Views: 4684|Replies: 5

高手帮忙翻金融翻译(较长) [Copy link] 中文

Rank: 4

Post time 2008-3-24 15:38:25 |Display all floors
金融专业知识极度匮乏,翻的快疯了一个,有没有这方面的高手好心帮看下啊

The Fed Giveth, and The Fed Taketh Away
The Fed almost got it right.

I have been whining for some time about the need to use asset market policies, rather than giving people checks so they can buy another iPod, to fix the current blackout in the credit markets. Friday's run on the bank at Bear Stearns has apparently gotten somebody's attention.

The Fed has been nibbling at the problem for some time. On January 22, they lowered their fed funds target by 0.75%, the biggest one-time drop in 2 decades. Then, on March 7, the Fed acknowledged that the Fed funds market was not performing its function by increasing the size of the temporary Term Auction Facility (TAF) they use to mainline reserves directly to banks with liquidity issues to a whopping $100 billion, doubled the length of the loans to 28 days and announced that banks would be able to use mortgage-backed and asset-backed securities as collateral to secure the transactions.

On March 11, the Fed announced a $200 billion Term Securities Lending Facility that would allow financial institutions, including the big investment banks, to borrow cash or Treasury securities using mortgage-backed securities as collateral. But last Friday, things hit the fan at Bear Stearns and the Fed stepped in to provide a non-recourse 4 week loan to Bear Stearns, through JPMorgan Chase (JPM).

Finally, on Sunday, the Fed agreed to fund $30 billion of Bear Stearns' less liquid assets, on a non-recourse basis, to facilitate the JPM purchase of Bear Stearns. At the same time, the Fed announced a 0.25% cut in the discount rate and created yet another alphabet program--this time the Prime Dealer Credit Facility (PDCF) that will provide overnight funding to primary dealers in exchange for a wide range of collateral including "investment-grade corporate, securities, municipal securities, mortgage-backed securities and asset-backed securities for which a price is available." The one day loans can be rolled over each day. The interest rate is the discount rate, currently 0.25% above the Fed funds rate. The Fed has full recourse to the borrowers capital.

Tomorrow, when the Open Market Committee meets, everyone expects them to reduce the Fed funds by another full point, with a corresponding further cut in the discount rate.

So why isn't it working? The answer is in the fine print. When the Fed announced the new PFCF (you have to use acronyms in this business) they also issued a press release, a Terms and Conditions statement and a statement on Frequently Asked Questions (although they had never done this before so I am a little skeptical about how many times it had come up in conversation).

Near the end there are 2 questions we should pay attention to.:

Will the PDCF operations have a reserve impact?
Yes, the credit advanced to the primary dealers under the PDCF will increase the amount of bank reserves.

How will we offset the reserve impact of PDCF loans?

PDCF loans made to primary dealers increase the total supply of reserves in the banking system, in much the same way that Discount Window loans do. To offset this increase, the Federal Reserve Open Market Trading Desk (the “Desk”) will utilize a number of tools, including, but not necessarily limited to, outright sales of Treasury securities, reverse repurchase agreements, redemptions of Treasury securities, and changes in the sizes of conventional RP transactions.


In other words, in conjunction with their Fed funds targeting operation, the Fed will siphon off every dollar of reserves created by the new facility--thereby, negating all of the stimulative impact of the policy! Or, another way of saying the same thing, the Fed will reduce reserves at healthy banks--thereby worsening their liquidity--dollar for dollar with the loans they are making to the investment banks.

As an example, on Monday, March 7, the same day they unveiled the $100 billion facility, the Fed announced they would sell $10 billion of Treasury bills from its portfolio on Monday, March 10 (thereby reducing reserves by the same amount), the first outright sale of securities since 1991.

This is a problem on many levels. Leave aside the obvious moral hazard problem of taking money away from careful people to give it to people who are not so careful. It also reduces the amount of bank reserves in commercial banks--as opposed to investment banks who do not hold deposits. This will further contract lending and worsen the credit crunch.

这是偶翻的部分,还未完,请大家多指正!

