歐洲央行暗示或加大量化寬鬆火力
The European Central Bank signalled it would expand its ㄠ.1tn quantitative easing programme in December and cut its deposit rate should the slowdown in emerging markets threaten the eurozone’s economic recovery.
歐洲央行(ECB)表示，如果新興市場放緩威脅歐元區經濟復甦，它將在12月擴大其1.1萬億歐元的量化寬鬆計劃並下調存款利率。
The euro fell 1.67 per cent against the dollar to $1.116 after Mario Draghi, the ECB’s president, said policymakers’ measures would need to be “re-examined” at its December 3 vote.
歐洲央行行長馬里奧德拉吉(Mario Draghi)表示，政策制定者的措施需要在12月3日的表決會議上得到“重新考察”。在他發表這番言論後，歐元兌美元匯率下跌1.67%，至1歐元兌1.116美元。
He said the ECB stood ready to adjust the “size, composition and duration” of its QE programme. At the moment, it is buying 60bn of mostly government bonds a month and has said it will continue to do so at least until September 2016.
他表示，歐洲央行準備調整其量化寬鬆計劃的“規模、組成和持續時間”。目前，歐洲央行每月購買600億歐元的債券，多數爲政府債券，歐洲央行已表示，這些操作將至少持續至2016年9月。
Investors viewed Mr Draghi’s refusal to rule out an interest-rate cut and his allusion to further QE as a signal to buy, sending prices for European assets sharply higher yesterday.
投資者將德拉吉拒絕排除降息可能性以及暗示將進一步實施量化寬鬆政策視爲買入信號，推升歐洲資產價格週四大幅上漲。
Government bond yields, which move inversely to prices, fell across the region, with Italian and Spanish benchmark10-year borrowing rates at their lowest level since April and the two-year German borrowing rate hitting a record low of minus 0.32 per cent.
歐洲政府債券收益率（與債券價格走勢相反）下跌，意大利和西班牙基準10年期債券收益率爲自4月以來最低，德國兩年期債券收益率觸及-0.32%的記錄低點。
“These are big intraday moves,” said Joakim Tiberg, rates strategist at UBS. “It shows you that investors are repositioning themselves in anticipation for further bond buying by the ECB.”
“盤中經歷了大幅波動，”瑞銀(UBS)利率策略師約阿基姆舠貝里(Joakim Tiberg)表示，“這表明，投資者正重新定位，預測歐洲央行將繼續購買債券。”
While QE appears to have thawed the region’s credit markets, growth remains lacklustre and inflation is in negative territory. Mr Draghi said the outlook for inflation was now “less sanguine” and warned of the risks emanating from emerging markets, notably China.
儘管量化寬鬆政策似乎使歐洲信貸市場解凍，但增長仍然乏力，同時通脹率處於負值。德拉吉表示，通脹前景現在“不那麼樂觀”，他還就來自新興市場（尤其是中國）的風險發出警告。
