利差

多数贷款仍基于或接近基准利率，使得净利差高达约300个基点。

Most lending is still done at or close to regulated rates , giving a generous net interest rate margin of around 300 basis points .

计算收支差额计算借方和贷方（在总数上）的差额商业银行存贷利差：扩大还是缩小？

To compute the difference between the debits and credits of ( an account ) . On the Interest Rate Margin of Commercial Banks in China ;

3.ourmarginsaresmallenoughalready我们的利差已经很小了

about half 3 . their margins are already small ;

汇率、利差和股价的关系：基于VaR的实证研究

Relationship between exchange rate , interest rate difference and stock price : A VaR-based empirical study

前面的表格是一个债券投资回报计算（BondInvestmentReturnCalculation）实例：利息率的基准保持不变的前提下，分析了利差缩小的状况。

The table on the previous page is an example a Bond Investment Return Calculation , illustrating the tightening of spreads and with the benchmark interest rate remaining constant .

即使美联储（usfederalreserve）暂停加息，而中国利率水平小幅上调，中国央行仍能轻松赚取逾100个基点的利差。

Even with the US Federal Reserve on pause and Chinese interest rates inching higher , the central bank earns a spread comfortably above 100 basis points .

如果大量违约突然出现，并且随后利差（spreads）进一步扩大，就可能出现另一个问题。

Another problem could emerge if a sudden surge in defaults was accompanied by a further widening in spreads .

期权调整利差（OAS）及其应用研究

The Analysis of Option Adjusted Spread ( OAS ) and Application

东京基金经理和分析师称，日本散户和机构投资者近日无视市场对于全球日元利差交易（carrytrade）一直在平仓的担忧，依然将资金投向海外。

Japanese retail and institutional investors have continued to put money overseas in recent days , defying concerns that the global yen carry trade has been unwinding , according to fund managers and analysts in Tokyo .

libor相对于目标利率美联储（fed）设定的联邦基金利率的利差通常约为11个基点。

LIBOR normally trades at a spread of about 11 basis points over the target fed funds rate , set by the Federal Reserve .

国债与tips收益率之间不断变化的利差不仅反映了通胀预期的变化，还反映了对投资者寻求安全的回应。

The changing spread between the yields on treasury bonds and tips reflects not only changes in inflation expectations but also the response to investors seeking safety .

法国巴黎投资（BNPParibasInvestmentPartners）全球信贷分析师马丁•福里得森认为，垃圾债券利差现在显示经济陷入衰退的几率为48%。

Junk bond spreads now signal a 48 % chance of a recession , according to Martin fridson , global credit strategist at BNP Paribas Investment Partners .

美元已成为利差交易的主要融资货币，因为美联储（fed）一直维持利率不变，并预计将长期不作调整。

The US dollar has become the major funding currency of carry trades as the Fed has kept interest rates on hold and is expected to do so for a long time .

长时间以来，许多市场观察人士都一直怀疑CDS利差的预测能力，他们曾经注意到，就在金融危机爆发之前，这些利差位于历史最低点。

Many market observers have long been sceptical about the predictive nature of CDS spreads after noting they were at record lows shortly before the financial crisis .

本文首先以基于信用利差的信用违约互换定价强度模型为理论基础，通过计算机模拟了简化条件下的房贷市场CDS交易过程。

In this paper , based on the principles of the reduced-form models and the mortgage market , there is a CDS trading process by computer simulation on simplified conditions .

如果当前围绕美国债务和cds利差的辩论正迫使投资者清晰地认识到这一点，那么从长期来看这可能是一件积极的事情。

If the current debate about US debt and the CDS spreads is now forcing investors to clearly recognise this , then it might be a positive thing in a long term .

根据富时环球指数（ftseallworld），自3月以来，股市已上涨逾100%，而新兴市场主权债券相对于美国国债的利差已收窄逾一半，至300个基点。

Stocks have risen more than 100 per cent since March , according to FTSE all world indices , while the spread of EM sovereign bonds over US Treasuries has more than halved to 300 basis points .

美国、欧元区和日本央行实行的宽松货币政策收窄了所谓的G3（指上述三个地区）货币之间的利差。

Central bank easing in the US , the eurozone and Japan has lowered interest rate differentials between so-called G3 currencies .

