India and Australia raised interest rates on Tuesday amid rising inflation fears as the US Federal Reserve prepared to take aggressive monetary policy action to stimulate the stuttering US economy.

印度和澳大利亚周二升息，目前各方通胀担忧上升，原因是美联储(Federal Reserve)准备采取激进的货币政策措施以刺激复苏乏力的美国经济。

Although both countries’ central banks cited domestic pressures on inflation as the main reason for the rises, the Reserve Bank of India also drew attention to fears that a new round of quantitative easing in the US and elsewhere could flood emerging markets with fresh capital inflows, putting further pressure on rising asset prices.

尽管两个国家的央行用国内通胀压力作为升息的主要原因，但印度央行(Reserve Bank of India)也指出，美国和其他地方新一轮量化宽松可能引起新的资本洪流涌入新兴市场，对上升中的资产价格造成进一步压力。

“While the ultra-loose monetary policy of advanced economies may benefit the global economy in the medium term, in the short term it will trigger further capital inflows into emerging market economies and put upward pressure on global commodity prices,” said Duvvuri Subbarao, the central bank governor.

印度央行行长杜武里•苏巴拉奥(Duvvuri Subbarao)表示：“虽然发达经济体的超宽松货币政策可能在中期内令全球经济获益，但短期内，那会触发资本流入新兴市场经济体，并对全球大宗商品价格施加上涨压力。”

The Fed is today expected to announce a more gradual approach to quantitative easing, unlike the “shock and awe” used during the financial crisis, with initial purchases that may amount to $500bn.

与金融危机期间采用的“震慑”方式不一样，预计美联储将在今天宣布比较渐进式的量化宽松，初期购买量可能达到5000亿美元。

In a research note published on Tuesday, HSBC warned that emerging markets were struggling with what it called an “impossible trinity” – an inability to allow free flows of capital while simultaneously maintaining a grip over interest rates and exchange rates. That, the bank’s economists warned, meant that “the more the west pursues quantitative easing, the more the emerging world, via capital controls, will pursue quantitative tightening”.

汇丰银行(HSBC)在周二发布的一份研究报告中警告，新兴市场正在苦苦应付其所谓的“不可能的三重任务”，即做不到在允许资本自由流动的同时，保持对利率和汇率的掌控。这家银行的经济学家们警告说，那意味着“西方越是奉行量化宽松，新兴市场就越是会通过资本管制来实行量化紧缩”。

Economists said a less aggressive approach from the Fed should moderate US dollar weakness. However, the Reserve Bank of Australia’s surprise decision to lift its official interest rate by 25 basis points to 4.75 per cent lifted the Australian dollar by as much as 1.2 per cent to a record US$1.003.

经济学家们表示，美联储采取不那么激烈的方式，应当减缓美元弱势。然而，澳大利亚央行(Reserve Bank of Australia)意外决定调升其官方利率25个基本点，至4.75%，使澳元上涨1.2%，至1.003美元的历史新高。

Economists expect both central banks to put further rate rises on hold. The RBI, which raised its repo rate – at which it lends to commercial banks – by 25 basis points to 6.25 per cent, said the likelihood of further rate actions in the immediate future would be relatively low.

经济学家们预计两家央行将暂缓进一步加息措施。印度央行表示，在短期采取进一步利率行动的可能性相对较低。印度央行将其买回利率——印度央行借款给商业银行的利率——调升了25个基本点，至6.25%。