WHEN the going gets tough, the tough buy Swiss francs. That was true in the 1970s, when the Swiss were forced to impose negative interest rates on foreign depositors. And it has been true in recent years, with Switzerland’s currency rising by 43% against the euro between the start of 2010 and mid-August this year.
|
notes 1. when the going gets tough, һϰھ౨Ŀͷָαüѡ˴“”ŷ壬ҲָձйgoingָҲھá 2.the tough buy Swiss francs the toughᶨģĵģΪָǼᶨͶߡһֱӲͨԣ൱һʱڱΪ“ܷۻ”“Ͷߵıӻ” չĶӲͨHard currency/ strong currencyָijȫΧĻңΪɿȶֶΡ֤һֻ㹻“Ӳ”ж֣аȶͨͣȶĻߺͲߣ㹻Ĺ֧Լͬȳڱȶʿ40%Ļƽ ڴʣnegative interest ratesΪʵʸʺ帺֡ʵʸָйƵĴʣʣʣͨʣʵʸڵľʮֳ20102¿ʼҹʵʸѳ20¡ָ帺ʣѯϺǻϤʿΪʴӿ뱾ԷDZʿʿɴ12%긺ʡӡ֤That was true in the 1970s, when the Swiss were forced to impose negative interest rates on foreign depositors.˵ |
Para 2The Swiss National Bank (SNB) has decreed that it will target an exchange rate of SFr1.20 to the euro, a policy that it will apply with “the utmost determination” by being “prepared to purchase foreign exchange in unlimited quantities”. The announcement had its intended result, driving down the franc by 8.2% within minutes to the targeted level (see article ). Central banks have much greater scope to push down their currencies than they do to prop them up; whereas the Bank of England had to deplete its foreign-exchange reserves defending the pound in 1992, the Swiss can create francs without limit.
| notes1. decree vt.䲼n. ֮ a policy that…Ӧ thatpolicyͬλӾ䣬policyľ 2Central banks have much greater scope to push down their currencies than they do to prop them up; whereas the Bank of England had to deplete its foreign-exchange reserves defending the pound in 1992, the Swiss can create francs without limit. ǰʾһ“жѹͱңƱֵĿռ̧ңֹұֵĿռҪö”һݽӣӢ1992ͨľ˦㴢ӢӦǰһ̧߱ңڶӣʿпƷͨͣӦǰһѹͱңӢвòľ㴢ļѺʿƷлҵγԱȣӡ֤“Central banks have much greater scope to push down their currencies than they do to prop them up”Ľۡ չĶ1992귢: 1992˹ɹѻӢ |