中國央行今年內第六次降息刺激經濟

China's central bank cut interest rates on Friday for the sixth time in less than a year, and it again lowered the amount of cash that banks must hold as reserves in a bid to jump start growth in its stuttering economy.

中國央行在本週五進行今年內第六次降息，並且它再次降低了銀行必須持有的現金儲備標準，用以刺激低迷的經濟。

Monetary policy easing in the world's second-largest economy is at its most aggressive since the 2008/09 financial crisis, as growth looks set to slip to a 25-year-low this year of under 7 percent.

在增長速度跌破7%進入二十五年間最低谷的情況之下，這是2008年9月金融危機以來世界第二大經濟體所制定的最爲激進的貨幣政策。

Yet underscoring China's drive to deepen financial reforms, which many believe are necessary to invigorate the economy, the People's Bank of China (PBOC) said it was freeing the interest rate market by scrapping a ceiling on deposit rates.

中國人民銀行稱其正通過不再設置存款浮動利率上限來放開利率市場。儘管許多人認爲這項舉措已經觸動深化金融改革的底線，但它對於刺激經濟來說十分必要。

The change, which Beijing had promised to deliver for months, will in theory allow banks to price loans according to their risk, and remove a distortion to the price of credit that analysts say fuels wasteful investment in China.

中國政府承諾會在幾個月內作出的改變，在理論上能夠讓銀行們根據各自的風險來給貸款定價，並消除分析員們口中的失真信貸價格，分析人員稱信貸價格失真導致了國內大量的過度投資。

China's policy loosening came a day after the European Central Bank said it could give a bigger policy jolt to the economy as soon as December to fight falling prices.

歐洲中央銀行說它可以在十二月爲中國提供更強進的政策刺激，以應對價格下跌。中國政府在其發表此言前一天釋放新政策。

"We've got half the world's central banks in easing mode," said Joe Rundle, the head of trading at ETX Capital in London. "And we'll probably see more easing from China to come."

倫敦ETX資本貿易負責人Joe Rundle說：“如今世界上半數的央行都出於寬鬆模式，我們可能會看見中國釋放更寬鬆的政策。”

The PBOC said on its website that it was lowering the one-year benchmark bank lending rate by 25 basis points to 4.35 percent, effective from Oct. 24. The one-year benchmark deposit rate was lowered by 25 basis points to 1.50 percent.

中國人民銀行在其網站上宣佈，自10月24日起,其將下調金融機構一年期人民幣貸款基準利率0.25個百分點至4.35%，一年期存款基準利率下調0.25個百分點至1.5%。

The reserve requirement ratio (RRR) was also cut by 50 basis points for all banks, taking the ratio to 17.5 percent for the biggest lenders, while banks that lend to agricultural firms and small companies received another 50-basis-point reduction to their RRR.

金融機構人民幣存款準備金率也被下調了0.5個百分點至17.5%。同時，爲加大金融支持三農和小微企業正向激勵,對符合標準金融機構額外降低存款準備金率0.5個百分點

The late-evening moves come just ahead of a high-level meeting in Beijing starting on Monday where senior Chinese leaders will thrash out the country's economic blue-print for the next five years.

深夜的新政策於週一的高端會談前釋出，中國的高層領導們將在北京商討制定中國經濟未來五年的發展藍圖。

Investors in Europe took cheer and shares soared, while the Chinese offshore yuan CNH= fell against the U.S. dollar.

歐洲的投資者們十分開心，股價大漲。而與此同時，離岸人民幣兌美元重挫。

"In the next step, monetary be kept not too loose or too tight to ensure stable economic growth," the PBOC said in a separate question-and-answer session.

中國人民銀行在另一個答辯會議上稱：“下一步的貨幣政策既不會過於緊縮也不會過於寬鬆，這樣才能保證穩健的經濟發展。”

It added that China's current muted consumer inflation and falling market interest rates provided a window for the country to liberalize its deposit rates.

它補充說，中國國內放緩的消費者膨脹和減少的市場利率爲國家房款存款利率提供了有利條件。

It has been a tumultuous year for China's economy.

今年對於中國經濟來說是個多事之秋。

A summer stock market plunge and shock devaluation of the yuan CNY=CFXS in August roiled global markets and fanned fears of a hard landing, prompting Chinese leaders to take drastic measures to assure investors they have the economy under control.

今夏的股市大跌和八月份人民幣匯率貶值讓全球市場一片混亂，並引發了對中國經濟可能會硬着陸的擔憂。這促使中國領導人採取嚴厲措施向投資者們保證中國經濟仍在控制之下。

Friday's easing came minutes after Premier Li Keqiang was quoted on state radio as saying that China will make "reasonable use" of rate and RRR cuts to keep its economy growing at a reasonable pace.

在週五的政策釋放幾分鐘之前，總理李克強在國家廣播電臺上說中國會“合理減少”利率和存款準備金率來保證中國經濟合理發展。

Senior Chinese leaders do not usually comment directly on the country's rate or RRR adjustments.

中國高級領導鮮少對於中國利率或存款準備金率做出直接評價。

The cuts came in the same week as sobering economic data for the third quarter that demonstrated the daunting challenges faced by the country's leaders, not least in achieving a growth target of around 7 percent set by the government.

在本週，今年第三季度的經濟數據表明中國領導人正面臨嚴峻的考驗，挑戰不僅僅來自實現7%左右的增長目標。

Data released on Monday showed China's economy grew 6.9 percent between July and September from a year earlier, dipping below 7 percent for the first time since the global financial crisis.

週一出爐的數據表明從七月到九月中國經濟增長速度跌至6.9%，這是全球金融危機爆發以來該數字首次破7。

With Chinese imports tumbling for the 11th straight month in September and producer prices stuck in deflation for more than three years, some analysts say China's policymakers have their work cut out.

截至到九月份，中國進口額已持續11個月下跌，而生產價格在近三年都出於通貨緊縮狀態。一些分析員稱中國的領導人們已經停止了他們的工作。

"We're still waiting for clear evidence of an economic turnaround," analysts at Capital Economics said in a note to clients.

Capital Economics的分析員在一份通知中告訴客戶說：“我們仍然在等待經濟轉折的明顯標誌。”

"We are retaining our forecast that benchmark rates and the reserve requirement ratio will both be cut once more before the end of the year, with a further move in both early in 2016."

“我們仍然保留自己的預測——基準利率和存款準備金率在年底會再度下調，而在2016年初會有進一步調整。”