歐洲央行提醒市場(chǎng)準(zhǔn)備迎接QE結(jié)束

The European Central Bank is to start preparing markets for the end of years of massive bond purchases by shifting its message to investors soon to reflect the strength of the eurozone economy.

歐洲央行(ECB)將開(kāi)始提醒市場(chǎng)準(zhǔn)備好迎接持續(xù)多年的大規(guī)模債券購(gòu)買(mǎi)計(jì)劃的結(jié)束，在不久后改變向投資者發(fā)出的信息，以反映歐元區(qū)經(jīng)濟(jì)增長(zhǎng)強(qiáng)勁的局面。

Minutes of the ECB’s most recent rate-setting meeting, published on Thursday, showed that policymakers want to tone down references to the region’s recovery and instead shift the bank’s communications to focus on a “continued robust and increasingly self sustaining economic expansion.”

周四公布的歐洲央行最新利率設(shè)定會(huì)議的紀(jì)要顯示，政策制定者們希望淡化對(duì)該地區(qū)復(fù)蘇的描述，轉(zhuǎn)而將該行的溝通重點(diǎn)放在“持續(xù)強(qiáng)勁且日益自我維系的經(jīng)濟(jì)擴(kuò)張”上。

Investors took the minutes of the December 14 meeting as a sign that the ECB’s massive monetary stimulus known as quantitative easing could end sooner than expected.

投資者將12月14日會(huì)議的紀(jì)要視為一個(gè)信號(hào)，即歐洲央行的大規(guī)模貨幣刺激計(jì)劃(即量化寬松政策)可能會(huì)比預(yù)期更早結(jié)束。

The euro moved up 0.7 per cent to $1.2021 — all but wiping out the shared currency’s slip over the wider week and investors also sold eurozone government debt, lifting the yield on German 10-year Bunds back over 0.5 per cent for the first time since October.

歐元兌美元匯率上漲0.7%，至1歐元兌1.2021美元，基本上收復(fù)了單一貨幣在過(guò)去一周的失地，投資者也拋售了歐元區(qū)政府債券，使德國(guó)10年期國(guó)債收益率自去年10月以來(lái)首次回升至0.5%上方。

The ECB is buying €30bn of bonds each month until September under QE and is expected to keep interest rates at their current record lows until the middle of 2019. Policymakers have promised to hold borrowing costs where they are until way beyond the horizon of their bond buying. The bank has bought a total of €2.3tn of bonds since starting QE in early 2015.

歐洲央行目前在量化寬松框架下每月購(gòu)買(mǎi)300億歐元的債券，直至今年9月，且預(yù)計(jì)直到2019年年中都會(huì)將利率維持在目前的歷史低位。政策制定者們已承諾繼續(xù)壓低借款成本，直到他們停止購(gòu)買(mǎi)債券很久之后。自2015年初開(kāi)始量化寬松操作以來(lái)，該央行已總共購(gòu)入2.3萬(wàn)億歐元債券。