2022年经济学人 英国养老金危机

The world this week--Business

本周国际要闻--商业

The Bank of England acted again to stabilise bond markets and increased its maximum daily purchases of long-dated gilts¹.

英国央行再次采取行动稳定债券市场，提高长期国债的日购买上限。

The central bank is buying the bonds through a temporary programme it created after markets took fright at the government’s plans for unfunded tax cuts.

英国央行正在通过一项临时项目购买债券，该项目是在市场对政府无资金支持的减税计划感到恐慌后创建的。

The programme is supposed to end on October 14th.

该项目预计将于10月14日结束。

British pension funds want it to be extended.

英国养老基金希望延长这一项目期限。

They are taking a hit from collateral² calls on derivatives³ linked to bond prices, leaving them with a short-term financing problem.

英国养老基金正受到与债券价格挂钩的衍生产品抵押品催缴的打击，使养老金面临短期融资问题。

The turmoil⁴ pushed up the costs of financing Britain’s government debt, with the interest rate on ten-year bonds climbing back to levels that prompted the Bank of England’s first emergency intervention⁵ in September.

这场动荡推高了英国政府债务的融资成本，10年期债券的利率回升，促使英国央行在9月份进行首次收紧干预。

In an attempt to regain⁶ credibility in the markets, Kwasi Kwarteng, the chancellor⁷ of the exchequer⁸, brought forward the date of his “fiscal plan”, which will explain how his tax cuts are to be paid for, to October 31st.

为了重新赢得市场的信任，英国财政大臣夸西·克瓦腾将其“财政计划”的日期提前至10月31日，该计划将解释减税将如何支付。

With markets expecting the Federal Reserve to continue raising interest rates, the yield on American government bonds has also increased.

由于市场预期美联储将继续提高利率，美国政府债券的收益率也有所上升。

That has pushed up mortgage rates in America, which are linked to the yield.

这推高了美国的抵押贷款利率，该利率与收益率挂钩。

The rate on a 30-year fixed-rate mortgage has climbed above 6.8%, the highest level since 2006, according to the Mortgage Bankers Association.

据美国抵押贷款银行家协会的数据，30年期固定抵押贷款利率已攀升至6.8%以上，为2006年以来的最高水平。

Global inflation is expected to peak later this year but remain elevated in 2023, said the IMF in its latest outlook.

国际货币基金组织在其最新展望中表示，全球通胀预计将在今年晚些时候见顶，但在2023年仍将居高不下。

Russia’s invasion of Ukraine continues to “destabilise the global economy”, said the fund, which shaved its forecast for global GDP growth next year to 2.7%.

国际货币基金组织称，俄罗斯入侵乌克兰继续“破坏全球经济的稳定”，将要把明年全球国内生产总值增长预期下调至2.7%。

With the world economy “headed for stormy waters” the IMF thinks that investors⁹ will turn to safe assets, such as US Treasuries¹⁰, pushing the dollar even higher.

国际货币基金组织认为，世界经济形势越来越严峻，投资者将转向美国国债等安全资产，从而进一步推高美元汇率。

Kristalina Georgieva, the IMF’s managing director, predicted that the near future will be “more volatile¹¹, more fragile”.

国际货币基金组织总裁克里斯塔利娜·格奥尔基耶娃预测，不久的将来会“更加动荡、更加脆弱”。

General Motors launched a new business to help customers charge their electric cars and keep their power bills down.

通用汽车推出了一项新业务，帮助消费者为电动汽车充电，并降低电费。

GM Energy’s energy-management system is similar to the one sold by Tesla.

通用能源的能源管理系统与特斯拉销售的系统类似。

A consortium backed by private equity¹² agreed to pay $7.9bn for Westinghouse Electric, which provides nuclear services including nuclear fuel and maintenance to around half the reactors¹³ worldwide.

一个由私人股本支持的财团同意斥资79亿美元收购西屋电气，西屋电气为全球约一半的反应堆提供包括核燃料和维护在内的核服务。

The deal is seen as a big investment in the future of nuclear power.

