9月份中国人民币贷款增长超预期

 　　China’s local-currency loans and broader liquidity¹ grew more than expected last month but at rates nowhere close to the acceleration² seen earlier this year.

　　上月，中国本币贷款和更广义流动性的增长超过预期，但增速远不及今年早些时候的水平。

　　New renminbi-denominated bank loans rose to Rmb1.22tn in September, up 16.2 per cent year on year after bouncing back from contraction³ to grow 17.1 per cent in August, according to new figures from the People’s Bank of China. That was also above a median estimate of Rmb1tn from economists⁵.

　　中国央行最新数据显示，9月份新增人民币贷款升至1.22万亿元人民币，同比上升16.2%。这一数字要高于1万亿元人民币的经济学家预测值中位数。中国新增人民币贷款在8月份摆脱收缩趋势发生反弹，同比上升了17.1%。

　　A broad measure of the country’s money supply, M2, rose 11.5 per cent year on year last month, just shy of a median forecast of 11.6 per cent growth and marginally closer to a target of 13 per cent annual growth.

　　上月，中国广义货币(M2)同比增长11.5%，只比11.6%的预测值中位数略低一点，朝着13%的年增长目标又略微拉近了一些。

　　M1, a more narrow measurement of cash and shorter-term deposits, grew far more quickly at an annualised rate of 24.7 per cent year on year. Analysts⁶ said the discrepancies⁷ between M1 and M2 earlier in the year suggest companies still preferred to hold onto cash rather than invest.

　　狭义货币（M1，包括现金和较短期存款）的增长要快得多，同比增长了24.7%。分析师表示，今年早些时候M1与M2增速的背离表明，企业仍倾向于持有现金，而不是投资。

　　Still, Beijing’s favoured metric of total social financing, comprised of most major sources of financing, blew past a median forecast of Rmb1.39tn to reach Rmb1.72tn, up from Rmb1.47tn in August.

　　不过，北京方面最青睐的指标“社会融资规模”（由大多数主要融资构成）增长了1.72万亿元人民币，高于1.39万亿元人民币的预测值中位数，也高于8月份增长的1.47万亿元人民币。

　　Capital Economics China economist⁴ Julian Evans-Pritchard noted⁸ outstanding government bonds, whose share of credit is omitted from total social financing, were still growing rapidly at a pace of 57.9 per cent in September, pushing an augmented⁹ measure of the financing gauge¹⁰ to 16.7 per cent year on year growth, down slightly from 16.8 per cent in August.

　　凯投宏观(Capital Economics)中国经济学家朱利安?埃文斯-普里查德(Julian Evans-Pritchard)指出，9月份，政府债券（这部分信贷未计入社会融资规模）余额仍在快速增长，增速达57.9%，导致一项扩充后的社会融资规模指标同比增长了16.7%，略低于8月份16.8%的同比增速。

　　He added that “in coming months the economy may continue to propped¹¹ up by earlier policy easing. However, a slower expansion in credit is likely to prove a major headwind to growth next year”.

　　他接着指出，“未来几个月里，中国经济或许仍会受到早先宽松政策的支撑。但明年，信贷扩张放缓很可能会对增长构成很大阻力”。

1 liquidity   

n.流动性，偿债能力，流动资产

参考例句：

• The bank has progressively increased its liquidity.银行逐渐地增加其流动资产。
• The demand for and the supply of credit is closely linked to changes in liquidity.信用的供求和流动资金的变化有密切关系。

2 acceleration   

n.加速，加速度

参考例句：

• All spacemen must be able to bear acceleration.所有太空人都应能承受加速度。
• He has also called for an acceleration of political reforms.他同时呼吁加快政治改革的步伐。

3 contraction   

n.缩略词，缩写式，害病

参考例句：

• The contraction of this muscle raises the lower arm.肌肉的收缩使前臂抬起。
• The forces of expansion are balanced by forces of contraction.扩张力和收缩力相互平衡。

4 economist   

n.经济学家，经济专家，节俭的人

参考例句：

• He cast a professional economist's eyes on the problem.他以经济学行家的眼光审视这个问题。
• He's an economist who thinks he knows all the answers.他是个经济学家，自以为什么都懂。

5 economists   

n.经济学家，经济专家( economist的名词复数 )

参考例句：

• The sudden rise in share prices has confounded economists. 股价的突然上涨使经济学家大惑不解。
• Foreign bankers and economists cautiously welcomed the minister's initiative. 外国银行家和经济学家对部长的倡议反应谨慎。 来自《简明英汉词典》

6 analysts   

分析家，化验员( analyst的名词复数 )

参考例句：

• City analysts forecast huge profits this year. 伦敦金融分析家预测今年的利润非常丰厚。
• I was impressed by the high calibre of the researchers and analysts. 研究人员和分析人员的高素质给我留下了深刻印象。

7 discrepancies   

n.差异，不符合（之处），不一致（之处）( discrepancy的名词复数 )

参考例句：

• wide discrepancies in prices quoted for the work 这项工作的报价出入很大
• When both versions of the story were collated,major discrepancies were found. 在将这个故事的两个版本对照后，找出了主要的不符之处。 来自《简明英汉词典》

8 noted   

adj.著名的，知名的

参考例句：

• The local hotel is noted for its good table.当地的那家酒店以餐食精美而著称。
• Jim is noted for arriving late for work.吉姆上班迟到出了名。

9 Augmented   

adj.增音的 动词augment的过去式和过去分词形式

参考例句：

• 'scientists won't be replaced," he claims, "but they will be augmented." 他宣称：“科学家不会被取代；相反，他们会被拓展。” 来自英汉非文学 - 科学史
• The impact of the report was augmented by its timing. 由于发表的时间选得好，这篇报导的影响更大了。

10 gauge   

v.精确计量；估计；n.标准度量；计量器

参考例句：

• Can you gauge what her reaction is likely to be?你能揣测她的反应可能是什么吗？
• It's difficult to gauge one's character.要判断一个人的品格是很困难的。

11 propped   

支撑，支持，维持( prop的过去式和过去分词 )

参考例句：

• He sat propped up in the bed by pillows. 他靠着枕头坐在床上。
• This fence should be propped up. 这栅栏该用东西支一支。