Britain’s revived programme of mass bond-buying accelerated a fall in global bond yields yesterday in the latest sign of how central bank policy has intensified a worldwide collapse in borrowing costs this year.

英国重启大规模债券购买计划昨日加速全球债券收益率下降，这是今年以来央行政策加剧全球借贷成本崩溃的最新迹象。

The Bank of England this month announced a new ￡70bn asset purchase programme designed to address fears of an economic slowdown after Britain voted to leave the EU, joining the European Central Bank and Bank of Japan to become the third major central bank engaged in quantitative easing.

英国央行(BoE)本月宣布了一项新的700亿英镑资产购买计划，旨在应对英国投票决定退出欧盟(EU)以后人们对经济放缓的忧虑。这使英国央行成为继欧洲央行(ECB)和日本央行(BoJ)以后第3家采取量化宽松举措的主要央行。

The speed and extent of market reaction to the BoE’s monetary easing programme indicated a change among investors who previously doubted the ability of central banks to further suppress bond yields, said Steven Major, head of fixed income research at HSBC.

汇丰(HSBC)固定收益研究主管斯蒂文•梅杰(Steven Major)表示，市场对英国央行货币宽松计划的反应的速度和程度表明，此前怀疑央行进一步压低债券收益率能力的投资者改变了看法。

“The Bank has made it clear that the next move is lower rates and possibly more QE — if they can find the bonds to buy — which is why this new round of easing is having an influence on everything in markets. It has shifted expectations towards further easing in Europe and away from a rate rise in the US.”

“英国央行已经清楚地表明，下一步是更低的利率，可能还有更多量化宽松——如果它们能找到可以买入的债券的话——这就是为什么新一轮宽松举措对市场中的一切都产生了影响。这使市场预期从美国加息转向了欧洲进一步宽松。”

Demand for UK bonds meant yields on two short-dated gilts due in March 2019 and March 2020 briefly traded in negative territory yesterday while interest rates across all other maturities fell to fresh lows.

昨日，对英国债券的需求意味着两只分别在2019年3月和2020年3月到期的短期金边债券收益率一度降至负数，而其他所有债券的利率跌至新低。