这笔交易被视为对核电未来的一笔巨大投资。

In order for the world to hit net-zero carbon goals, nuclear generation needs to double by 2050, according to the International Energy Agency.

根据国际能源署的说法，为了实现全球净零碳排放的目标，到2050年，核能发电量需要翻一番。

1 gilts   

n.镀金[银]材料，金[银]色涂层( gilt的名词复数 )；高度可靠的证券，金边证券；除去诱人的外表；让人扫兴

参考例句：

• They planned to have the gilts farrow down about the end of this month. 他们计划让母猪约在本月底下仔。 来自《现代英汉综合大词典》
• As bank base rates rise, the price of gilts falls. 如果银行基本利率上升，国债的价格就下跌。 来自互联网

2 collateral   

adj.平行的；旁系的；n.担保品

参考例句：

• Many people use personal assets as collateral for small business loans.很多人把个人财产用作小额商业贷款的抵押品。
• Most people here cannot borrow from banks because they lack collateral.由于拿不出东西作为抵押，这里大部分人无法从银行贷款。

3 derivatives   

n.衍生性金融商品；派生物，引出物( derivative的名词复数 )；导数

参考例句：

• Many English words are derivatives of Latin words. 许多英语词来自拉丁语。 来自《简明英汉词典》
• These compounds are nitrosohydroxylamine derivatives. 这类合成物是亚硝基羟胺衍生物。 来自辞典例句

4 turmoil   

n.骚乱，混乱，动乱

参考例句：

• His mind was in such a turmoil that he couldn't get to sleep.内心的纷扰使他无法入睡。
• The robbery put the village in a turmoil.抢劫使全村陷入混乱。

5 intervention   

n.介入，干涉，干预

参考例句：

• The government's intervention in this dispute will not help.政府对这场争论的干预不会起作用。
• Many people felt he would be hostile to the idea of foreign intervention.许多人觉得他会反对外来干预。

6 regain   

vt.重新获得，收复，恢复

参考例句：

• He is making a bid to regain his World No.1 ranking.他正为重登世界排名第一位而努力。
• The government is desperate to regain credibility with the public.政府急于重新获取公众的信任。

7 chancellor   

n.(英)大臣；法官；(德、奥)总理；大学校长

参考例句：

• They submitted their reports to the Chancellor yesterday.他们昨天向财政大臣递交了报告。
• He was regarded as the most successful Chancellor of modern times.他被认为是现代最成功的财政大臣。

8 exchequer   

n.财政部；国库

参考例句：

• In Britain the Chancellor of the Exchequer deals with taxes and government spending.英国的财政大臣负责税务和政府的开支。
• This resulted in a considerable loss to the exchequer.这使国库遭受了重大损失。

9 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

10 treasuries   

n.（政府的）财政部( treasury的名词复数 )；国库，金库

参考例句：

• Yields on Treasuries, Bunds and gilts can remain at historically low levels. 美国国债、德国国债和英国国债的收益率仍然可以维持在历史低位。 来自互联网
• Treasuries and gold rose in response but the dollar fell sharply. 接着，国债和黄金的价格上涨，而美元价格则猛跌。 来自互联网

11 volatile   

adj.反复无常的，挥发性的，稍纵即逝的，脾气火爆的；n.挥发性物质

参考例句：

• With the markets being so volatile,investments are at great risk.由于市场那么变化不定，投资冒着很大的风险。
• His character was weak and volatile.他这个人意志薄弱，喜怒无常。

12 equity   

n.公正，公平，（无固定利息的）股票

参考例句：

• They shared the work of the house with equity.他们公平地分担家务。
• To capture his equity,Murphy must either sell or refinance.要获得资产净值，墨菲必须出售或者重新融资。

13 reactors   

起反应的人( reactor的名词复数 )； 反应装置； 原子炉； 核反应堆

参考例句：

• The TMI nuclear facility has two reactors. 三哩岛核设施有两个反应堆。 来自英汉非文学 - 环境法 - 环境法
• The earliest production reactors necessarily used normal uranium as fuel. 最早为生产用的反应堆，必须使用普通铀作为燃料。