加拿大中央銀行2009.3.3調降貨幣政策利率0.5個百分點

 

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3 March 2009   200933

 

CONTACT: Jeremy Harrison 613 782-8782

連絡人:Jeremy Harrison 613 782-8782

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Bank of Canada lowers overnight rate target by 1/2 percentage point to 1/2 per cent

加拿大中央銀行調降隔夜拆款利率目標0.5個百分點至0.5%

 

OTTAWA – The Bank of Canada today announced that it is lowering its target for the overnight rate by one-half of a percentage point to 1/2 per cent. The operating band for the overnight rate is correspondingly lowered, and the Bank Rate is now 3/4 per cent.

渥太華 -- 加拿大中央銀行今天宣布將調降隔夜拆款利率目標0.5個百分點至0.5%。隔夜拆款利率操作區間相對調降,且現行短期擔保融通利率為0.75%

 

The outlook for the global economy has continued to deteriorate since the Bank's January Monetary Policy Report Update, with weaker-than-expected activity in major economies. The nature of the U.S. recession, with very weak auto and housing sectors, is particularly challenging for Canada.

自本行「一月號貨幣政策更新報告」發表之後,全球經濟展望仍然繼續惡化,主要經濟體經濟活動比預期疲弱。於美國經濟衰退的性質為非常疲弱的汽車和住屋部門,此對加拿大尤其具有挑戰性。

 

Stabilization of the global financial system remains a precondition for the global and Canadian economic recoveries. The timely implementation of ambitious plans in some major countries to address toxic assets and recapitalize financial institutions will be critical in this regard.  

全球金融體系的穩定,仍然為全球和加拿大經濟復甦的前提條件。就此而言,關鍵在於某些主要國家及時執行有企圖心的計畫,處理有毒的資產和充實金融機構資本。

 

National accounts data for the fourth quarter of 2008 and other indicators of aggregate demand point to a sharper decline in Canadian economic activity and a larger output gap through the first half of 2009 than projected in January. Potential delays in stabilizing the global financial system, along with larger-than-anticipated confidence and wealth effects on domestic demand, could mean that the output gap will not begin to close until early 2010. These factors imply a slightly lower profile for core inflation than was projected in the January MPRU.

2008年第4季國民所得帳統計數據和其他的總體需求指標,均指出加拿大的經濟活動急劇減緩,且2009年上半年產出落差將比在1月時所預估的數字大。在穩定全球金融體系方面存在延遲的可能性,加上信心和財富效果對國內需求的影響大於預期,可能意謂產出落差在2010年初以前仍不會消失。這些因素隱含,核心物價將比在「一月號貨幣政策更新報告」中所預估者為低。

 

The effects of the recent aggressive monetary and fiscal policy actions in Canada and other major economies will begin to be felt in the second half of this year and will build through 2010. Once the global financial system stabilizes and global growth recovers, the underlying strength of the Canadian economy and financial sector should ensure a more rapid recovery in Canada than in most other industrialized economies.  

最近在加拿大和其他主要經濟體所採取大膽的貨幣和財政政策措施效果,將會在今年下半年開始被感受到。一旦全球金融體系穩定下來,且全球經濟恢復成長,基於加拿大的經濟和金融部門的基本面優勢,應該可以確保加拿大的復甦將比大多數其他工業化經濟體快速。

 

The Bank's decision to lower its policy rate by 50 basis points today brings the cumulative monetary policy easing to 400 basis points since December 2007. Consistent with returning total CPI inflation to 2 per cent, the target for the overnight rate can be expected to remain at this level or lower at least until there are clear signs that excess supply in the economy is being taken up.

本行今天決定調降其政策利率50個基點,自200712月以來,貨幣政策累計放鬆400個基點。為讓消費者物價總年增率回到2%,我們可以預期隔夜拆款利率目標將保持在這個水準或更低,直到有清楚的訊號顯示,經濟體系裡的超額供給已經消化完畢。

 

Given the low level of the target for the overnight rate, the Bank is refining the approach it would take to provide additional monetary stimulus, if required, through credit and quantitative easing. In its April Monetary Policy Report, the Bank will outline a framework for the possible use of such measures.

於隔夜拆款利率目標處於低水準,本行正在擬辦法,在必要時,透過放鬆授信和量化寬鬆措施,提供額外的貨幣政策刺激。在4月的貨幣政策報告中,本行將會說明可能使用的這類措施的架構。

 

The Bank will continue to monitor carefully economic and financial developments in judging to what extent further monetary stimulus will be required to achieve its 2 per cent inflation target over the medium term.

本行將會繼續密切監控經濟和金融情勢的演變,以判斷需要何種程度的進一步貨幣政策刺激措施,在中期間達成2%的物價上漲目標。

 

Information note:

附註資訊:

 

The next scheduled date for announcing the overnight rate target is 21 April 2009. A full update of the Bank's outlook for the economy and inflation, including risks to the projection, will be published in the Monetary Policy Report on 23 April 2009.

下一次宣布隔夜拆款利率目標的預定日期為2009421日。本行對經濟和物價展望的完整更新報告,包括預測涉及的各項風險因素,將會在2009423日的貨幣政策報告中發表。