Stock markets around the world roared their approval on Friday, staging huge rallies as the US authorities moved towards agreement on a programme of government intervention that would put hundreds of billions of dollars of taxpayers' money at risk in an effort to quell the credit crisis.
世界各地的股市周五均呈现大幅飙升，反映出市场赞许美国官方采取行动制定一套政府干预方案，冒险动用数千亿美元的纳税人资金来平息信贷危机。
Shanghai surged 9.5 per cent, in the biggest daily gain for seven years, to 2,075.091. Hong Kong 's Hang Seng gained 9.6 per cent to 19,327.73, breaking a seven-day losing streak. In London the FTSE 100 had its biggest daily gain in its 24-year history, jumping 8.8 per cent, while in New York the S&P 500 closed up 4.0 per cent, having risen 4.3 per cent on Thursday. The rallies in London and the US were partially fuelled by bans on short-selling in financial stocks announced on Thursday night.
上海股市飙升9.5%，呈现7年来最大单日涨幅，至2075.091点。香港恒生指数(Hang Seng)飙升9.6%，至19327.73点，扭转连续7天的跌势。伦敦富时100指数(FTSE 100)呈现其24年历史上最大单日涨幅，大涨8.8%，而纽约标普500指数(S&P 500)在周四大涨4.3%的基础上，周五收盘再涨4.0%。在伦敦和美国出现的股市飙升，在一定程度上也受到周四晚间宣布的禁止卖空金融类股票的规定推动。
The political negotiations on the rescue plan, which followed a week of unprecedented stress in global financial markets, envisage the most extensive peacetime expansion of the role of government in the financial system since the Great Depression and appeared to many to mark the end of an era of Reaganite deregulation.
在全球金融市场承受空前沉重的压力一周后，美国官方围绕政府救助计划展开政治谈判。按照该计划的设想，美国政府将在金融体系中扮演自20世纪30年代“大萧条”(Great Depression)以来和平时期的的最大角色，在许多人眼里，这似乎标志着里根式放松管制时代的终结。
At the core of the plan is the proposal to create a government-sponsored vehicle loosely modelled on the 1989 Resolution Trust Corporation, which would take on the toxic assets in the financial system, allowing banks to stem their losses, recapitalise and return to business.
该计划的核心，是提议创建一个由政府支持的实体，大体上采用1989年清债信托公司(Resolution Trust Corporation, RTC)的模式，由该实体接管金融体系内的有毒资产，让各银行得以遏制亏损，重组资本结构，恢复业务。
Hank Paulson, the US Treasury secretary, said the programme would initially cost “hundreds of billions of dollars.” But he added it was far cheaper than the alternative – “a continuing series of financial institution failures and frozen credit markets unable to fund economic expansion”.
美国财政部长汉克·保尔森(Hank Paulson)表示，这套方案最初将花费“数千亿美元。”但他补充说，这一代价远低于另一种选择，即“金融机构接二连三瘫痪，信贷市场冻结，无法为经济扩张提供资金”。
In addition, the Bush administration also announced a blanket guarantee on all money market mutual funds, in an effort to curtail a brewing crisis in the $3,500bn (€2,422bn) sector. The Federal Reserve announced new plans to support liquidity in the mutual fund sector.
此外，布什政府还宣布全面担保所有货币市场共同基金，力求遏制这一3.5万亿美元行业正在酝酿的危机。美联储(Federal Reserve)宣布了新计划，支持共同基金行业的流动性。
Some private sector analysts estimated the programme could require up to $1,000bn upfront, although the government might ultimately make a profit on the distressed assets.
某些私营部门的分析师估计，美国政府的救助方案有可能需要1万亿美元的初期投入，尽管最终美国政府有可能从困境资产盈利。
US financial stocks rose more than 10 per cent on the news, led by Morgan Stanley, Wachovia and Goldman Sachs, while the cost of insuring banks against a future default eased sharply.
受这一利好消息推动，美国金融类股票飙升逾10%，摩根士丹利(Morgan Stanley)、瓦乔维亚银行(Wachovia)和高盛(Goldman Sachs)领涨，与此同时，针对银行未来违约的保险成本大幅放缓。
The breakthrough came in a crisis meeting between Mr Paulson, Federal Reserve chairman Ben Bernanke and legislators on Capitol Hill on Thursday evening. Mr Paulson said he would work with Congress to pass the required legislation “over the next week”.
这一突破是在周四晚间保尔森、美联储主席本·伯南克(Ben Bernanke)和美国国会议员召开危机会议期间取得的。保尔森表示，他将与国会共同努力，“在今后一周”通过相关立法。
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