英國量寬加速全球債券收益率下降

Britain’s revived programme of mass bond-buying accelerated a fall in global bond yields yesterday in the latest sign of how central bank policy has intensified a worldwide collapse in borrowing costs this year.

英國重啓大規模債券購買計劃昨日加速全球債券收益率下降，這是今年以來央行政策加劇全球借貸成本崩潰的最新跡象。

The Bank of England this month announced a new ￡70bn asset purchase programme designed to address fears of an economic slowdown after Britain voted to leave the EU, joining the European Central Bank and Bank of Japan to become the third major central bank engaged in quantitative easing.

英國央行(BoE)本月宣佈了一項新的700億英鎊資產購買計劃，旨在應對英國投票決定退出歐盟(EU)以後人們對經濟放緩的憂慮。這使英國央行成爲繼歐洲央行(ECB)和日本央行(BoJ)以後第3家採取量化寬鬆舉措的主要央行。

The speed and extent of market reaction to the BoE’s monetary easing programme indicated a change among investors who previously doubted the ability of central banks to further suppress bond yields, said Steven Major, head of fixed income research at HSBC.

匯豐(HSBC)固定收益研究主管斯蒂文•梅傑(Steven Major)表示，市場對英國央行貨幣寬鬆計劃的反應的速度和程度表明，此前懷疑央行進一步壓低債券收益率能力的投資者改變了看法。

“The Bank has made it clear that the next move is lower rates and possibly more QE — if they can find the bonds to buy — which is why this new round of easing is having an influence on everything in markets. It has shifted expectations towards further easing in Europe and away from a rate rise in the US.”

“英國央行已經清楚地表明，下一步是更低的利率，可能還有更多量化寬鬆——如果它們能找到可以買入的債券的話——這就是爲什麼新一輪寬鬆舉措對市場中的一切都產生了影響。這使市場預期從美國加息轉向了歐洲進一步寬鬆。”

Demand for UK bonds meant yields on two short-dated gilts due in March 2019 and March 2020 briefly traded in negative territory yesterday while interest rates across all other maturities fell to fresh lows.

昨日，對英國債券的需求意味着兩隻分別在2019年3月和2020年3月到期的短期金邊債券收益率一度降至負數，而其他所有債券的利率跌至新低。