Central mama to the rescue: China’s markets
引用: The Economist Espresso (版本二)
版本一
Chinese investors jokingly call the central bank “central mama”.
They thanked her for dispensing a bit of love over the weekend by
trimming interest rates by a quarter of a percentage point,
the fourth cut since November, and reducing banks’ reserve
requirements.
Benchmark one-year lending rates are now 4.85%, a record low.
Investors hope this will save the stock market from further carnage.
Having led the world for much of the past year, China’s share prices
have been in free fall for the past fortnight, tumbling 19%.
Had the central bank done nothing, the rout would have been sure
to deepen.
It’s action should help stabilize the market.
But the easing was carefully calibrated.
The central bank didn’t cut required reserves for all banks.
Instead, it made only a selective reduction, mainly to help smaller
borrowers, and insisted that economy-wide liquidity was already
ample.
Even central mama’s love has its limits.
版本二
Chinese investors jokingly call the central bank “central mama”.
She dispensed a bit of love over the weekend by trimming interest rates by a quarter of a percentage point, the fourth cut since November, and selectively reducing banks’ reserve requirements.
Benchmark one-year lending rates are now 4.85%, a record low.
The idea, in part, was to save the stockmarket from further carnage: having led the world for much of the past year, China’s share prices have been in free fall for the past fortnight.
It hasn’t worked yet: having opened higher this morning, markets continued their slide: the CSI 300 index closed 3.3% down, taking its losses in the past two weeks to more than 20%.
The tech-heavy ChiNext index plunged by 7.9%.
Since early June it has dropped by nearly one-third.
Even central mama’s love can only do so much.
經濟學人似乎針對，不同地區用戶，
推送內容，有些微調。
標題，
Central mama to the rescue: China’s markets
央媽救援 中國的股票市場
央媽來拯救 中國股市
至於成功與否，那是後來的事。
中國人民銀行 | 央行 | 宏觀調控 | 地位特殊
央媽做了哪些舉措?
Chinese investors jokingly call the central bank “central mama”.
(版本一)
Chinese investors jokingly call the central bank “central mama”.
(版本二)
戲稱 | jokingly call | 央媽
They thanked her for dispensing a bit of love over the weekend by
trimming interest rates by a quarter of a percentage point,
the fourth cut since November, and reducing banks’ reserve
requirements. (版本一)
They thanked her | 投資者感謝央媽
S dispense the tea to 訪客 | S 給訪客一杯茶喝
She dispensed a bit of love over the weekend by trimming interest rates by a quarter of a percentage point, the fourth cut since November, and selectively reducing banks’ reserve requirements.
(版本二)
dispense | 施予 給予 | give out
dispense with 某事 | 把 某事 免除 省略掉
over the weekend | during the weekend |
版本二，selectively reducing | 選擇性降低 | 定向 XXX
央媽，是怎麼樣表現出她的愛的呢?
just a trim | 稍稍修短一點 頭髮
算術:
a quarter of OOO = 四分之一 = 25%
a quarter of a percentage point
1% 的 四分之一 = (1/4) % = 0.25%
降息| 0.25 %
同樣的概念，不同的說法
降低 削減
trim | cut | reduce
the fourth cut since November | 從去年十一月份以來第四次的降息
reserve requirements | 法定存款準備金
降低 a,b
利率 | 法定存款準備率
Benchmark one-year lending rates are now 4.85%, a record low.
(版本一)
Benchmark one-year lending rates are now 4.85%, a record low.
(版本二)
一年期的 貸款基準利率 創歷史新低
達到了 百分之4.85。
創歷史新低 | a record low | 達到了歷史新低
降低 a, b, and c
利率 | 法定存款準備率 | 貸款基準利率
Investors hope this will save the stock market from further carnage. (版本一，only)
救 XXX 於水火之中 | save the stock market from further carnage
carnage
The idea, in part, was to save the stockmarket from further carnage: having led the world for much of the past year, China’s share prices have been in free fall for the past fortnight. (版本二)
carnage | 大屠殺
為什麼用這個詞? carnage
這不是災難，是屠殺阿!!! 血淋淋
Having led the world for much of the past year, China’s share prices
have been in free fall for the past fortnight, tumbling 19%. (版本一)
版本一，接下來，說說歷史背景
在過去的一年當中，中國的股市阿，一直是一路飆升的
Having led the world for much of the past year，
過去一路領先世界，
但是，現在 XXX
share prices | 股價
for the past fortnight | 在過去的十四天內
十四天 | fortnight
在短短的14天內，中國的股市阿，簡直就是在做自由落體運動
暴跌。
運動趨勢 直線下降
free fall | 暴跌 | 自由落體
nose dive | 暴跌 | 用鼻子 向下跳水
collapse | (瞬間) 崩塌
plummet
Tumble | 跌落 | 暴跌了
接下來，用了一個虛擬語氣
Had the central bank done nothing, the rout would have been sure
to deepen. (版本一)
如果，央行什麼也沒做，什麼舉措都沒有提出來| 虛擬語氣
股市的潰敗阿，將會變成，更壞 (deepen)。
rout | (戰爭當中的)潰敗
變壞 | deepen
It’s action should help stabilize the market.
央行的舉措，應該能穩住股市。
But the easing was carefully calibrated.
央行營造出來的好轉，實際上是精心調整的。
easing| 好轉和緩和calibrate | 調校 微調 校正
It hasn’t worked yet: having opened higher this morning, markets continued their slide: the CSI 300 index closed 3.3% down, taking its losses in the past two weeks to more than 20%. (版本二)
The central bank didn’t cut required reserves for all banks.
Instead, it made only a selective reduction, mainly to help smaller
borrowers, and insisted that economy-wide liquidity was already
ample. (版本一)
央行沒有做全面降準。| cf :有針對性的，定向降準
一個轉折，Instead
而是，selective reduction | 定向降準 | 有一定的取向的
smaller borrowers | 此處，指，中小企業 三農領域
定向降準 起什麼作用? 想想看。
三農領域 是什麼? 自己查。
有針對性的 | 定向 | 降準
economy-wide | 整個的市場經濟
liquidity | 流動資金
Economy-wide liquidity was already ample.
市場上整個流動資金的格局還是比較寬裕的
對於這一點央行還是比較樂觀的，
所以沒有做全面降準，而是定向降準。
ample | 寬裕 富裕
The tech-heavy ChiNext index plunged by 7.9%.
Since early June it has dropped by nearly one-third. (版本二)
最後一句，總結
Even central mama’s love has its limits. (版本一)
Even central mama’s love can only do so much. (版本二)
即便是央媽的愛，也是有限制的。
2015年，七月十四日，夜，子時，
三篇長文，
人文于我，功用几何 :夏鵬
人文于我，功用几何 :葛旭
人文于我，功用几何 :齊文昱
解說 X 來源 : 教书匠小夏
WeChat ID : teacherxiapeng
