主要央行联手出击金融危机，难抚紧张情绪（上）
Central Banks Launch Coordinated Attack2008年10月09日 13时10分00秒
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(10/9) Central Banks Launch Coordinated Attack
The world's central banks launched a large coordinated attack against the widening global financial crisis, lowering short-term interest rates in unison.
Separately, the U.S. Treasury Department is considering ways to inject capital directly into banks, possibly by taking equity stakes. Treasury Secretary Henry Paulson, in a marked shift in rhetoric, played up Treasury's newfound authority to 'to inject capital into financial institutions.'
Treasury is trying to figuring out how to structure such capital infusions so that banks can recapitalize and begin lending, according to a person familiar with the matter. No such moves are imminent.
The emergency interest-rate action, which involved the Fed, the European Central Bank, the Bank of England and others, is a sign that fears that the financial crisis could cripple the global economy are spreading rapidly.
But the rate move failed to soothe jittery investors. The Dow Jones Industrial Average closed at 9258.10, down 189 points, or 2%. The index has fallen 14.6% so far this month. Oil fell $1.11 to $88.95 a barrel, on signs of weakening global demand. Investors continued to flock to safe-haven U.S. Treasury bills, and away from riskier debt such as junk bonds.
One of the chief threats to the global economy is that banks and other financial institutions are hoarding cash, which makes it harder for businesses and households to finance their day-to-day affairs. Lower interest rates reduce the cost of borrowing for banks, businesses and households, and potentially boost confidence. But it's far from clear whether the lower rates will make banks and other lenders, which are gripped by fears of defaults by borrowers, any more willing to lend.
As recently as a few days ago, Treasury was not considering injecting capital directly into banks. But it has become more of a possibility as the stock market has plunged and the credit crunch shows no signs of easing.
Treasury wants to design something voluntary that encourages healthy institutions to participate. It is discussing whether to buy preferred stock or find some other way to inject capital into the firms.
In remarks to reporters on Wednesday, Mr. Paulson said its new authority extends beyond just mortgage-related assets to 'any other troubled assets that the Treasury and the Federal Reserve deem necessary to promote financial market stability.'
The U.K. government this week announced a plan to take stakes in a range of domestic banks.
On Wednesday, central banks in the U.S., the euro zone, the U.K., Canada, Sweden and Switzerland each cut short-term interest rates by a half percentage point, noting that 'the recent intensification of the financial crisis has augmented the downside risks to growth.' Acting on its own, the People's Bank of China also cut rates, as did Australia's central bank, a day earlier. Later, the central bank in Taiwan also cut interest rates, and Brazil's central bank cut reserve requirements on cash and term deposits.
主要央行联手出击金融危机，难抚紧张情绪（上）
2008年10月09日 13时10分00秒
【大 中 小】【关闭窗口】
--面临日益蔓延的全球金融危机，全球各大央行推出大规模协调举措，一致下调了短期利率水平。
此外，美国财政部正考虑向银行直接注资，有可能是通过入股银行。财政部长鲍尔森(Henry Paulson)一改讲话腔调，开始高谈财政部的新职责是“向金融机构注入资本”。
据一位知情人士透露，财政部正在考虑如何构建此类注资，以便银行可以得到资金并开始放贷。注资行动不会马上开始。
美国联邦储备委员会(Fed)、欧洲央行(ECB)、英国央行(BOE)等主要央行周三携手紧急减息，表明金融危机可能冲击全球经济的恐慌情绪正在迅速扩散。
但减息举措并未能安抚紧张不安的投资者。道琼斯工业股票平均价格指数周三收盘下跌189点，至9258.10点，跌幅2%；道琼斯指数本月以来已经累计下挫了14.6%。受全球需求走软的迹象拖累，原油期货下挫1.11美元，至每桶88.95美元。投资者继续逃离垃圾债券等高风险债种，纷纷涌进避险天堂美国国债。
全球经济面临的一个主要威胁是银行和其他金融机构正在囤积现金，导致企业和家庭难以获得日常需要的资金。减息举措降低了银行、企业和家庭的借贷成本，并可能会提振市场信心。但现在还难以判断减息能否促使银行和其他贷款机构更加愿意放贷，这些贷款机构对借款方违约风险惶恐不安。
就在几天以前，财政部还没有考虑过向银行直接注资。但随著股市暴跌，信贷危机未见缓解迹象，这种可能性越来越大。
财政部希望构建某种基于自愿的机制，鼓励财务状况良好的机构参与进来。财政部正在讨论是买进优先股还是通过其他方法向金融机构注资。
鲍尔森周三向记者们表示，财政部的新职责突破了原先的抵押贷款相关资产，已经扩大到了财政部和美国联邦储备委员会(Fed)认为对加强金融市场稳定性必不可少的任何其他不良资产。
英国本周宣布了一项救助计划，政府将入股诸多本国银行。
本周三，全球六个央行（美国、欧元区、英国、加拿大、瑞典以及瑞士）一致决定将短期利率下调半个百分点。这些央行在公告中表示，近期金融危机的恶化已经加剧了经济增长下行的风险。中国央行和澳大利亚央行也分别宣布了减息举措。随后，台湾央行也宣布下调基准利率，巴西央行则下调了活期和定期存款的存款准备金率。
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