加拿大中央銀行貨幣政策利率

Bank Rate 短期擔保融通利率

The Bank Rate is the rate at which the Bank of Canada lends funds to financial institutions. It is set at 0.25 per cent above the target for the overnight rate, which is the Bank's key policy rate (see below.)  

短期擔保融通利率為加拿大中央銀行貸放予金融機構資金的利率,設定在高於隔夜拆款利率目標0.25個百分點的水準。隔夜拆款利率目標為加拿大中央銀行最重要的政策利率。

 

Target for the Overnight Rate 隔夜拆款利率目標

The target for the overnight rate is the average interest rate that the Bank wants to see in the marketplace for one-day (or "overnight") loans between financial institutions. Changes in this rate influence other interest rates, such as those for consumer loans and mortgages.  

隔夜拆款利率目標為加拿大中央銀行想要看到的,金融機構間一天期(隔夜)拆款市場平均利率。這個利率的變動會影響其他的利率,諸如,消費者貸款利率和房貸利率。

 

The Connection between the Target for the Overnight Rate and the Bank Rate

隔夜拆款利率目標與短期擔保融通利率的關聯

The Bank has refined the way it conducts monetary policy over the years. In 1994, it established an operating band for the overnight rate, and in 1996 it changed the way it sets the Bank Rate.

加拿大中央銀行這些年來不斷改進其執行貨幣政策的方法。在1994年,加拿大中央銀行建立隔夜拆款利率操作區間,並在1996年改變其設定短期擔保融通利率的方法。

 

The Bank Rate is now set at the top of the operating band. It is always one-quarter of a percentage point above the target for the overnight rate, which is at the middle of the band. The Bank Rate is also the rate at which the Bank will lend money overnight to the financial institutions that take part in Canada's most important payments system, the Large Value Transfer System.

短期擔保融通利率現在被設定在操作區間上緣,永遠高於隔夜拆款利率目標0.25個百分點,而隔夜拆款利率目標位在操作區間的中央。此外,短期擔保融通利率也是加拿大中央銀行貸放隔夜資金予加拿大最重要支付系統(大額資金撥轉系統)參加金融機構的利率。

 

The bottom of the operating band is the interest rate the Bank pays on deposits that financial institutions have with us.

操作區間的下緣為加拿大中央銀行支付金融機構在中央銀行存款的利率。

 

The Bank always changes the target for the overnight rate, the operating band, and the Bank Rate at the same time, and by the same amount.

加拿大中央銀行總是同時調整隔夜拆款利率目標、操作區間、和短期擔保融通利率,且調整幅度相同.