite the same function in China’s economy as they do in western ones, due to their interplay with other tools, such as caps on deposit rates and statutory reserve requirements. And the market for money is in any case effectively sealed off from the rest of the world by China’s capital controls. As such, they may not have the same kind of stimulating effect that a similar move by, for example, the Federal Reserve (in the days before the 2008 crisis).

????Interestingly, the PBoC also relaxed its control of the amount that banks can offer for deposits. They can now offer 1.2 times the benchmark rate, rather than 1.1 times. These range from 0.35% to 4% depending on maturity. The PBoC enforces a strict cap of 75% on loan-to-deposit ratios in the banking system.

????Taken together, the measures look designed to support liquidity into a banking system that is facing challenges on a number of fronts. The sector is seeing a sharp rise in bad loans, especially to real estate developers and construction companies, which is hitting revenue. In addition, banks are also looking to raise capital themselves and amass cash to service clients’ demands for other stock offerings that are due next week in China.

????Earlier Friday, the PBoC had felt the need to issue a statement via its account on the Chinese Twitter-equivalent Weibo reassuring market participants that liquidity was “ample”. Benchmark one-week interbank rates had risen by an alarming 0.2o percentage point to 3.48% earlier, according to the Wall Street Journal.