2019年经济学人 简洁的代价(2)

 

That would trigger yet more political turmoil¹, which could bring protesters onto the streets and send foreign capital running for the exit.

这么做会引发更多的政治动荡，会让抗议者们走上街道，让外资纷纷撤离。

Investors² distinguish clearly between countries that do and do not have free and peaceful elections,

投资者们清楚地区分出了有自由和平选举的国家以及没有自由和平选举的国家，

says Ibrahim Turhan, a former chair of the Istanbul stock exchange. "No one would like to see Turkey in the second group."

伊斯坦布尔证交所前主席伊布拉欣·图尔汗表示。“没人想看到土耳其被列入后者。”

In the month before the elections, Mr Erdogan encouraged state banks to increase the amount they lent at cheap rates.

选举前一个月，埃尔多安鼓励国有银行增加低息贷款。

Banks also came under pressure to lower lira deposit rates, making other currencies more attractive by comparison.

银行还面临降低里拉存款率的压力，这使得其他货币在相比之下更有吸引力。

Turkish residents now hold over half of their deposits in dollars and other hard currencies. None of this has helped the lira.

土耳其居民现在持有超过一半的美元和其他硬通货的存款。这些都没有帮助里拉。

On March 21st the central bank revealed it had burned through $6.3bn (over 18%) of its net reserves in a fortnight,

3月21日，央行披露在两周内已消耗掉63亿美元（超过18%）的净储备，

presumably in an undeclared effort to prop³ up the lira.

这可能是为了支持里拉而进行的一次未公开的努力。

After the news spooked investors, the government squeezed the offshore⁴ lira market,

这一消息吓坏了投资者，政府压缩离岸里拉市场，

making it harder for foreign speculators to borrow the currency in order to sell it.

让外国投机者更加难以借入货币以便卖出。

But the squeeze also posed a problem for Turkey's banks, points out Brad Setser of the Council on Foreign Relations, an American think-tank,

美国智囊团外交关系委员会的布拉德·塞特瑟指出，压缩也给土耳其银行造成了一个问题，

because they depend on lira funding in the overseas market.

因为它们依赖于海外市场的里拉资金。

To ease their discomfort⁵, the authorities made it easier for banks to swap⁶ their dollars for lira from the central bank.

为了缓解他们的不安，当局让银行更容易在央行用美元兑换里拉。

That had the effect of temporarily bolstering⁷ the central bank's dollar reserves, until the currencies are swapped⁹ back again.

这暂时支撑了央行美元储备，直到货币再次被兑换回来。

As the financial markets cottoned on to what was happening, investors began to distrust the central bank's weekly reserves figures.

随着金融市场逐渐意识到发生了什么，投资者开始不信任央行的每周外汇储备数据。

Was it trying to mislead investors? Probably not.

它是在试图误导投资者吗？或许不是。

As required by IMF standards, it duly reported the swaps¹⁰ in its monthly reserves statement, which is published with a 30-day lag.

按照IMF的标准，其在月度储备声明中报告了外汇掉期，该储备声明延后了30天才发布。

And in a press conference on April 30th, it explained the source of its sudden dollar infusion¹¹.

在4月30日的新闻发布会中，其解释了突然注入美元的原因。

But although it clarified why its reserves had abruptly¹² gone up, it did not reveal why they had suddenly gone down in the weeks before.

但尽管它澄清了外汇储备突然增加的原因，但却没有透露为什么几周前外汇储备突然下降。

Judging by the financial markets' reaction, the conference did little to bolster⁸ investors' faith in the lira.

从金融市场的反应来看，这次发布会并没有增强投资者对里拉的信心。

The words of central banks can be powerful. But although they choose what to say, markets decide what to hear.

央行的话语很有影响力。虽然它们选择说什么，但市场决定听什么。

1 turmoil   

n.骚乱，混乱，动乱

参考例句：

• His mind was in such a turmoil that he couldn't get to sleep.内心的纷扰使他无法入睡。
• The robbery put the village in a turmoil.抢劫使全村陷入混乱。

2 investors   

n.投资者，出资者( investor的名词复数 )

参考例句：

• a con man who bilked investors out of millions of dollars 诈取投资者几百万元的骗子
• a cash bonanza for investors 投资者的赚钱机会

3 prop   

vt.支撑；n.支柱，支撑物；支持者，靠山

参考例句：

• A worker put a prop against the wall of the tunnel to keep it from falling.一名工人用东西支撑住隧道壁好使它不会倒塌。
• The government does not intend to prop up declining industries.政府无意扶持不景气的企业。

4 offshore   

adj.海面的，吹向海面的；adv.向海面

参考例句：

• A big program of oil exploration has begun offshore.一个大规模的石油勘探计划正在近海展开。
• A gentle current carried them slowly offshore.和缓的潮流慢慢地把他们带离了海岸。

5 discomfort   

n.不舒服，不安，难过，困难，不方便

参考例句：

• One has to bear a little discomfort while travelling.旅行中总要忍受一点不便。
• She turned red with discomfort when the teacher spoke.老师讲话时她不好意思地红着脸。

6 swap   

n.交换；vt.交换，用...作交易

参考例句：

• I will swap you my bicycle for your radio.我想拿我的自行车换你的收音机。
• This comic was a swap that I got from Nick.这本漫画书是我从尼克那里换来的。

7 bolstering   

v.支持( bolster的现在分词 )；支撑；给予必要的支持；援助

参考例句：

• Why should Donahue's people concern themselves with bolstering your image? 唐纳休的人为什么要费心维护你的形象？ 来自辞典例句
• He needed bolstering and support. 他需要别人助他一臂之力。 来自辞典例句

8 bolster   

n.枕垫；v.支持，鼓励

参考例句：

• The high interest rates helped to bolster up the economy.高利率使经济更稳健。
• He tried to bolster up their morale.他尽力鼓舞他们的士气。

9 swapped   

交换（工作）( swap的过去式和过去分词 )； 用…替换，把…换成，掉换（过来）

参考例句：

• I liked her coat and she liked mine, so we swapped. 我喜欢她的外套，她喜欢我的外套，于是我们就交换了。
• At half-time the manager swapped some of the players around. 经理在半场时把几名队员换下了场。

10 swaps   

交换( swap的名词复数 )； 交换物，被掉换者

参考例句：

• He swaps his old car for a new motorcycle. 他用旧车换了一辆新摩托车。 来自英汉 - 翻译样例 - 口语
• Swaps the anchor and end points of the current selection. 交换当前所选内容的定位点和结束点。

11 infusion   

n.灌输

参考例句：

• Old families need an infusion of new blood from time to time.古老的家族需要不时地注入新鲜血液。
• Careful observation of the infusion site is necessary.必须仔细观察输液部位。

12 abruptly   

adv.突然地，出其不意地

参考例句：

• He gestured abruptly for Virginia to get in the car.他粗鲁地示意弗吉尼亚上车。
• I was abruptly notified that a half-hour speech was expected of me.我突然被通知要讲半个小时的话。