经济学人261:印度尼西亚银行 黄金时代的终结

　　Finance and economics
财经商业
Indonesia's banks
印度尼西亚银行
The good times end
黄金时代的终结
Banks' solvency¹ is not in question. Profitability is another matter
银行偿付不是问题 获利才是问题
IN THE late 1990s Indonesia's banking² sector³ collapsed⁴ after the rupiah lost about 85% of its value against the dollar, leading to a spate⁵ of loan defaults by borrowers unable to service their foreign debts.
90年代末卢比汇率暴跌货币损失85%价值，这造成了大量大量贷款拖欠者无力偿还外债。
The rupiah's recent decline—the currency has dropped by 14% against the dollar since the start of the year—and a big current-account deficit⁶ have revived uncomfortable memories of that period.
卢比的汇率下跌以及大量的财政赤字使得那些不好的记忆重现。
Indonesia's economy is now growing at its slowest pace in almost three years.
今年是印度尼西亚这三年来经济增长最为缓慢的一年。
22222222222222_副本.jpgIn real terms GDP expanded at an annual rate of 5.8% in the second quarter, down from a recent high of 6.8%.
在第二季度中实际GDP增长率仅为5.8%，较之前的6.8%有所回落。
Since May Bank Indonesia, the central bank, has lifted its main interest rate by 125 basis points to 7%, the highest since June 2009, in an effort to reverse the rupiah's slide.
为了阻止卢比的下跌，五月份以来，印度尼西亚的中央银行将主要利率将之前的基点125上调了7%。这是自2009年6月以来的最高值。
When the currency was stable it made sense for firms to borrow in dollars even if their revenues were in rupiah, says Ivan Tan of Standard & Poor's, a ratings agency.
标准普尔的Ivan Tan称当货币稳定时公司更倾向于用美元贷款，即使他们所收入的是卢比。
Slower growth, currency depreciation⁷ and higher interest rates will “start to stretch companies' ability to repay their debts.
缓慢的经济增速，货币贬值以及高利率限制了企业还贷能力。
Firms with dollar revenues, which are naturally hedged against exchange-rate risk, may not be as safe as they once were.
而那些收入美元的公司能在一定程度上避免汇率波动所带来的风险，但这也不是绝对的。
Many of Indonesia's biggest exporters are in the natural-resources sector, selling things like palm oil, rubber or minerals.
印度尼西亚的大型出口企业多出口自然资源比如棕榈油橡胶或者金属。
International prices for such commodities have tumbled recently as growth has slowed in China and other large importing countries.
受中国及其他主要进口国经济增速放慢的影响，这些商品的国际价格最近都有所下跌。
This is not the 1990s again, however.
这已经不是90年代了。
Indonesia's banks have high capital ratios—an average of 16.9% in May for the country's commercial lenders.
但是印度尼西亚有着很高的资本比。—在5月份，商业贷款人平均占16.9%。
Credit growth has raced along at an annual rate of about 20% in recent years, but this has been financed mostly by deposits rather than flightier wholesale⁸ borrowing. Non-performing loans are equivalent to only 2% of total lending.
最近几年信贷年增长率急速增加到20%左右。但这一增长主要由存款拉动而不是流动性批发贷款。
Corporate⁹ balance-sheets are widely accepted to be stronger than they were during the Asian crisis.
较亚洲金融危机期间，法人财务状况表已被更广泛地接受。
Stricter regulation means that lenders are better at managing their own exposure to exchange-rate risk, too.
严格地管理意味着借贷人会更好地应对报表与汇率波动之间的关系。
Fitch, another ratings agency, notes that banks' net open positions average only 2% of their capital, well within the 20% maximum permitted at the end of each business day.
惠誉称银行的净末平仓合约平均只占其资产的2%，而每个营业日最多允许20%
Even so, change is coming to the industry.
即使是这样，这也给工业带来了改变。
Indonesia's banks have been among the world's most profitable in recent years.
最近几年，印度尼西亚银行已经成为了世界上最赚钱的银行。
As the economy slows, and banks put aside more provisions for bad loans, the years of effortlessly high returns are ending.
随着经济增速放缓,银行需要应对更多的不良贷款。银行的暴利时代已经终结。
1.lead to 把…带到；导致
That can lead to serious consequences.
这会导致严重的后果。
All these ideologies¹⁰ lead to repression¹¹.
所有这些思想最终都导致镇压。
2.drop by 顺便来访
In britain, real gdp per person will drop by more than 5% compared with its pre-crisis level.
英国的实际人均gdp与危机前的水平相比将下降5%以上。
In the u.s., yum's nov. 29 statement that china sales were softening¹² caused its shares to drop by almost 10% the following morning.
在美国，百胜11月29日发布有关中国销售下滑的预警后，其股价第二天上午下跌了大约10%。
3.effort to 努力
We suggest making the effort to look attractive.
我们建议尽最大努力让自己看起来有吸引力。
Securitisation was an effort to sidestep capital requirements.
证券化是为了绕过资本方面的要求。
4.borrow in 借
Reforms allowing asian companies to borrow in other asian currencies are expected to promote cross-border activity.
允许亚洲企业以其它亚洲货币借入资金的改革，预计将促进跨境交易活动。
It is another version of the "carry trade", in which investors¹³ borrow in low-yielding currencies and buy higher-yielding ones.
这是另一种的“套息交易”投资者借入低收益的货币的同时购买高收益的货币。

