| 1. | 2005 was marked by a significant rise in energy prices and the continued removal of the accommodative monetary policy stance by the us federal reserve
在2005年，能源价格显著上升，美国联邦储备局亦继续收紧宽松的货币政策。 |
| 2. | However , as we argued in other recent notes , one should not view these actions as a drastic change from the current monetary policy stance
然而，正如我们在前几次报告中所指出，不应将这些措施看作对当前的货币政策的重大改变。 |
| 3. | They therefore observed that the mci should be viewed exclusively as an indicator of monetary and financial conditions , rather than a measure of monetary policy stance
因此，委员会成员留意到货币状况指数只应作为货币与金融状况指标，而不应用作评估货币政策立场。 |
| 4. | The us economy is in any case doing so well now as to warrant an increasingly likely shift from an accommodative monetary policy stance to a rather more neutral one
目前美国经济表现强劲，美国大有可能将货币政策由宽松转为中立。油价继续上升可能会加速这个情况出现。 |
| 5. | This point is confirmed by pboc governor zhou xiaochuan ' s official remark on december 10 - - he told press that " the recent official labeling of ' tight monetary policy ' does not mean a qualitative change in monetary policy stance "
中国人民银行行长周小川12月10日的官方表态印证了这个观点，他对媒体表示，最近官方定调采取“偏紧的货币政策”并不意味着在操作上转折性的突变。 |
| 6. | It is also a reflection of general nervousness at a time when important changes to monetary policy stance are in prospect , which could impact sharply on the cost of funding , particularly for those with leveraged positions in financial markets
市场波动亦反映面对货币政策立场可能会出现重大变化的时刻，市场普遍感到焦虑不安，原因是融资成本可能会受影响，对借贷比率高企的人士影响就更大。 |
| 7. | With us dollar interest rates , and correspondingly hong kong dollar interest rates , likely to remain low this year , the monetary policy stance we import from the us should help us to position ourselves well for the economic recovery that will come , hopefully sooner rather than later
由于估计今年美息会维持低企，而港息基于联汇制度也会跟随美息走向，相信低息环境可以有利经济复苏，在此亦希望复苏早日到来。 |
