Our word of the day is “Quantitative Easing” Quantitative easing also known as QE is an

今天的每日一字是「量化寬鬆 (Quantitative Easing)」。量化寬鬆又稱為 QE。

unconventional form of monetary policy where a Central Bank creates new money electronically

是一種非常規的貨幣政策，中央銀行創造新的電子化貨幣

to buy financial assets, like government bonds. This process aims to directly increase private

用來購買財務資產，如政府債券。這個程序的目的是直接增加民營部門

sector spending in the economy and return inflation to target.

在經濟中的支出達到通貨膨脹的目的。

One of the main tools they have to control growth is raising or lowering interest rates.

政府用以控制經濟成長的其中一項工具就是提高或降低利率。

Lower interest rates encourage people or companies to spend money, rather than save.

較低的利率可鼓勵人們或公司傾向消費，而非儲蓄。

But when interest rates are almost at zero, central banks need to adopt different tactics

但若利率幾近於零，中央銀行便需要採取不同的策略。

- such as pumping money directly into the economy.

例如將大量的錢灌入經濟市場中。

This process is known as quantitative easing or QE.

這個過程就稱為量化寬鬆或 QE。

The central bank buys assets, usually government bonds, with money it has "printed" - or created

中央銀行會用它們印製或電子化產生出的鈔票購買資產，通常會是政府債券。

electronically these days. It then uses this money to buy bonds from

接著中央銀行就會用這些錢來買債券。

investors such as banks or pension funds using this "new" money, which increases the amount

使用這些新增量貨幣的投資人 (如銀行或退休基金)，會導致金融系統內

of cash in the financial system, encouraging financial institutions to lend more to businesses

的現金流增加，鼓勵金融機構融資更多資金給中小企業和散戶。

and individuals. This in turn should allow them to invest and spend more, hopefully increasing

如此中小企業和散戶便可用這些錢進行更多的投資和支出，以期能帶動經濟

growth.

成長。