A group of leading financial executives have urged authorities around the world to bolster their crisis-busting arsenals amid fears that ultra-low interest rates have increased the risks of financial instability.
多名顶尖金融公司主管敦促全球各国政府加强危机防控方面的准备，他们担心超低利率导致金融体系面临的不稳定风险增加。
The heads of companies including HSBC, UBS and BlackRock will on Monday release a joint statement backing the use of macroprudential tools, but warn that rules, if too narrowly applied, could push risks into the more thinly regulated realm of shadow banks.
这些主管来自汇丰银行(HSBC)、瑞银(UBS)和贝莱德(BlackRock)等公司。周一，他们将发布一份联合声明，支持使用宏观审慎工具。不过他们警告说，如果相关规定的适用范围过于狭窄，可能会迫使风险流入监管更宽松的影子银行领域。

Macroprudential tools are used to guard against emerging dangers such as overvalued property assets, in theory reducing the need for authorities to raise interest rates to rein in investor exuberance. Among the most developed are counter-cyclical capital requirements on banks and caps on the amount of debt customers can borrow relative to their incomes.
宏观审慎工具的目的，是用于防范不动产估值过高等正在出现的危险。理论上，有了这种工具，政府就不必通过提升利率约束投资者的投资热情。在这些工具中，最成熟的工具包括对银行的反周期资本要求，以及为客户相对收入所能借的债务设置上限。
Authorities in countries ranging from the UK and Switzerland to Israel and Hong Kong have been making greater use of these regulatory levers to curb rising asset values, especially in the housing market.
从英国和瑞士、再到以色列和香港，许多国家和地区的当局一直在扩大使用这种监管工具的范围，限制不断上升的资产价值（特别是楼市资产的价值）。
Some analysts are warning of exuberance building up in parts of the global markets following the long period of ultra-low rates that resulted from the Great Recession. This month, Janet Yellen, Federal Reserve chairwoman, said that share prices were “quite high” and that there was a risk of a sharp jump in longer-term bond yields, while arguing that overall financial risks were contained.
目前，部分分析师正就全球市场部分地区的投资热情提出警告。这些不断积累的投资热情源自此前大衰退导致的长期超低利率。就在本月，美联储(Fed)主席珍妮特?耶伦(Janet Yellen)曾表示股价已经“相当高”，市场中存在较长期债券的收益率急剧上升的风险，不过她仍辩称总体金融风险依然可控。
The statement from finance chiefs including Douglas Flint, HSBC chairman, Anshu Jain, Deutsche Bank co-chief executive, Michel Liès, head of Swiss Re, and Larry Fink, chairman and chief executive of BlackRock, is being co-ordinated by the World Economic Forum. It says the inclusion of macroprudential policies in policy makers’ tool kits “helps to address emerging market inefficiencies in the financial system, such as over-exuberance within asset classes, for example in real estate lending”.
发出这份声明的金融高管包括汇丰银行董事长范智廉(Douglas Flint)、德意志银行(Deutsche Bank)联席首席执行官安舒?贾恩(Anshu Jain)、瑞士再保险(Swiss Re)负责人李伟思(Michel Liès)、以及贝莱德董事长兼首席执行官拉里?芬克(Larry Fink)。该声明的发出，是由世界经济论坛(World Economic Forum)组织的。该声明表示，决策者将宏观审慎政策纳入其政策工具箱，“有助于应对金融系统中正在出现的市场失效情况，比如某些资产类别（比如房地产借贷）过热的情况。”
In the words of Mr Flint, the policies have the capacity to “lean against something that is making people feel good but is actually going to give them a hangover they will find difficult to cope with”.
金融界主管决定发布联合声明支持监管的情况十分罕见，不过该声明还提到几条附加说明。该声明表示，宏观审慎政策必须用于整个金融系统，而不只是用于类似商业银行这类处于传统监管范围之内的企业。