过剩流动性

就目前而言，中国仍然存在大量所谓的过剩流动性，货币供应指标M2的增长速度仍快于总体经济增速。

As things stand , so-called excess liquidity remains abundant as the M2 measure of money supply is still growing at a faster pace than the economy .

而中国央行官员们担心的是累积过程的成本有可能不断上升：为了吸收或“冲销”（sterilise）其购买外汇产生的过剩流动性，中国人民银行一直在发行专门为此设计的本币票据。

Yet Chinese central bankers are fretting about the potentially rising cost of the accumulation process : in order to mop up , or " sterilise " , the excess liquidity generated by its foreign exchange purchases , the PBOC has been issuing specially designed local currency bills .

随着银行缩减了存于欧洲央行（ecb）、高出存款准备金要求的资金额即过剩流动性，欧元银行间隔夜贷款利率已“恢复常态”。

Euro overnight bank lending rates have " normalised " , while banks have scaled back the amount of money held at the European Central Bank above reserve requirements known as excess liquidity .

比如，根据摩根士丹利（morganstanley）的计算，相对于国内生产总值，分布于新兴经济体和发达经济体的过剩流动性现已“处于创纪录高位”。

Morgan Stanley , for example , calculates that the scale of excess liquidity sloshing around emerging and advanced economies is now " at a record high " , relative to gross domestic product .

过剩流动性导致强有力的短期激励措施在金融机构中颇为流行。

Excess liquidity encouraged the spread of powerful short-term incentives in the financial institutions .

首先，随之到来的过剩流动性将会抬高商品价格。

For one , all that excess liquidity is helping to drive up commodity prices .

所以，伯南克解释了其它一些他可以用以吸收过剩流动性的手段。

So Mr Bernanke has explained other tricks he can use to soak up excess money .

企业资产负债表仍保持强劲，拥有创纪录的过剩流动性和较低杠杆率，而且目前大型企业能够顺利进入债券市场。

Corporate balance sheets remain robust with record levels of excess liquidity and low leverage when large-cap corporations have good access to bond markets .

基于这个思路提出了一些治理与利用过剩流动性的政策建议与对策，使其更具有现实操作的意义。

Based on the above analysis , we made some policy proposals and measured to make it has more practical significance to the operation .

美林高管表示，他们进行的计算使他们相信，雷曼在得出过剩流动性的计算中，包括了所谓的监管资本。

Merrill officials said their calculations led them to believe that Lehman included what is known as regulatory capital in its calculation of excess liquidity .

这等于回归正常的货币创造步伐，但无助于吸收过去两年已经注入的过剩流动性。

This represents a return to normal pace of money creation , but will do little to absorb excess liquidity already injected in the past two years .

随之产生的过剩流动性流向新兴市场，将给那些国家的实际汇率带来压力，鼓励它们策划本币贬值。

The resulting flow of excess liquidity towards emerging markets also puts pressure on these countries ' real exchange rates , encouraging them to engineer depreciations of their own .

一些央行已在担当实际意义上的重要对手方了，它们从拥有过剩流动性的机构那里吸收存款，将其提供给那些流动性不足的机构。

Some central banks are already acting as de facto central counterparties by taking in deposits from institutions with excess liquidity and providing it to those with deficient liquidity .

只要这些国债的收益率高于欧洲央行的存款利率，银行就会发现以国债的形式持有其过剩流动性是有利可图的。

Banks would then find it advantageous to hold their surplus liquidity in the form of T-bills as long as these bills yielded more than bank deposits held at the ECB .

中国的汇率政策和国内高储蓄率也受到国际社会的批评。一些经济学家认为，这些因素向世界注入了过剩流动性，促成了危机的形成。

China has also come in for persistent international criticism over its currency policy and high domestic savings , which some economists believe helped contribute to the crisis by flooding the world with excess liquidity .

不过，再来一轮定量宽松会向美国经济注入更多的过剩流动性，其中许多资金最终将追逐海外资产，由此加大新兴市场的升值压力。

However , a new round would add even more excess liquidity to the US economy and many of those extra dollars will end up chasing assets abroad , adding to appreciation pressures in emerging markets .

国际货币基金组织补充说，可能有必要进一步采取措施，包括由央行进一步吸收过剩流动性，可能还包括进一步调升基准利率和/或存款准备金率。

It added that additional steps would likely be needed , including further mopping-up of excess liquidity by the central bank , but possibly also including additional hikes in benchmark interest rates and or the reserve requirement ratio .

在过去一年里，中国央行为了努力冷却过热的经济增长、抑制过剩流动性、平抑飞涨物价，已经5次上调基准利率、9次上调银行存款准备金率。

The central bank has raised benchmark interest rates five times and reserve requirements for banks nine times over the last year as it fought to cool overheated growth , rein in excessive liquidity , and slow rapid price rises .

与中国其它许多大型券商一样，中信证券已获准通过所谓的合格境内机构投资者（QDII）计划投资海外市场。该计划旨在鼓励中国国内过剩的流动性通过投资组合渠道流向海外。

Along with a number of other large Chinese brokerages , Citic Securities has been approved to invest in offshore markets under the so-called qualified domestic institutional investor ( QDII ) scheme , which is intended to encourage excess liquidity to leave the country through portfolio investments .

当过剩的流动性被彻底吸收，中国股市将会下跌。

When excess liquidity is mopped up , Chinese stocks will fall .

多数人将泡沫的形成归咎于过剩的流动性。

Most blame excess liquidity for the bubble .

但实际上，工业生产能力的过剩和流动性过剩密切相关，而且常常呈现正相关关系。

In fact , there is a significant positive correlation between excess liquidity and excess capacity .

与此同时，人为地维持较低的人民币汇率，给中国制造了过剩的流动性。

Meantime , maintaining an artificially low value for the renminbi creates excess liquidity in China .

银行借给一些过剩的流动性，以国有企业的形式，票据贴现。

The banks have lent some of the surplus liquidity to state-owned enterprises in the form of discounted bills .

税收体制的这种扭曲，极大地助长了引导过剩的流动性进入投机性极强的金融交易。

This distortion of the tax system has greatly fuelled the excess of liquidity channelled into largely speculative financial transactions .

他表示：价值低估的人民币为全球提供了过剩的流动性，而投资热潮推动了对原材料的需求。

The undervalued renminbi supplied the globe with excess liquidity while the investment boom created demand for raw materials , he says .

这一框架包含各种灵活的工具，其中包括微调操作，让央行能够吸取过剩的流动性如果必要的话，可以迅速吸取。

This framework comprises a varied and flexible set of instruments , including fine-tuning operations , allowing the absorption of surplus liquidity promptly , if necessary .

相反，真正应该担心的是，外汇储备以及低利率资金带来的过剩的流动性大量涌入股票市场。

Instead , the real concern is that excess liquidity , as a result of the surge in foreign-exchange reserves and low interest rates , is flooding into shares .

银行信贷扩张、过剩的流动性，参与了房地产建设、销售的各个环节，它们构成了房产泡沫大厦的主体；

The bank credit expands , the surplus fluidity , participated in the real estate construction , sales each link , they constituted the real estate froth building main body ;

施行存款负利率是为了阻碍银行以央行准备金的形式囤积过剩的流动性、而不贷款给客户。

The idea of a negative deposit rate is to discourage banks to hoard their surplus liquidity in the form of central bank deposits , as opposed to lending it to customers .