中英文本

The European central bank's firepower is sadly depleted.
欧洲中央银行的火力遗憾耗尽w7tJ!9IT[8m#!9l。
The interest rate on the reserves that banks hold with it is sub-zero;
银行的存款准备金率低于零;
its quantitative-easing (QE) scheme has hoovered up assets worth 2.6trn euro ($2.9trn)—
其量化宽松（QE）计划已获得了价值2.6万亿欧元（2.9万亿美元）的资产—
equivalent to over a fifth of the euro area's GDP. Even so, in June Mario Draghi, the bank's boss,
相当于欧元区GDP的五分之一以上GfzZvRB2=I8Hez2KGv。即便如此，今年6月，央行行长马里奥·德拉吉
promised further stimulus if the economy does not buck up. Statistics published since then suggest little recovery.
承诺如果经济不振作起来，将采取进一步的刺激措施oDS;t~kdHsz。自那以后公布的统计数据显示，经济几乎没有复苏)PYO1w73sOa)#。
Cue much speculation about another attempt to revive growth.
这引发了人们对再次试图重振经济增长的猜测]u7mEu~csa_MnA=X。
Many expect an announcement at the bank's meeting in September, along with updated economic forecasts.
很多人期待在9月份的银行会议上宣布这一消息，同时发布最新的经济预测%sDzs)FviaF9-6.obl。

But its next gathering on July 25th could still surprise, or at least lay the groundwork for stimulus.
但其7月25日的下一次会议仍会有惊喜，或者至少会为刺激经济打下基础G3=(c*Bzowc4hFGR*w。
With individual instruments nearing limits, it is expected to deploy a combination.
随着个别财政工具将接近极限，预计央行将部署一个组合jOoYXi#WG=,。
Of late its weapon of choice has been guidance on the path of interest rates.
最近，其武器选择一直是利率走势的指引B1kqc8!MweZzv。
It has promised to keep rates steady for longer, at least until mid-2020.
其已承诺在更长时间内保持利率稳定，至少会持续到2020年年中|49tgr;E6VW)。
But markets expect rates not merely to stay on hold, but to fall—by a tenth of a percentage point, from -0.4%, in coming months.
但市场预期利率不仅没有保持不变，还下降了—在接下来的几个月里，从-0.4%下降0.1个百分点j^wImw@NJ[ubmI。
Banks complain that negative interest rates shrink their margins: they have to pay the central bank to hold their deposits,
银行抱怨负利率降低了它们的利润率：他们必须付钱给中央银行来持有他们的存款，
but fear that if they pass negative rates on, their depositors will withdraw their cash.
但他们担心，如果他们把负利率传递下去，他们的储户就会提现V-bS;j2dK.SQUuG8OrD。
Profits and lending both fall, preventing the rate from transmitting to the real economy.
利润和贷款双双下降，阻止了利率传递至实体经济O[-hz%LL80C。
For now, the ECB reckons it has not reached the "effective lower bound"—
目前，欧洲央行（ECB）估计它还没有达到“有效下限”—
the point at which the expansionary effects of negative interest rates stop outweighing any costs.
在这个点上，负利率的扩张效应应不再超过任何成本4NA2*CexB&5bhKi^_W。
But unwanted side-effects may appear as rates go lower.
但随着利率下降，可能会出现不必要的副作用GN_X3WpO#z7MDT4EGFT-。

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词语解释

1.deplete 耗尽
They fired in long bursts, which depleted their ammunition
他们长时间开火，耗尽了弹药I=4LAK80F5PEc。
2.hoover up 吸收
HSBC Mexico was well-placed to hoover up those dollars.
汇丰墨西哥分行在吸纳这些资金方面处于有利地位5D]HGyGd&j&,l。
3.buck up 使振作
The aim, it seemed, was to buck up their spirits in the face of the recession.
其目的好像是为了给面临经济衰退的他们鼓劲儿打气+XDBTG408bi。
4.lay the groundwork 奠定基础
Yesterday's meeting was to lay the groundwork for the task ahead.
昨天的会议是为以后的工作做准备f(8shc^9TrHgEuzr。