Russia lurched towards a financial crisis evoking parallels with its 1998 crash, as the rouble plunged more than 11 per cent despite a dramatic midnight interest rate rise by its central bank.
俄罗斯正滑向一场金融危机,令人联想起该国1998年的经济崩溃。卢布昨日进一步暴跌逾11%,尽管俄罗斯央行在午夜时分戏剧性上调利率。
The rouble turmoil showed signs of spreading to global markets, as investors piled into haven assets and German bond yields dropped to a record low.
卢布的动荡显示出向全球市场扩散的迹象,投资者大举转投避险资产,德国债券收益率跌至创纪录低点。
In a sign of the pressure policy makers are under, Sergey Shvetsov, deputy governor of the central bank, said the situation was “critical”. “I couldn’t imagine even a year ago that such a thing would happen — even in my worst nightmares,” he told an event in Moscow.
突显政策制定者所受巨大压力的一个迹象是,俄罗斯央行副行长谢尔盖•什韦佐夫(Sergey Shvetsov)表示,当前局势处于“紧要关头”。他在莫斯科举行的一场活动期间表示:“即便在一年前,我在最险恶的噩梦里也想象不到会发生这种事。”
Russian shoppers rushed to buy goods before the currency lost more value, while some banks ran short of cash as customers stocked up on dollars and euros.
俄罗斯消费者开始恐慌性购物,试图抢在卢布进一步贬值前买入各种商品。与此同时,部分银行由于客户囤积美元和欧元而遭遇现金短缺。
“Russia is in full-blown currency crisis,” said Alexander Moseley, fund manager at Schroders. “It is difficult to see the underlying source of stress ending.”
施罗德(Schroders)基金经理亚历山大•莫斯利(Alexander Moseley)表示:“俄罗斯已陷入一场全面的货币危机。很难看到根本的压力来源消失。”
At one point yesterday the rouble tumbled to 80 against the US dollar before recovering to Rbs70. It has fallen more than 50 per cent since the start of the year, reviving memories of the 1998 crash when Russia defaulted on its domestic debt — though its public finances and reserves are in a much healthier state now.
昨天,卢布兑美元汇率曾一度跌至1美元兑80卢布,随后回升至1美元兑70卢布。自今年初以来,卢布汇率已下跌逾50%,令人回想起1998年俄罗斯发生国内债务违约、引发经济崩溃的情形——尽管该国现在的公共财政和外汇储备状况比那时强得多。
The rouble’s slide comes in the run-up to Fed chairwoman Janet Yellen’s last monetary policy meeting of 2014. If she sends a strong signal on rate rises next year it could extend the rout in emerging markets by sucking capital back into the US.
卢布暴跌之际,适逢美联储主席珍妮特•耶伦(Janet Yellen)即将主持2014年最后一次货币政策会议。如果她释放出明年将提升利率的强烈信号,那将会吸引资金回流美国,从而加剧新兴市场的跌势。
The rouble’s drop has been driven by declining confidence in the central bank, western sanctions against Russia over its involvement in Ukraine and a falling oil price which dipped below $60 yesterday for the first time since July 2009. It presents a huge problem for President Vladimir Putin.
卢布下跌的推动因素,包括各方对俄罗斯央行信心下滑、西方因俄罗斯插手乌克兰事务而制裁俄罗斯、以及油价不断下跌。昨天,油价自2009年7月以来首次跌至每桶60美元以下。这给俄罗斯总统弗拉基米尔•普京(Vladimir Putin)带来了巨大问题。
As the rouble continued to slide, Dmitry Medvedev, prime minister, summoned top central bank and government officials for urgent talks on the financial and economic situation.
随着卢布继续下滑,俄罗斯总理德米特里•梅德韦杰夫(Dmitry Medvedev)曾召集央行及政府的最高级别官员,就俄罗斯金融和经济形势展开紧急讨论。
Investors and Russian citizens are now looking to an annual press conference by Mr Putin tomorrow for signals on how he plans to deal with the crisis — and in particular for any signs that he may soften his stance on Ukraine in an attempt to ease sanctions.
目前,投资者和俄罗斯公民正在关注明天由普京主持的年度记者招待会,以便找到有关普京计划如何应对危机的信号——尤其是他可能在乌克兰问题上放软身段、以求缓解西方制裁的任何信号。
The failure of Russia’s central bank on Monday night to stem the currency’s sharp declines with an emergency interest rate rise of 6.5 points to 17 per cent raised speculation that Moscow would introduce capital controls.
周一晚上,俄罗斯央行将利率紧急提升6.5个百分点至17%,但这一举措未能阻止卢布急剧下滑,引发了俄罗斯政府可能出台资本管制的猜测。
The rouble’s fall ricocheted through global financial markets, encouraging a flight to quality among investors. Yields on 10-year debt issued by Germany dropped to 0.56 per cent for the first time, while equivalent Japanese bond yields hit a record low of 0.36 per cent.
卢布暴跌在全球金融市场引发震荡,促使投资者快速转往高品质资产。德国发行的10年期债券的收益率首次跌至0.56%。与此同时,日本10年期债券的收益率降至0.36%的创纪录低点。
Moscow’s Micex stock index fell more than 8 per cent during the day before recovering, with shares in Russia’s biggest bank, Sberbank, down 17 per cent and Gazprom down 10 per cent.
莫斯科Micex股指一度下跌逾8%,随后有所回升。俄罗斯最大银行——俄罗斯联邦储蓄银行(Sberbank)股价下跌了17%,而俄罗斯天然气工业股份公司(Gazprom)股价下跌了10%。
Additional reporting by Jack Farchy, Elaine Moore, Alice Ross and Michael Hunter
杰克•法尔基(Jack Farchy)、伊莱恩•摩尔(Elaine Moore)、艾丽丝•罗斯(Alice Ross)、迈克尔•亨特(Michael Hunter)补充报道