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Home 經濟新聞 ECB唔只會加碼QE 仲會減存款利率 (市場預期講的)

ECB唔只會加碼QE 仲會減存款利率 (市場預期講的)

DAVOS/SWITZERLAND, 25JAN13 - Mario Draghi, President, European Central Bank, Frankfurt is captured during the special address session at the Annual Meeting 2013 of the World Economic Forum in Davos, Switzerland, January 25, 2013. Copyright by World Economic Forum swiss-image.ch/Photo Remy Steinegger

最後更新日: 2023年04月09日

星期四(11月12日)歐央行主席Mario Draghi出席歐洲議會聽證會上,講左以下這番說話(引述自Bloomberg

“Signs of a sustained turnaround in core inflation have somewhat weakened, (d)ownside risks stemming from global growth and trade are clearly visible.”

這番話被市場看成Draghi再一次出口術,為下次議息時加碼QE做好準備,而歐元應聲下跌0.2%至1.0717美元(至德國時間1:49)。

一個值得留意的數據,是下圖Bloomberg報道的EONIA遠期利率。EONIA全名Euro Overnight Index Average,即是歐洲銀行之間互相作隔夜無借貸時會支付的利率,這利率理論上必定要高於歐央行支付予銀行的「央行存款利率」,因為若EONIA 低於央行存款利率,銀行可從其他銀行以EONIA借入金錢,再存入歐央行以賺取無風險利潤。


圖中顯示ECB下次會期的EONIA遠期利率,已下跌至約-0.25厘的水平。由於EONIA通常高於央行存款利率0.05厘,這個遠期利率反映市場確信歐央行十二月必定會再減央行存款利率,由現時-0.2厘減至-0.3厘。

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