金融英语翻译65-91.doc

1 Tools of ary Policy 货币政策的工具 As we have already discussed,the central bank is responsible for controlling the supply of money in the economy. 正如我们先前讨论的:中央银行负责经济中货币的供给。 When the central bank decides to change the money supply,it must consider how its actions will work through the banking system. 央行在决定改变货币供给时就一定要考虑到它的行动会在银行体系中起到什么样的作用。 There are three tools in its ary toolbox:open-market operations,reserve requirements,and the discount rate. 货币工具箱中有三种工具: 公开市场操作、法定准备金和贴现率。 Open-Market Operations 公开市场操作 The central bank conducts open-market operations when it buys or sells government bonds from the public. 中央银行向公众购买或出售政府债券时就是在实施公开市场操作。 To increase the money supply,the Bank instructs itsbond traders tobuy bonds in the nation ’sbond markets. 当需要增加货币供给时,央行指示她的债券交易人从全国债券市场中买入债券。 To reduce the money supply,the Bank does just the opposite:It sells government bonds to the public. 若要减少货币供给, 央行只需做出相反的举动:它向公众卖出政府债券。 The public pays for these bonds with its holdings of currency and bank deposits,directly reducing the amount of money in circulation. 公众用他们所持有的现金和银行存款去购买债券,直接减少了货币在流通中的数量。 Open-market operations are easy to conduct. 公开市场操作很容易进行。 In fact,the Bank ’s purchases and sales of government bonds in the nation ’sbond markets are simliar to the transactions that any individual might undertake for his own portfolio. 事实上, 央行在全国债券市场上对政府债券的买卖和每个个体在他们的证券投资组合中进行的交易十分相似。(Of course,when