2024年CATTI口译实务备考训练（9）

　　CATTI考试，作为重要的翻译考试，也是比较有社会价值的英语能力证书。对于大家参加CATTI考试的同学，大家在实际的备考中，应该如何更好的来复习备考?为了让大家能够更全面的准备CATTI考试，新东方在线小编为大家整理了“2024年CATTI口译实务备考训练(9)”，让我们一起来学习备考吧!

　　The People's Bank of China, the country's central bank, recently lowered the

　　rate on 400 billion yuan ($589 billion) of one-year medium-term lending

　　facility loans to some financial institutions by 10 basis points to 75

　　percent. It also conducted 2 billion yuan of seven-day reverse repo operations

　　at an interest rate of 2 percent, down from 1 percent.

　　中国人民银行开展4000亿元中期借贷便利(MLF)操作，20亿元7天公开市场逆回购操作，中标利率均下降10个基点，分别是75%和2%。

　　It was an unexpected cut in interest rates. In China's second-quarter

　　monetary policy report, the PBOC strengthened its focus on refraining from

　　adopting a deluge of strong stimulus policies. The market expects liquidity to

　　remain ample. As for the 10 bps interest rate cuts by the central bank, we

　　understand they were carried out mainly for the following three reasons.

　　本次央行降息超出市场预期。央行发布二季度货币政策执行报告，强化了对“不搞大水漫灌”的关注。市场预期流动性仍将保持宽松。央行在当前时点降息10个基点，笔者理解主要有以下三个原因。

　　First, there is a rising need for cutting interest rates to support the real

　　economy. Growth of some key economic data slowed in July from June, which does

　　not augur well for a strong economic recovery in the third quarter and points to

　　a deep-seated lack of growth momentum. On the one hand, demand declined owing to

　　unsolved real estate problems. And given the increased risk of recession in

　　Europe and the United States, the sword of Damocles is still hanging above the

　　slowing export growth rate, despite exports' short-term resilience.

　　一是，降息支持实体经济的必要性提升。7月经济增长数据普遍较6月回落，三季度以来并未展现出经济强劲复苏的面貌，折射出深层次动力不足的问题。一方面是需求收缩，房地产问题仍待解决。出口短期虽有韧性，但考虑到欧美经济衰退的风险在加大，出口增速下行的“达摩克利斯之剑”仍悬。

　　On the other hand, overall market expectations are weak. During the

　　three-year COVID-19 pandemic, some have been suffering deteriorating balance

　　sheets, hampering consumption recovery. Meanwhile, enterprises still face

　　problems like disruptions to production and logistics as well as insufficient

　　demand, and enterprises do not have a strong willingness to use tax credit

　　refunds to recycle into expanding investment.

　　另一方面是预期偏弱。疫情持续时间已近三年，部分居民资产负债表趋向恶化，消费复苏阻碍重重;企业生产物流受阻、需求不足问题延续，留抵退税转化为投资扩张的意愿偏弱。

　　Second, credit and social financing declined in July. Limited improvements in

　　business and consumer confidence failed to boost demand for loans to the real

　　economy. So far this year, social financing data have fluctuated greatly. As a

　　result, it is still necessary to further reduce interest rates to stimulate loan

　　demand.

　　二是，7月份信贷和社会融资规模回落。居民和企业信心改善有限，使得实体经济贷款需求疲弱。今年以来，社融数据“一波三折”。因此，仍有必要进一步降息刺激贷款需求。

　　Third, inflation and exchange rates reduced their role of acting as

　　constraints, and it is time for a more discretionary monetary policy. In terms

　　of internal inflation, growth rates of the consumer price index and the producer

　　price index for July were both lower than market expectations, and the growth in

　　core CPI also slowed in July. Meanwhile, the proportion of pork prices in the

　　CPI slipped from 3 percent in early 2021 to 3 percent in July 2022 based on

　　the Laspeyres Price Index. Therefore, subsequent inflation levels due to rising

　　pork prices may be less drastic than previously thought.

　　三是，通胀与汇率两大约束暂有缓解，货币政策相机抉择的时间窗口打开。就内部通胀而言，7月消费者价格指数(CPI)和生产者价格指数(PPI)同比增速双双低于市场预期，核心CPI增速也有下行。同时，因拉氏指数的核算方法，猪肉占CPI的权重已自2021年初的3%下滑至2022年7月的3%，这意味着后续“猪通胀”的压力可能不及市场的悲观预期。

　　As for external constraints, the latest US July consumer inflation data came

　　in weaker than forecast, indicating a peak in overseas inflation. The market

　　altered its expectations for the US Federal Reserve to raise interest rates in

　　September. The US dollar index fell, and the renminbi exchange rate rose

　　steadily.

　　就外部约束而言，最新公布的美国7月物价数据低于市场预期，海外通胀出现更多见顶迹象，市场对美联储9月加息的预期降温，美元指数有所回落，人民币汇率稳中有升。

　　International capital flows are expected to achieve marginal improvements due

　　to domestic economic recovery and lower expectations for overseas central banks

　　to hike rates. Therefore, we may interpret the exchange rate to be "adhering to

　　bottom-line thinking", as written in China's second-quarter monetary policy

　　report, which better allows for two-way fluctuations in the exchange rate and

　　lets the exchange rate play its role as an internal and external balance

　　regulator under the new situation of an improved external environment and

　　international capital flows.

