The global rally in government bonds broke records on Friday while equities buckled as a combination of anxiety over the world economy and Britain’s referendum on EU membership sent investors racing to safety.

全球政府债券价格飙升势头周五打破纪录，而股市下行，对全球经济以及英国欧盟(EU)成员国身份公投的担忧促使投资者纷纷涌向安全资产。

Bears took charge of financial markets already grappling with the effects of negative interest rates in the eurozone and Japan as European equities suffered their worst day since the market meltdown at the start of the year.

熊市行情主宰着已在努力应对欧元区和日本负利率影响的金融市场，欧洲股市遭遇自今年初市场暴跌以来最糟糕的一天。

“To see the 10-year Bund [yield] so close to zero is shocking,” said Philip Brown, head of sovereign capital markets at Citigroup. “Equities are falling and fixed income is rallying in a flight to quality — there are real fears in markets about global growth.”

“10年期德国国债收益率降至如此接近零的水平，令人震惊，”花旗集团(Citigroup)主权资本市场主管菲利普•布朗(Philip Brown)表示，“随着人们涌向高质量资产，股市在下跌，固定收益证券价格在飙升，市场对于全球增长确实感到担忧。”

German, UK and Japanese sovereign bond yields all reached historic lows with the yield on the 10-year Bund — a benchmark for the eurozone — falling as low as 0.01 per cent. Gold also rallied as deeper risk aversion dashed any hopes that US stocks would reach a new high this week.

德国、英国和日本主权债券收益率均触及历史低位，10年期德国国债（欧元区基准）收益率一度降至0.01%的低位。黄金价格也飙升，因更深层次的避险情绪粉碎了有关美国股市本周将触及新高的希望。

Bond prices, which move in the opposite direction to yields, have been electrified by moves by the European Central Bank and the Bank of Japan to cut interest rates into negative territory in their latest efforts to revive listless economies.

作为提振低迷经济的最新努力，欧洲央行(ECB)和日本央行(Bank of Japan)将利率降至负值，这些举措提振了债券价格（与收益率走势相反）。

The succession of record lows across European and Japanese government bond markets this week is stirring concern over the long-term effects on savers and pension plans, as well as the wider threat of financial instability should the rally unwind sharply.

欧洲和日本政府债券市场的收益率本周接连触及创纪录低位，令人担心储户和养老金计划将受到的长期影响，以及一旦价格涨势急速回转将带来的全方位的金融不稳定威胁。