1 solvency   

n.偿付能力，溶解力

参考例句：

• Fears about the solvency of the banks precipitated the great economic crash.对银行偿付能力出现恐慌更加速了经济的崩溃。
• Their targets,including profitability ratios,solvency ratios,asset management ratios.其指标包括盈利比率、偿债能力比率、资产管理比率。

2 banking   

n.银行业，银行学，金融业

参考例句：

• John is launching his son on a career in banking.约翰打算让儿子在银行界谋一个新职位。
• He possesses an extensive knowledge of banking.他具有广博的银行业务知识。

3 sector   

n.部门，部分；防御地段，防区；扇形

参考例句：

• The export sector will aid the economic recovery. 出口产业将促进经济复苏。
• The enemy have attacked the British sector.敌人已进攻英国防区。

4 collapsed   

adj.倒塌的

参考例句：

• Jack collapsed in agony on the floor. 杰克十分痛苦地瘫倒在地板上。
• The roof collapsed under the weight of snow. 房顶在雪的重压下突然坍塌下来。

5 spate   

n.泛滥，洪水，突然的一阵

参考例句：

• Police are investigating a spate of burglaries in the area.警察正在调查这一地区发生的大量盗窃案。
• Refugees crossed the border in full spate.难民大量地越过了边境。

6 deficit   

n.亏空，亏损；赤字，逆差

参考例句：

• The directors have reported a deficit of 2.5 million dollars.董事们报告赤字为250万美元。
• We have a great deficit this year.我们今年有很大亏损。

7 depreciation   

n.价值低落，贬值，蔑视，贬低

参考例句：

• She can't bear the depreciation of the enemy.她受不了敌人的蹂躏。
• They wrote off 500 for depreciation of machinery.他们注销了500镑作为机器折旧费。

8 wholesale   

n.批发；adv.以批发方式；vt.批发，成批出售

参考例句：

• The retail dealer buys at wholesale and sells at retail.零售商批发购进货物，以零售价卖出。
• Such shoes usually wholesale for much less.这种鞋批发出售通常要便宜得多。

9 corporate   

adj.共同的，全体的；公司的，企业的

参考例句：

• This is our corporate responsibility.这是我们共同的责任。
• His corporate's life will be as short as a rabbit's tail.他的公司的寿命是兔子尾巴长不了。

10 ideologies   

n.思想（体系）( ideology的名词复数 )；思想意识；意识形态；观念形态

参考例句：

• There is no fundamental diversity between the two ideologies. 这两种思想意识之间并没有根本的分歧。 来自《简明英汉词典》
• Radical ideologies require to contrast to their own goodness the wickedness of some other system. 凡是过激的意识形态，都需要有另外一个丑恶的制度作对比，才能衬托出自己的善良。 来自辞典例句

11 repression   

n.镇压，抑制，抑压

参考例句：

• The repression of your true feelings is harmful to your health.压抑你的真实感情有害健康。
• This touched off a new storm against violent repression.这引起了反对暴力镇压的新风暴。

12 softening   

变软，软化

参考例句：

• Her eyes, softening, caressed his face. 她的眼光变得很温柔了。它们不住地爱抚他的脸。 来自汉英文学 - 家（1-26） - 家（1-26）
• He might think my brain was softening or something of the kind. 他也许会觉得我婆婆妈妈的，已经成了个软心肠的人了。

13 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