Markets too dependent on central banks
国际清算银行：市场过于依赖央行
广州银行翻译公司：该行首席经济学家博里奥称，要让全球经济实现更为强劲、平衡和可持续的扩张，更为均衡的政策组合至关重要。
Markets are highly dependent on central bank behaviour, the chief economist for the Bank for International Settlements has warned, pointing to concerns about volatile prices that have intensified in recent weeks.
国际清算银行(Bank for International Settlements)的首席经济学家警告，市场高度依赖央行行为，他表示对近几周市场波动加剧感到担忧。广州银行翻译公司。
“It is becoming increasingly evident that central banks have been overburdened for far too long,” said Claudio Borio, head of the monetary and economic department of the BIS, commenting on the bank’s latest quarterly review. The BIS is dubbed the central bankers’ bank because monetary authorities hold accounts there.
该行货币和经济部门主管克劳迪奥•博里奥(Claudio Borio)在最新的季度评估报告中表示：“日益明显的是，央行的负担过重已经太久。”国际清算银行被称为央行的央行，因为各国央行在该行开设账户。
“A more balanced policy mix is essential to bring the global economy into a more robust, balanced and sustainable expansion,” Mr Borio said.
博里奥说：“要让全球经济实现更为强劲、平衡和可持续的扩张，更为均衡的政策组合至关重要。” 广州银行翻译公司。
The past few years have witnessed an unprecedented period of loose monetary policy across the developed world, with central banks maintaining low — and in some cases negative — interest rates. Central banks’ asset buying programmes have also pushed up the price of bonds.
发达世界在过去几年推行了空前的宽松货币政策，各国央行维持低利率（在某些情况下甚至是负利率）。央行的资产购买计划还推高了债券价格。
Mr Borio pointed to recent bouts of volatility that have come as investors fret over the direction of monetary policy. There remains a “nagging question” about whether “market prices fully reflect the risks ahead”, he said, adding “doubts about valuations seem to have taken hold in recent days”.
博里奥指出了近期的市场动荡，这是在投资者担忧货币政策走向之际发生的。他说，如今依然存在“市场价格是否充分反映未来风险”这个“烦人的问题”，并补充称，“对估值的怀疑近日似乎占据上风”。
