酷兔英语


The Federal Reserve moved in coordinated action with foreign central banks this morning in order to provide a pressure-release valve for funding markets without exposing the U.S. central bank to much risk.


周三早间,美联储(Federal Reserve)与多家外国央行采取协同行动,以便在不使美联储持有太大风险敞口的情况下,减小金融市场的资金压力。



The Fed announced an expansion of its program that supplies dollars to overseas markets at a cheaper rate. Basically, the Fed lends dollars to foreign central banks in return for their local currency for a specific period. Since the Fed isn't lending to banks directly, the risk is essentially nonexistent, and it also isn't exposed to changes in currency rates since the exchange rate is set for the duration of the swap.


美联储宣布,将延长以较低利率向海外市场提供美元的计划。这实际上就是,在一段具体的时间段内,美联储向外国央行借出美元,换以当地货币。由于美联储并不直接向银行放贷,这样做实际上是不存在风险的;此外,由于汇率在掉期时间段内是固定的,美联储也不会暴露于汇率波动的风险中。



The liquidity swap arrangements have a history of use when there are tensions in funding markets. They were used following the terrorist attacks of September 11, 2001and were revived in 2007 and used extensively during the financial crisis, especially after the collapse of Lehman Brothers when credit markets dried up. As market conditions improved, they were shut down in February 2010, but revived in May 2010 as sovereign debt problems began to emerge in Europe. (The Fed has a useful Q&A you can find here, and New York Fed research noted the success of the lines during the financial crisis)


当金融市场存在资金压力时,常常会使用流动性互换的做法。2001年911恐怖袭击后,曾使用过流动性互换,2007年再次使用,金融危机时期更是大规模使用,特别是在雷曼兄弟(Lehman Brothers)破产后信贷市场枯竭之际。随着市场状况有所好转,2010年2月流动性互换停止,但2010年5月,随着欧洲开始出现主权债务问题,流动性互换又被重启。(美联储有一个很有用的答疑页面可供参考。纽约联邦储备银行的研究表明,流动性互换在金融危机时期发挥了成效。)



Since their revival in May, the swaps have remained muted. Though the amount in use had increased a bit in recent weeks, the levels of around $2.5 billion are way below even the early days of the financialcrisis before Lehman. Today's announcement further expands the lines through February 2013 and makes it cheaper to access them. It also provides for swaps in currencies other than dollars and euros, if such a need should arise.


自5月份重启以来,流动性互换一直没有引起太大注意。尽管近几周互换数额小幅增加,约25亿美元的水平甚至远远低于雷曼兄弟破产前金融危机早期的水平。周三美联储的声明将互换时间延长至2013年2月,并降低了利率。此外,还提供了美元和欧元以外的货币流动性互换,以备不时之需。



The move is more of a pressure-release valve than a direct action, and doesn't do anything to address underlying problems in Europe. It reduces pressure on markets while policymakers search for a solution and signals that central banks are prepared to act in the event that conditions worsen.


此举更多的是充当减压阀,而不是直接行动,此外,它对应对欧洲的根本问题没有任何作用。在决策者寻找解决方案的时候,流动性互换可以减少市场压力。此外,它还向外界发出信号:一旦情况恶化,各央行准备采取行动。



In it's statement, the Fed said: 'U.S. financial institutions currently do not face difficulty obtaining liquidity in short-term funding markets. However, were conditions to deteriorate, the Federal Reserve has a range of tools available to provide an effective liquidity backstop for such institutions and is prepared to use these tools as needed to support financialstability and to promote the extension of credit to U.S. households and businesses.'


美联储在声明中说,美国金融机构目前不存在难以从短期金融市场获得流动性的问题。不过,假如情况恶化,美联储可以使用各种工具为金融机构提供有效的流动性支撑,并准备在必要时使用这些工具来维护金融稳定,推动对美国家庭和企业的放贷。



Phil Izzo