歐洲央行擔(dān)心特朗普發(fā)動(dòng)匯率戰(zhàn)

Eurozone concerns over the weakness of the dollar were laid bare in a set of European Central Bank minutes that highlighted fears the Trump administration was deliberately trying to engage in currency wars.

歐元區(qū)對(duì)美元疲軟的擔(dān)憂在歐洲央行(ECB)會(huì)議紀(jì)要中表露無(wú)疑，這些會(huì)議紀(jì)要突顯對(duì)特朗普政府蓄意挑起匯率戰(zhàn)爭(zhēng)的擔(dān)心。

The account of the ECB’s January monetary policy meeting also reveals that its hawkish members pushed for a change in the bank’s communications, arguing economic conditions were now strong enough to drop a commitment to boost the quantitative easing programme in the event of a slowdown.

歐洲央行1月貨幣政策會(huì)議的記錄還顯示，其鷹派成員主張?jiān)撔袘?yīng)該改變公開(kāi)言論的措辭，他們辯稱，經(jīng)濟(jì)狀況現(xiàn)在已經(jīng)足夠強(qiáng)勁，不需要再承諾在經(jīng)濟(jì)放緩的情況下加大量化寬松計(jì)劃力度。

Mario Draghi, ECB president, last month hit out at US Treasury secretary Steven Mnuchin’s claim that a weak dollar was good for the American economy. Mr Draghi said Washington needed to uphold the rules of the international monetary system, which forbid nations from deliberately devaluing their currencies.

歐洲央行行長(zhǎng)馬里奧•德拉吉(Mario Draghi)上月抨擊了美國(guó)財(cái)政部長(zhǎng)史蒂文•姆努欽(Steven Mnuchin)有關(guān)弱勢(shì)美元對(duì)美國(guó)經(jīng)濟(jì)有利的說(shuō)法。德拉吉表示，華盛頓需要堅(jiān)持國(guó)際貨幣體系的規(guī)則，這些規(guī)則禁止各國(guó)故意讓本幣貶值。

Mr Mnuchin’s remarks were seen as a signal that the US could ditch its strong dollar policy — which could lower eurozone exports and make it harder for the ECB to hit its inflation target.

姆努欽的言論被視為一個(gè)信號(hào)，即美國(guó)可能放棄其強(qiáng)勢(shì)美元政策，這可能會(huì)削弱歐元區(qū)出口，并使歐洲央行更難達(dá)到其通脹目標(biāo)。

Mr Mnuchin later said his comments were “completely consistent with what I’ve said before” and that he had merely made a “factual statement” that a weaker dollar would help the US on trade in the short term. President Donald Trump has also since reaffirmed the strong dollar policy.

姆努欽后來(lái)表示，他的言論“與我之前所說(shuō)的完全一致”，他只是做出了一個(gè)“事實(shí)陳述”，即美元疲軟在短期內(nèi)將有助于美國(guó)的貿(mào)易。美國(guó)總統(tǒng)唐納德•特朗普(Donald Trump)隨后重申了強(qiáng)勢(shì)美元政策。

The accounts of the ECB meeting on January 24-25, published on Thursday, show Mr Draghi’s fears were widely shared among the bank’s decision makers. “Concerns were . . . expressed about recent statements in the international arena about exchange rate developments and, more broadly, the overall state of international relations,” the account said. “The importance of adhering to agreed statements on the exchange rate was emphasised.” Those agreements explicitly rule out competitive devaluations.

周四公布的1月24日至25日歐洲央行會(huì)議紀(jì)要顯示，德拉吉的擔(dān)憂在該行決策者中引發(fā)廣泛共鳴。“與會(huì)者對(duì)于最近國(guó)際舞臺(tái)上關(guān)于匯率動(dòng)向的聲明以及——更為廣泛地說(shuō)——國(guó)際關(guān)系總體狀況表達(dá)了關(guān)注，”會(huì)議紀(jì)要稱。“與會(huì)者強(qiáng)調(diào)了遵守關(guān)于匯率的約定聲明的重要性。”那些約定明確排除競(jìng)爭(zhēng)性貨幣貶值。

The volatility in the euro was, the account said, “a source of uncertainty which required monitoring”.

會(huì)議紀(jì)要稱，歐元的波動(dòng)是“一個(gè)需要監(jiān)測(cè)的不確定因素來(lái)源”。

The decline in the greenback following Mr Mnuchin’s remarks led the euro to soar to $1.25 in the days following the January 25 meeting of the ECB. The euro is now trading below $1.23.

在姆努欽發(fā)表“弱勢(shì)美元有利”言論后，美元走低導(dǎo)致歐元在歐洲央行1月25日會(huì)議后的幾天飆升至1歐元兌1.25美元。目前歐元已回落至1歐元兌1.23美元水平以下。

The minutes highlighted dissent over the bank’s communications on its policy intentions, an element of what policymakers dub “forward guidance”.

會(huì)議紀(jì)要暴露了各成員圍繞歐洲央行如何公開(kāi)表述政策意圖的分歧，這方面的措辭是政策制定者所稱的“前瞻性指引”的一個(gè)元素。

The dissent was over the ECB’s promise to boost QE should economic conditions disappoint or financial conditions worsen.

分歧的焦點(diǎn)在于歐洲央行目前的一個(gè)承諾，即如果經(jīng)濟(jì)狀況令人失望或金融狀況惡化，該行將加大量化寬松力度。

“Some members expressed a preference for dropping the easing bias regarding the [QE programme] from the governing council’s communication as a tangible reflection of reinforced confidence in a sustained adjustment in the path of inflation,” the account said. “However, it was concluded that such an adjustment was premature and not yet justified by the stronger confidence.”

“一些成員表達(dá)了這樣一個(gè)愿望，即從管理委員會(huì)的公開(kāi)聲明中刪除有關(guān)(量化寬松計(jì)劃的)寬松傾向的表述，以切實(shí)反映大家對(duì)通脹路徑出現(xiàn)可持續(xù)調(diào)整的信心有所增強(qiáng)，”會(huì)議紀(jì)要稱。“然而，會(huì)上得出的結(jié)論是，這樣的調(diào)整還為時(shí)過(guò)早，而且尚未得到更強(qiáng)信心的支持。”

The central bank is now buying €30bn of bonds a month under the €2.5tn QE programme and will continue to do so until at least September.

根據(jù)2.5萬(wàn)億歐元的量化寬松計(jì)劃，歐洲央行目前每月購(gòu)買300億歐元債券，這種操作至少將持續(xù)至9月份。