The European Central Bank signalled it would expand its ㄠ.1tn quantitative easing programme in December and cut its deposit rate should the slowdown in emerging markets threaten the eurozone’s economic recovery.

欧洲央行(ECB)表示，如果新兴市场放缓威胁欧元区经济复苏，它将在12月扩大其1.1万亿欧元的量化宽松计划并下调存款利率。

The euro fell 1.67 per cent against the dollar to $1.116 after Mario Draghi, the ECB’s president, said policymakers’ measures would need to be “re-examined” at its December 3 vote.

欧洲央行行长马里奥德拉吉(Mario Draghi)表示，政策制定者的措施需要在12月3日的表决会议上得到“重新考察”。在他发表这番言论后，欧元兑美元汇率下跌1.67%，至1欧元兑1.116美元。

He said the ECB stood ready to adjust the “size, composition and duration” of its QE programme. At the moment, it is buying 60bn of mostly government bonds a month and has said it will continue to do so at least until September 2016.

他表示，欧洲央行准备调整其量化宽松计划的“规模、组成和持续时间”。目前，欧洲央行每月购买600亿欧元的债券，多数为政府债券，欧洲央行已表示，这些操作将至少持续至2016年9月。

Investors viewed Mr Draghi’s refusal to rule out an interest-rate cut and his allusion to further QE as a signal to buy, sending prices for European assets sharply higher yesterday.

投资者将德拉吉拒绝排除降息可能性以及暗示将进一步实施量化宽松政策视为买入信号，推升欧洲资产价格周四大幅上涨。

Government bond yields, which move inversely to prices, fell across the region, with Italian and Spanish benchmark10-year borrowing rates at their lowest level since April and the two-year German borrowing rate hitting a record low of minus 0.32 per cent.

欧洲政府债券收益率（与债券价格走势相反）下跌，意大利和西班牙基准10年期债券收益率为自4月以来最低，德国两年期债券收益率触及-0.32%的记录低点。

“These are big intraday moves,” said Joakim Tiberg, rates strategist at UBS. “It shows you that investors are repositioning themselves in anticipation for further bond buying by the ECB.”

“盘中经历了大幅波动，”瑞银(UBS)利率策略师约阿基姆舠贝里(Joakim Tiberg)表示，“这表明，投资者正重新定位，预测欧洲央行将继续购买债券。”

While QE appears to have thawed the region’s credit markets, growth remains lacklustre and inflation is in negative territory. Mr Draghi said the outlook for inflation was now “less sanguine” and warned of the risks emanating from emerging markets, notably China.

尽管量化宽松政策似乎使欧洲信贷市场解冻，但增长仍然乏力，同时通胀率处于负值。德拉吉表示，通胀前景现在“不那么乐观”，他还就来自新兴市场（尤其是中国）的风险发出警告。