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1、赵过：外报阅读2012-6Passage1MonetarypolicyThree'scompanyJul5th2012,15:57byP.W.
2、LONDONTweetTHEcollectivetermforlionsisapride,forrooksaparliament—andcentralbanks?Maybetherightwordforthemshouldbeconcert,fortheyoftenseemtomoveinconcertedfashiontogether.Sometimessuchactionsareco-ordinated—asinthebi
3、gratereductionsmadebytheworld’smaincentralbanksduringthefinancialcrisisinOctober2008;or,morerecently,thestepstakenlastNovemberbytheUSFederalReserve,theEuropeanCentralBank(ECB)andfourotherstoeasedollarshortagesintheeuroarea.Today’sdecisionsbythreecentralbanksinAsiaandEuropewerenotaconcer
4、tedeffort,buttheyalleasedmonetarypolicy,albeitindifferentways.InChina,thecentralbankcutthebenchmarklendingratefrom6.31%to6%.TheEuropeanCentralBank(ECB)cutitsmainpolicyratefrom1%to0.75%,arecordlow.InBritain,wherethebaseratehasstoodatanall-timelowof0.5%sinceMarch2009,thechosendevicewasath
5、irdboutofquantitativeeasing(QE)—buyinggovernmentbondswithfreshlymintedmoney.OverthenextfourmonthstheBankofEnglandwillpurchasebondsworthanextra£50billion($78billion),takingthetotalto£375billion.TheBofEpreviouslyhadmadepurchasesworth£325billionintwoseparatephases,thelastofwhichendedasrece
6、ntlyasearlyMay.Thesedecisionstoloosenmonetarypolicyreflectedgrowingapprehensionaboutaglobaleconomicslowdown.AclutchofbusinesssurveyspublishedearlierthisweekshowedhowmanufacturingwasexperiencingadownturninAsia,EuropeandtheAmericas.InJune,forthefirsttimesinceNovember,Japan’spurchasingmana
7、gers’index(PMI)wentbelowthelevelthatseparatesexpansionfromcontraction;Germany’shitathree-yearlow;Brazil’srecordedcontractionforthethirdsuccessivemonth;andintheUnitedStates,themanufacturingindexwentbelow50forthefirsttimesinceJuly2009,whenAmericawasemergingfromrecession.Thedangeristhatsla
8、ckeningdemandinonecountryhitsfirmsinanother,leadingtoaself-reinforcingdecline.InAmericamanufacturers’newexportordersfellsharply,withcompaniesblamingslackerdemandinChinaandEurope.TheBrazilianeconomyisheavilydependentonexportingcommoditiestoChina,soitisboundtobeaffectedbyaslowdow
