English to Chinese: Market update General field: Bus/Financial Detailed field: Finance (general) | |
Source text - English After what had been a pretty poor first half of the year for global government bond investors, as yields had risen relentlessly, the past few weeks have provided some welcome respite. Its not just the bulls in Pamplona that have been running recently. The bulls in the Treasury markets have also been charging full steam.
It is only a month ago that US 10 year Treasury yields were approaching 4% and all the talk was about economic recovery signs, the consequent inflation risks of the stimulus and liquidity measures, and massive bond supply that would need buyers that were nowhere to be seen. The “flight to risk” had been well and truly the key theme as equity, commodity and credit markets had rallied massively, prompted by a sense of stabilisation and the worst being behind us. As Warhol said, how times change, or how the market has taken upon itself to change them.
Interestingly, the sharp yield falls in the US market since the start of the month have come despite large bond supply which was almost a record last week. Fundamentals drive yields over the medium term, not supply. And the fundamentals continue to point to a global economy that has significant problems and headwinds that will result in central banks maintaining accommodative policy for an extended period. Thus supporting interest rate markets.
Aside from interest rate policy, there has also been much debate in recent times about how the central banks would engineer an exit to many of their quantitative easing policies. To this end, there were some interesting statistics on a couple of the programs in the US released last week. The Federal Reserve released its weekly data on the AMLF (Asset Backed commercial paper and money market fund liquidity facility) and CPFF (Commercial Paper Funding Facility). After reaching a high of $152 billion on October 1st, 2008, the AMLF is down to just $9.6 billion (down 93% from the peak). Likewise, the CPFF reached a high of $350 billion on January 21, 2009 and is now at $109 billion (down 68%). As evidenced by the collapse in the spread between 3 month Libor and the 3 month Treasury Bill yield, (now 33 basis points), these facilities show the continued healing in the money market sector and the gradual unwinding of support. | Translation - Chinese 全世界政府公債投資人歷經前半年景氣低糜之後,收益上升的非常緩慢,過去幾週中也出現了一些鼓舞的喘息。這不只像最近西班牙潘普洛納的牛群橫衝直撞一般。牛市在國庫券市場也運轉非常迅速。
一個月之前,美國十年公債收益逼近百分之四,這都顯示了經濟復甦的跡象。隨之而來的通貨膨脹風險和流動性的刺激性措施,大量債券發行卻不見買家出現。”飛向風險” 成為完全地關鍵理論就像最糟的是資產、商品及信用市場在我們背後發生大規模的反彈、是被穩定感所激起的。如同 Warhol 所說的,時間如何改變,或者是市場如何去負起責任來改變它。
有趣的是,美國市場從這個月一開始收益線的走勢下滑,儘管債券發行量創下上周記錄。基本面驅使收益線超越中期,而非供應。另外基本面繼續指出全球經濟的重大問題與阻力,將會造成中央銀行為了支持市場利率,將維持延續寬鬆政策一段時間。
除了市場利率之外,最近也有很多辯論關於央行如何操縱退場的許多量化寬鬆政策。為此,上周有些有趣的統計數字也在幾個美國的節目中公開。美國聯邦儲備局公佈在 AMLF (貨幣市場基金資金抵押商業票據流動性工具) 及 CRFF (資金抵押商業票據機制) 的每週數據。2008 年 10 月 1 日在到達高 1,520 億美元之後,AMLF 下降到只有 96 億美元 (下降率高達 93%);同樣的,CPFF 在 2009 年 1 月 21 日 高達 3,500 億美元,到目前為止,為 109 億美元 (下降 68%)。證據顯示了這波崩潰持續蔓延在三個月倫敦同業拆放利率 (3 month LIBOR) 和三個月國庫券收益率 (現為 33 個基點) 之間。這些工具表現出貨幣市場尚未復原的部分以及漸漸平倉的支持。 |
English to Chinese: Card amendment General field: Bus/Financial Detailed field: Finance (general) | |
Source text - English Dear Clients,
Thank you for your support. HSBC has been provides quality personal fortune management services based on the objective of stable development and diversified services. We have issued our Visa Debit Card in various locations around the world during the past few years. We hope you enjoy shopping with your card at any time and in any location through services of domestic and overseas withdrawals and purchases by the Visa Debit Card. At the same time, we also hope to assist you examioning your purchases and the effective management of your personal account. Therefore, in order to improve the service efficiency and quality, and in order to reply to clients’ needs for management of personal deposit accounts and effective control over personal purchase expenses, we will issue the Visa Debit Card starting 3 October 2009 and will adjust and amend certain relevant clauses.
In the future, in addition to the services provided by the existing chip card, our Visa Debit Card will also provide you with the services of domestic and overseas purchases by card. You will be able to use the card in any location that accepts purchases by Visa credit cards and will enjoy the same convenience as using cash.
Sincerely yours,
Hong Kong Shanghai Banking Corporation
Notes:
1. This amendment becomes effective from 3 October 2009. Existing provisions shall prevail prior to the amendment taking effect.
2. This amendment amends the clauses of the Master Agreement and is published in obvious places of our business location or on our website at least 60 days in advance in accordance with the Master Agreement of each account. If you do not want us to issue a Visa Debit Card for you, you can inform us by telephone any time during such notice period to voluntarily waive the issuance of the Visa Debit Card.
3. If you decide not to keep your Visa Debit Card after you receive it from us, you mayinform us to cancel the card, or cut the Visa Debit Card we sent you in half and send it back to us. However, if you wish to apply for the card in the future, we will charge you a reasonable card replacement fee. | Translation - Chinese 親愛的客戶您好,
感謝您的支持,目前 HSBC 基於目標性的穩定發展和多元化的服務,提供優質個人財富管理服務。過去幾年中,我們在全世界各地發行了 Visa Debit Card,我們由衷地希望您使用您的卡片,並且無時無刻地享受購物的樂趣,透過國內服務或海外提款使用 Visa Debit Card 來購物。同時,我們誠摯地希望協助檢查您的購物,及更有效率地來管理您的個人帳戶。因此,為了提高服務效率和品質,及回應客戶的需求,管理個人存款帳戶和有效控制個人購物費用,我們將對 2009年 10 月 3 日起發行的 Visa Debit Card,調整和修訂部份相關的條款。
未來,除了原有晶片卡所提供的服務之外,我們的 Visa Debit Card 也將會提供您國內外購物服務的卡片,您將可以在任何地點使用該卡片
謹致
香港上海匯豐銀行有限公司
備註 :
1. 本修正案將於2009年 10 月 3 日起開始生效,現有條款將優於本修正案生效前。
2. 這項修正案所修訂的主契約條款,依照主契約每個帳戶,至少提前 60 天以上來公佈在我們的營業據點明顯的地方或是在我們的網站。如果您不希望我們發給您 Visa Debit Card,您可以在通知期限內任何時間以電話主動放棄 Visa Debit Card 的發行。
3. 在您收到我們寄給您的卡片後,如果您決定不再持有您的 Visa Debit Card,您可以通知我們取消這張卡片,或是把我們寄給您的 Visa Debit Card 剪成兩半,將其中一半寄回給我們。但在您未來希望申請卡片時,我們將會酌收合理的補發卡片費用。 |