ASIAN INTEREST RATES
亚洲货币政策迅速转向


过去几个月,亚洲各央行持续大幅降息,标志着政策取向的迅速逆转,但迄今效果甚微。滞后效应真正的祸根在于,各央行去年年中仍在采取的紧缩政策迄今仍在起作用。

As elsewhere in the world, the impact of this easing has so far been minimal. That is not surprsing given that interest rate cuts usually take upwards of 12 months to take effect. Any green shoots spotted now, such as the recent pick-up in lending in China and India, are probably transitory, reflecting a release of pent-up demand rather than a fresh investment push. Still, as Asia's banks are generally in better shape than their US or UK peers, and less fixated on shrinking their loan books, the theory is that lenders will channel cheaper money more quickly into corporate and household pockets. Asian governments also tend to be more persuasive when it comes to getting banks to lend.

与manbetx app苹果 其它地区一样,这种放松银根的做法迄今效果甚微。鉴于降息通常要12个月以上才能见效,出现这种情况并不意外。目前出现的任何苗头——譬如,近来manbetx3.0 和印度借贷的增长——都可能只是昙花一现,反映出被压抑需求的释放,而非新的投资动力。不过,由于亚洲银行的状况普遍好于美国或欧洲同行,而且不那么专注于缩减贷款规模,从理论上讲,贷款机构将更迅速地将较廉价资金引导向企业和家庭。在让银行放贷方面,亚洲政府也往往更具说服力。

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