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Ten days in June

机译:六月十天

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During last month's cash crunch, China's banks struggled desperately to work out what the country's central bank was thinking. As the cost of interbank borrowing rose to record levels, they wondered how the People's Bank of China (pboc) would respond. The answer was: belatedly and fitfully. Now the banks must decide on their own response. As rates ease, the fog enshrouding the central bank's intentions is beginning to clear. In addition to its public statements, a summary of a private pboc meeting was leaked to the Wall Street Journal. It conveyed the central bank's alarm at an apparent surge in lending in the first ten days in June, when China's banks added almost 1 trillion yuan ($163 billion) to their loan books, more than they typically lend in a whole month (see chart). Such an expansion of credit "had never been seen in history," the summary said.
机译:在上个月的现金紧缩期间,中国的银行拼命挣扎着想出中国央行的想法。随着银行间同业拆借成本上升到创纪录水平,他们想知道中国人民银行将如何应对。答案是:迟来又合适。现在,银行必须决定自己的反应。随着利率下降,笼罩中央银行意图的迷雾开始消除。除公开声明外,一次私人中国央行会议摘要也泄露给了《华尔街日报》。它传达了央行的警报,即6月的前十天贷款明显增加,当时中国的银行增加了近1万亿元人民币(1630亿美元)的贷方账目,超过了通常一个月的贷款总额(见图)。 。总结说,这种信贷扩张“在历史上从未见过”。

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    《The economist》 |2013年第8843期|65-66|共2页
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