美联储差不多做对了。

采取资产市场政策而不是给人们支票去买一个新的ipod,来解决目前在信用市场的封锁,对于此种做法的必要性我一直不能苟同。周五美联储对贝司登银行(Bear Sterns)的操作已经引起人们的显著关注。

美联储对这个问题已斟酌很久。22日,美联储将联邦基金利率降低0.75%,是20年以来最大的一次下调。然后在3月7日,美联储承认联邦基金市场没有发挥作用,于是又增加了短期标售工具的规模,将多达1千亿美元的储备金直接注入到有流动性问题的银行,并且将贷款时间延长了一倍至28天,宣布银行可以将抵押证券和资产支持型证券作为交易担保。

3月11日美联储公布了一项定期证券借贷安排,它使得一些金融机构包括大的投资行通过抵押证券作为担保借到最多两千亿的贷款。但是更糟糕的是,上周五美联储通过摩根大通银行(JPM)向贝斯登为期四周并且无追索权的贷款。

最终在周日,美联储同意向贝斯登提供300亿美元的无追索权贷款,以其流动性较差的资产为抵押,便于摩根大通银行收购贝斯登。同时宣布将再贴现率降低0.25%,并且提供另一种工具(只是名义上变化名称而已)——这回叫初级债券交易商信用工具(PDCF),它向美国债券主要交易商提供隔夜贷款,抵押物范围很广,包括投资级公司,证券,市政债券,抵押债券和资产支持型债券,只要它们有价值。这些一日贷款可以延期还款。利息率和再贴现率一样,目前是比联邦基金率高0.25%。美联储对于贷款方的资金有完全追索权。

Use magic tools Report

Rank: 4

Post time 2008-3-25 10:44:41 |Display all floors
明天公开市场委员会开会时,每个人都希望他们进一步降低再贴现率,大幅削减美联储基金。

(对应的那句英文不知怎么翻比较好……)答案就在当美联储宣布新的定期借贷安排时还发布了一个新闻通知,一份条款和条件声明以及常用问题的说明(尽管以前他们从未做出过此事;所以我对于这些问题是否有人经常提出表示怀疑)。

最后有两个问题值得引起我们注意:
是否会对储备金造成影响?
是的,在此操作下将借贷对象延伸到债券主要交易商,银行的储备金将会增加。

我们应该怎样对冲定期债券借贷安排带来的储备金影响?

向主要交易商开放的定期债券借贷安排增加了银行系统的准备金的总供给量,和再贴现窗口的贷款起到了同样的作用。为了抵冲增加量,美联储公开市场交易室将运用一系列工具,包括财政债券的直接抛售、逆回购协议、国家债券的弥补以及RP transaction。


换句话说,配合联邦基金目标的操作,美联储将吸收由于新工具而增加的准备金,从而抵冲这项政策带来的影响。再换种说法就是美联储将减少运行正常的银行的准备金,进而进一步减慢他们的资金流动性,来弥补他们对投资银行的贷款。

例如,周一美联储发行了价值1000亿美元的短期标售工具,同时在3月7日当天又宣布他们从即日起出售总额100亿美元的短期国库券,以此来等额减少准备金,这是自1991年来美联储首次一次性出售如此大数额的国库券。

这会引起多方面的问题。除了会造成道德危机,将资金从谨慎持有者转移到了信用差的借贷者手中,而且也会减少商业银行的准备金,而不持有存款的投资银行却恰恰相反。这会进一步促进合同贷款,加速信贷紧缩。
u set yr own limit~

Use magic tools Report

Rank: 4

Post time 2008-3-25 10:48:02 |Display all floors
我哭,怎么没人理啊。。。。。。
As an example, on Monday, March 7, the same day they unveiled the $100 billion facility, the Fed announced they would sell $10 billion of Treasury bills from its portfolio on Monday, March 10 (thereby reducing reserves by the same amount),
这句话意思大致明白,可是这个不是说要等额减少商业银行的准备金吗?为啥那个短期标售工具价值是1000亿美元而短期国库券只有100亿美元呢?而且时间上前面说是3月7日周一,后面又成了3月10日周日
u set yr own limit~

Use magic tools Report

Rank: 4

Post time 2008-3-25 11:58:18 |Display all floors
只看了第一段。
blackout in the credit markets 是“信用市场的封锁'的意思吗
”Friday's run on the bank“指什么?俺觉得是指该投行的流动性危机,人们大量抛售合约

Use magic tools Report

Rank: 4

Post time 2008-3-26 10:00:49 |Display all floors
”Friday's run on the bank“指什么?俺觉得是指该投行的流动性危机,人们大量抛售合约

查了下字典,a run on the bank: a sudden withdrawal of deposits by many costomers 挤兑
谢谢楼上的!
u set yr own limit~

Use magic tools Report

Rank: 4

Post time 2008-3-26 10:51:46 |Display all floors
“blackout in the credit markets” 俺觉得是指信用市场的危机萧条,blackout是停电,漆黑一片的意思,看不出对信用市场的封锁

Use magic tools Report

You can't reply post until you log in Log in | register

BACK TO THE TOP
Contact us:Tel: (86)010-84883548, Email: blog@chinadaily.com.cn
Blog announcement:| We reserve the right, and you authorize us, to use content, including words, photos and videos, which you provide to our blog
platform, for non-profit purposes on China Daily media, comprising newspaper, website, iPad and other social media accounts.