　　在国内经济复苏、海外央行加息预期缓和的背景下，国际资本流动形势有望迎来边际改善。二季度货币政策执行报告强调汇率“坚持底线思维”，或意味着外部环境和国际资本流动形势缓和下，可适当加大对汇率双向波动的容忍度，发挥其内外平衡调节器的作用。

　　Liquidity has continued to ease this year since early April, and the rate

　　cuts sent a positive policy signal. On the one hand, the seven-day reverse repo

　　rate averaged only 56 percent in July and dropped to 34 percent since the

　　beginning of August, far below the policy rate of 1 percent.

　　今年4月初以来，货币流动性不断走向宽松，本次政策利率下调释放出积极的政策信号。一方面，7天回购利率7月均值仅56%，8月以来更低至34%，远低于政策利率的1%。

　　On the other hand, the cost of bank liabilities fell quickly. According to a

　　news conference on financial statistics in the first half, the interest rate on

　　newly absorbed time deposits was 5 percent in June, 16 bps lower than that of

　　the same period last year. In addition, the cost of interbank liabilities fell

　　sharply just as the money market interest rate did, and the spread between the

　　issuance interest rate of one-year interbank certificates of deposit and MLF

　　loans expanded, which averaged 27 bps in the first quarter and expanded to 60

　　bps in July and 81 bps since the beginning of August.

　　另一方面，银行负债成本较快下行。上半年金融统计数据新闻发布会表示，6月份新吸收定期存款利率为5%，比上年同期低16个基点。同业负债成本也跟随货币市场利率较快下行，存单利率与MLF之间的点差扩大“MLF-股份制银行一年期同业存单发行利率”的差值，一季度的均值为27个基点，7月扩大至60个基点，8月以来更扩大至81个基点。

　　The main reasons for the contraction of MLF loans are that banks have

　　insufficient demand for high-cost MLF funds and the divergence between policy

　　rates and market rates is huge, reducing the leading effect of MLF policy rates

　　on the cost of bank liabilities, so there is a great need for convergence

　　between policy rates and market rates.

　　而本次MLF价降量缩的原因主要在于，银行对于成本偏高的MLF资金需求不足;因政策利率与市场利率的背离已较为严重，MLF政策利率对银行负债成本的指引作用有所下滑，政策利率与市场利率的收敛存在必要性。

　　In order to employ monetary policy to support the real economy, it is urgent

　　to maintain the stability of total credit. Against the backdrop of advance

　　issuance of government bonds, we need to pay more attention to the growth rate

　　of aggregate financing to the real economy, excluding government bonds.

　　货币政策要支持实体经济，亟需解决“稳信用”的持续性问题。在政府债发行前置，更需关注剔除政府债后的社融存量增速。

　　We expect to see some monetary policy tools in the second half. This will

　　increase medium and long-term lending. In the fields of technological innovation

　　and green development, if funding is not as expected, it can be optimized by

　　improving financial support in relending or extending the scope of funding

　　applications. In the field of traditional infrastructure, policy-related and

　　developmental financial instruments are combined with an 800 billion yuan

　　increase in policy banks' lending quotas to fund infrastructure projects, thus

　　leveraging infrastructure financing.

　　下半年还可期待的货币政策工具包括加大中长期贷款的投放力度。在科技创新和绿色领域，如资金投放不及预期，可从提升再贷款资金支持比例、推广适用领域等方面优化拓展空间;在传统基建领域方面，政策性、开发性金融工具，政策性银行新增的8000亿元贷款额度相互配合，着眼于撬动配套的基建融资。

　　Also, there is a need to fully meet the credit needs of micro and small

　　businesses, real estate and enterprises affected by the COVID-19 pandemic. It is

　　advisable that the PBOC considers lowering relending rates for the agriculture

　　sector and small businesses once more by 10 to 25 bps.

　　此外，充分满足普惠小微领域、房地产领域、及疫情受损行业企业的信贷需求。可考虑进一步下调支农支小再贷款利率10至25个基点。

　　In addition, there is a need to stimulate demand for lending by improving the

　　market reform mechanism for deposit rates and further lowering deposit rates, so

　　the over-five-year loan prime rate may be reduced notably. Meanwhile, the PBOC

　　could cut the reserve requirement ratio by 0.25 to 0.5 percentage point when

　　necessary, which would lead to a reduction in LPR by 5 bps.

　　通过完善存款利率市场化改革机制、进一步压降存款利率，刺激贷款需求，或可带动5年期贷款基础利率(LPR)更大幅度下行。同时，还可适时降准0.25至0.5个百分点以推动LPR再下行5个基点。

　　What needs to be emphasized is that according to current cuts in policy

　　interest rates and lending rates, monetary policy is extending more support to

　　the real economy, which is comparable to the period when the COVID-19 pandemic

　　broke out in 2020. However, the current economic recovery is clearly weaker than

　　at that time, so monetary policy easing will continue.

　　需要强调的是，以当前政策利率、贷款利率的调降幅度看，货币政策对实体经济的支持力度不亚于2020年新冠疫情后，但当前经济复苏的力度较当时要逊色，因此货币政策宽松的态势应会延续。

　　以上就是新东方在线CATTI频道给大家整理的“2024年CATTI口译实务备考训练(9)”相关内容，希望对大家有所帮助，更多备考内容，欢迎随时关注新东方在线CATTI频道。