全球股市周四大幅下跌，由于投资者愈加怀疑，各国央行为应付信贷紧缩而采取的大规模手段是不是足以消除危机。
Global equities1 suffered heavy falls yesterday as investor2 doubts grew over whether sweeping3 measures by central banks to tackle the credit crunch4 would be sufficient to defuse the crisis.
亚洲和欧洲股市遭遇沉重打击。剖析师们警告称，与问题的规模相比，这类央行计划采取的干涉手段相当温和尤其是有迹象表明，大型金融机构的亏损还在增加。美国股市同样走低。 Asian and European shares were hit hard as analysts5 warned that the planned intervention6 looked relatively7 modest compared with the scale of the problem not least because there are signs that losses at big financial institutions are continuing to mount. US shares also sagged8.
瑞银方案师威廉?奥唐奈表示：这个计划所针对的目的，并不包含当初致使大家陷入这一境地的毒瘤（美国）住宅市场和信贷环境的崩溃。
What the programme will not do is cure the cancer that got us here in the first place, the [US] housing bust9 and the collapse10 in credit conditions, said William ODonnell, strategist at UBS.
各央行都在强调，自己想在必要时进行更大规模的干涉，试图以此消除投资者的担心。
Central bankers tried to counter investor concerns by stressing their willingness to intervene more radically11 if necessary.
英国央行负责金融市场事务的保罗?塔克表示，各国央行的协调行动是缓解金融市场重压所必需的一系列政策行动之一。他表示：大家需要努力防止流动性情况趋紧、资产价值走低、资本资源减损、信贷提供降低和总体需要降低等后果陷入彼此相互用途的恶性循环。
Paul Tucker, the Bank of Englands head of markets, said the co-ordinated action was one of a series of policies necessary to relieve pressure in financing markets. We must try to avoid a vicious circle in which tighter liquidity12 conditions, lower asset values, impaired13 capital resources, reduced credit supply and slower aggregate14 demand feed back on each other, he said.
然而，欧美货币市场的资金借贷本钱仍保持在7年来最高水平附近。
However, the cosplayt of borrowing funds in the European and US money markets remained close to seven-year highs.
在英镑银行间市场，3个月期资金借贷本钱从6.627%降至6.514%，而USD市场3个月期利率则从5.057%降至4.990%。在欧元市场，3个月期筹资本钱基本没变化，为4.949%，略低于周三的4.952%。
In the sterling15 interbank market, the cosplayt of borrowing threemonth money fell to 6.514 per cent from 6.627 per cent, while in the dollar market three-month rates dropped to 4.990 per cent from 5.057 per cent. In the euro market, three-month funding cosplayts barely moved, trading at 4.949 per cent, compared with 4.952 per cent on Wednesday.
一些剖析师将市场的淡静反应归咎于时滞效应，与各央行在计划具体推行方面存在的不确定性。
Some analysts blamed this muted reaction on a timelag effect, coupled with uncertainty16 about how central banks will actually implement17 their plan.
