融资货币

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 .

美国推出第三轮定量宽松货币政策（qe3）的预期降温，再加上市场预测欧洲央行（ecb）将进一步降息，这些因素正促使全球投资者把欧元用作利差交易的融资货币。

Reduced expectations of a third round of quantitative easing of monetary policy in the US combined with predictions that the European Central Bank will cut interest rates further are leading global investors to use the euro as a funding currency for carry trades .

如此一来，作为进行套利交易的融资货币，欧元在投资者眼中将更具吸引力。

As such , it could become more attractive to investors as a funding currency for the carry trade .

把低收益的美元用作购买风险资产的融资货币，是债市与股市持久反弹背后的又一因素。

The use of the low-yielding dollar as the global funding currency for buying risky assets is another factor behind the enduring rally in bonds and equities .

融资货币既可以是人民币，也可以是出口业务的结算货币，便于企业选择适当货币，以避免汇率风险。

Either funding currency RMB , may also be the settlement currency of the export business , easy business to choose the appropriate currency to avoid exchange rate risk .

近年来，美国经济一旦显现出利好迹象，美元就趋向于贬值，这是因为很多投资者把美元当作融资货币。

The dollar has in recent years tended to get weaker on positive signs on the US economy because it is used as a funding currency by many investors .

直到最近，投资者一直把美元当作用于投资外汇的融资货币。大宗商品价格受到全球经济增长预期的推动而上升时，他们投资的这些外汇就会受益，比如澳大利亚元和巴西雷亚尔。

Until recently investors have used the dollar as a funding currency to invest in currencies that benefit from rising commodity prices on the back of global growth expectations – such as Australia or Brazil .

美国、欧元区和日本的利率处在相似的水平，许多投资者认为，以欧元或日元作融资货币投资于美元，比借入美元更有利可图。

With US , eurozone and Japanese interest rates at similar levels , many investors have decided that it makes more sense to invest in rather than borrow the dollar , using the euro or the yen as a funding currency instead .

克鲁格曼（Krugman）的国际收支危机模型认为由于政府持续地通过货币创造融资造成货币供给的增加，必然造成国内物价水平的上涨，随之又将带来货币贬值的压力。

Model of Payment of Balance Crisis ( Krugman ) reckons that the consistent creation of money by government will definitely cause the rising of domestic price level . This will then bring the stress of devaluation to domestic currency .

全方位的间接融资的货币市场融资政策体系；

An all-round indirect money market financing policy system ;

发展亚洲债券市场对于减少亚洲地区对银行贷款的过度依赖，防范金融危机，解决融资的货币错配和时间错配问题具有重要意义。

To develop Asian bond market is important to reduce excessive dependence on banking system , keep away from financial crisis , and eliminate both currency and maturity mismatch .

大型的国有商业银行拥有更多样化的融资渠道，货币政策冲击难以影响其信贷行为，其大多是在固定的发展轨道上经营。

Large state-owned commercial banks have a more diversified financing channels when facing monetary policy shocks to its credit , its development is mostly in a fixed orbit operation .

譬如，许多新兴市场经济体依赖国际信贷市场来延期偿付其债务，而随着投资者撤回资金，它们可能会在2009年遭遇融资难题和货币贬值。

Many emerging market economies , for example , rely on international credit markets to roll over their debt and in 2009 they may face funding problems and weakening currencies as investors withdraw cash .

国际实践证明，资产证券化有助于增强金融资产流动性、优化融资结构以及提高货币政策效率。

A series of foreign practices have approved that asset securitization can enforce the fluidity of financial asset , and optimize financial structure .

融资活动获得的货币以及保存从经营活动中收取款项所使用的货币。

The money that financing activity obtains and save the money that uses from place of money of the collection in management activity .

对日圆来说不幸的是，它作为融资套利交易借入货币而遭遇的无情卖盘一定程度上导致日圆处于疲弱地位。

Unfortunately for the yen , the relentless selling pressure generated by those using the yen as a funding currency helped keep Japan 's currency feeble .

随着经济体制改革、国有企业改造、国际竞争加剧，企业重组、合并、融资租赁、非货币性资产交换等非经常业务出现的越来越多。

As the reformation of economic system and state-owned enterprise , as well as the growth of international competition , there are more special business arose , such as corporate restructuring and combination , finance leasing , and exchange of non-monetary assets .

间接融资和直接融资下的货币政策效应分析

Analysis of the Effect of Monetary Policy in Bank-based and Market-based Financial System

就像日圆一样，港元在融资套利交易中也是充当融资货币，投资者以低利率借入港元，投资于其他高利率资产。

Like Japan , Hong Kong was a source of funds for the carry-trade , in which investors borrow funds at low rates to invest in higher-return markets elsewhere .