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| China’s central bank cut key interest rates on Tuesday for loans issued by the state-controlled banking system, in the clearest sign yet of mounting concern in the Chinese government and corporate sector that the country’s economy is stalling. | 中国央行周二下调了国有银行系统发放贷款的重要利率，这是迄今为止中国政府和企业部门日益担心中国经济停滞的最明显迹象。 |
| The interest rate cut was small — a tenth of a percentage point for the country’s benchmark one-year and five-year interest rates for loans. But because almost all of the country’s corporate lending and mortgages are linked to the two rates, the reductions could have some effect on the overall pace of economic growth. | 降息幅度很小——仅为该国一年期和五年期贷款基准利率的十分之一。但由于该国几乎所有的企业贷款和抵押贷款都与这两种利率挂钩，降息可能会对整体经济增长速度产生一定影响。 |
| The move by the central bank, the People’s Bank of China, puts China at odds with policies in the West. The Federal Reserve spent over a year battling inflation by raising rates before pausing earlier this month. The European Central Bank has also been pushing up interest rates in response to inflation. | 中国人民银行的举动使中国与西方的政策大相径庭。在本月早些时候暂停加息之前，美联储花了一年多的时间对抗通胀。欧洲央行也一直在推高利率以应对通货膨胀。 |
| But China has the opposite problem: Spending and private sector investment are so weak that businesses have been vying with each other to cut prices to keep customers. Consumer and producer prices actually fell for the four months through May. | 但中国存在相反的问题：支出和民营部门投资如此疲软，以至于企业一直在竞相降价以留住客户。截至5月的四个月中，消费者和生产者价格实际上都在下降。 |
| Cutting rates is slow-working medicine for the Chinese economy, said Han Shen Lin, a former deputy general manager for China at Wells Fargo Bank who now teaches finance at New York University in Shanghai. Corporations typically negotiate once a year with their banks on their borrowing limit, then take out loans of anywhere from a couple of weeks to several months. Only as new loans are made, or existing loans are rolled over, is the lower interest rate applied. | 富国银行前中国区副总经理、现任上海纽约大学金融学教授的林汉升表示，降息对中国经济来说是一剂缓效药。各个公司通常每年与银行就借款限额进行一次谈判，然后贷款数周至数月不等。只有在发放新贷款或展期现有贷款时，才执行较低的利率。 |
| The central bank’s reduction on Tuesday “will seep through the system, but only gradually,” Mr. Lin said. | 林汉升说，央行周二的降息“将渗透到整个系统，但只会逐渐渗透”。 |
| Households will need to wait even longer to benefit. Interest rates on mortgages are almost always adjustable in China. But the adjustment often happens in January, China’s central bank said on Tuesday, in an explanatory statement that accompanied the announcement of the interest rate reduction. | 家庭需要等待更长的时间才能受益。在中国，抵押贷款利率几乎都是可调整的。但调整通常发生在1月，中国央行周二在宣布降息时在一份解释性声明中说。 |
| So while people buying homes in the next few months may benefit from the new cuts, many homeowners will need to wait longer. | 因此，虽然未来几个月的购房者可能会从新的降息中受益，但许多业主将需要等待更长时间才能受益。 |
| The move on Tuesday was the first reduction in loan rates by China since last August, when the country’s economy was still struggling after a two-month Covid lockdown in Shanghai. The latest cuts send the message that Beijing wants to stabilize output at a time when exports are falling, construction has stagnated and consumer confidence is weak. The government’s abrupt abandonment of Covid controls at the end of last year had sparked hope that China’s economy would snap back. | 周二的举措是中国自去年8月以来首次下调贷款利率，当时中国经济在上海因疫情封锁两个月后仍处于挣扎中。最新的下调发出的信息是，在出口下降、工程停滞和消费者信心疲软的情况下，北京希望稳定经济产出。去年年底，政府突然放弃了对新冠病毒的防控措施，带来了人们对中国经济迅速复苏的期待。 |
| The modest scale of the interest rate reductions suggests concern among China’s economic policymakers, but not panic. As the global financial crisis gathered speed in late 2008, by contrast, China’s central bank cut its benchmark loan and deposit rates by 1.08 percentage points in a single day. And during the Asian financial crisis of the late 1990s, China cut loan rates by 1.44 percentage points in one day. | 降息幅度不大表明中国经济决策者存在担忧，但并不恐慌。相比之下，在2008年末全球金融危机加速时，中国央行存贷款基准利率单日下调1.08个百分点。而在1990年代后期的亚洲金融危机期间，中国将贷款利率单日下调了1.44个百分点。 |
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