国际货币基金组织（imf）上月表示，有强大的证据显示，日本国内投资者正在进行某种利差交易他们在未对冲的情况下买进外国债券，来支持日元计价的债务。

The International Monetary Fund said last month there was strong evidence that Japanese domestic investors were conducting a form of carry trade by purchasing foreign bonds to support yen-denominated liabilities on an unhedged basis .

许多银行家们称，cds利差在衡量违约风险方面是糟糕的指标，因为这些合约通常被用来对冲其它风险，并且受制于谁可以买卖它们这样的问题。

Bankers argue that CDS spreads are poor default indicators because they are often used to hedge against other risks as well as suffering from problems due to who can buy and sell them .

jp摩根（jpmorgan）称，新兴市场主权外债与美国国债的利差，已经从9月份的不足200个基点扩大至254个基点。

Spreads on emerging market sovereign external debt have widened to 254 basis points over US Treasuries from less than 200bp in September , according to JP Morgan .

债券市场十分紧张，评级机构穆迪，本周将法国的AAA评级调到在监控下，并且法国超过德国国债的利差已扩大至19年高点。

Bond markets are nervous : Moody 's , a ratings agency , his week put France 's AAA rating under surveillance and spreads over German Bunds have widened to19-year highs .

例如我发现，旨在完善货币市场运作、收窄银行间定期贷款与隔夜贷款利差的定期资金招标工具（termauctionfacility），并没有对利差产生明显的冲击。

I found , for example , that the term auction facility , set up to improve the functioning of the money market and drive down spreads on term interbank lending relative to overnight loans , had no noticeable impact on interest rate spreads .

去年信贷危机爆发之前，libor与联邦基金利率之间的平均利差基本在12个基点左右，而这一差值目前已达81个基点。

The difference of 81 basis points between LIBOR and the Fed funds rate compares with an average spread of about 12bp that prevailed before the onset of the credit squeeze last year .

葡萄牙和爱尔兰的债券利差现处于历史高点，股票交易和研究公司MKMPartners的首席经济学家迈克•达尔达认为这两个国家也需要二次救助。

Debt spreads in Portugal and Ireland are near all-time highs , and Michael Darda , chief economist at MKM partners , thinks these countries will need a second bailout , too .

由此造成了美国国债cds利差较高的局面：尽管投资者知道，美国政府出现债券违约的可能性非常小，但政治气候变幻莫测，以至于很难对政府的现金流做出预测。

Hence the high ( ISH ) level of CDS spreads for US Treasuries : Although investors know that America is highly unlikely to default on its bonds , the political climate is so volatile that it is hard to predict cash flows .

通过旨在降低伦敦同业拆借利率（Libor）利差等短期市场利率的工具，美联储已经迈出了这一步，现在已开始通过购买抵押贷款支持证券影响长期抵押贷款利率。

The Fed has already crossed that bridge with facilities that are aimed at reducing short-term market rates , such as Libor spreads ; it has now moved to influence long-term mortgage rates by buying MBSs .

周一市场的疯狂，导致美国国债收益率下跌，但按摩根大通新兴市场债券指数（JPMorganEMBI+）衡量，美国国债和新兴市场债券之间的利差则升至2004年以来的最高水平。

The markets ' manic Monday saw US Treasury yields fall , but the spread between US Treasury bonds and emerging market bonds , as measured by JPMorgan 's benchmark EMBI + metric , blew out to its highest since 2004 .

新鸿基金融此款衍生品的卖家将根据之前协议，得到高于香港银行同业拆息（HIBOR，香港本地无风险贷款利率）协定基点的利差。

Sun Hung Kai Financial-the seller of the derivative-receives a previously agreed basis point spread over HIBOR , the local risk-free lending rate .

花旗策略师理查德科奇诺斯（RichardCochinos）表示，从今年4月初开始外汇储备增长加速，正好是投资者开始将投资组合转向利差交易（尤其是新兴亚洲国家货币的交易）的时候。

Richard Cochinos , strategist at Citi , says reserve growth accelerated from the start of April – just as investors began to switch their portfolios into carry trades , especially in emerging Asia .