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.
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【notes】 1. when the going gets tough, 是一句习语，常用于经济类报道的开头，泛指情形变得艰难。此处“情形”可以是欧洲经济体，也可以指美国、日本、中国等世界各国，going所指也不限于经济。 2.the tough buy Swiss francs 中the tough（坚定的，不屈不饶的）作为主语，指的是坚定的投资者。瑞郎因其一直以来硬通货的特性，在相当长的一段时间内被视为“避风港货币”、“投资者的庇护神”。 【扩展阅读】①硬通货（Hard currency/ strong currency）是指某种在全球范围交易的货币，其可以作为可靠且稳定的贮藏手段。保证一种货币足够“硬”的因素有多种，其中包括政治稳定，低通货膨胀，稳定的货币政策和财政政策，有足够的贵金属储备支持以及同其他货币相比长期保持稳定或攀升。而瑞士法郎正具有以上特征，其货币依托有40%的黄金储备。 ②储蓄负利率（negative interest rates）分为实际负利率和名义负利率两种。实际负利率是指银行挂牌的储蓄存款利率（即名义利率）低于物价上涨率（通胀率）。实际负利率在当今的经济体中十分常见，自2010年2月开始，我国实际负利率已持续近20个月。而文中是指名义负利率，查询资料后我们获悉瑞士政府为限制外资大量涌入本国，曾决定对非本国居民在瑞士的瑞士法郎存款倒收12%的年负利率。（正印证了文中That was true in the 1970s, when the Swiss were forced to impose negative interest rates on foreign depositors.的说法） |
【Para 2】The 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.
| 【notes】1. decree vt.颁布（法令）n. 法令 和之后的 a policy that…呼应 其中that引导的是policy的同位语从句，解释policy（法令）的具体内容 2．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. 前句揭示了一条公理“各国中央银行都是压低本国货币（即抑制本国货币升值）的空间比抬高货币（即阻止本国货币贬值）的空间要大得多”，而后一句递进举了两个对立的例子：英格兰银行在1992年通过耗尽、大幅甩卖外汇储备来捍卫英镑，这对应前句中一国中央银行抬高本国货币，而第二个例子，现在瑞士国家银行可以无限制发行瑞郎来抑制瑞郎通胀，对应前句中一国中央银行压低本国货币，英国银行不得不耗尽外汇储备的艰难和瑞士国家银行无限制发行货币的轻松形成鲜明对比，印证了“Central banks have much greater scope to push down their currencies than they do to prop them up”的结论。 【扩展阅读】追溯1992年发生的往事: 【1992年索罗斯成功狙击英镑】 |