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Still, because trade finance is short-term— usually 30 to 90 days—and backed by collateral, lenders have some recourse.
因为贸易金融是短期的——通常为30到90天——并有保证金的支持，银行有一些追索权。
Natalie Blyth of HSBC, a bank, reckons that the performance gap between trade-finance assets and corporate loans will widen.
汇丰银行（HSBC）的Natalie Blyth认为，贸易金融资产和公司贷款之间的表现差距将会扩大。
The third problem is a possible crunch in new financing.
第三个问题是可能出现的新融资紧缩。
To assess clients, banks and insurers rely on credit ratings. These have plummeted as firms' cash flows have dwindled.
为了评估客户，银行和保险公司依赖信用评级。信用等级会随着公司现金流的减少而骤降。
The resulting squeeze may linger, says Ebru Pakcan of Citigroup, a bank; firms are downgraded quickly, but upgraded slowly.
花旗银行的Ebru Pakcan表示，由此产生的紧缩可能会持续下去；公司降级很快，但升级很慢。
Some lenders may focus on large clients or exit some markets entirely.
一些银行可能专注于大客户或完全退出某些市场。
Insurers have cut their exposure to the industry by 8-9%, about half as much as in 2008-09.
保险公司已经将他们在该行业的曝光度减少了8-9%，约为2008年到09年的一半。
In emerging economies, sovereign downgrades have also pulled down corporate ratings, says Marc Auboin of the World Trade Organisation (WTO).
世界贸易组织（WTO）的Marc Auboin说到，在新兴经济体中，主权评级的下调也拉低了企业评级。
On July 1st the WTO and six multilateral banks promised to alleviate trade-finance shortages.
7月1日，WTO和六家多边银行承诺缓解贸易融资短缺。
Still, the damage could have been worse. Thankfully, banks have sturdier equity buffers than in the last recession.
但损失本可以更严重。值得庆幸的是，与上次衰退相比，银行拥有更牢固的股本缓冲。
Since 2016 Coface has raised its solvency ratios—insurers' equivalent of banks' capital-adequacy buffers—from 150% to 190%, says Xavier Durand, its boss.
自2016年，科法斯集团上调了其偿债能力比率——相当于银行的资本充足率缓冲——从150%增至190%，公司执行总裁Xavier Durand说到。
Central-bank action has shored up lenders' finances.
央行行动支撑着银行的的财务状况。
Governments in Europe have let export-credit agencies cover short-term trade, and have offered insurers backstops.
欧洲政府已经允许出口信贷机构为短期贸易提供担保，并向保险公司提供担保。
The question is how long the support lasts. Banks and insurers will see their capital eaten up as loans sour.
问题是这种支持能维持多久。银行和保险公司将看到他们的资本被不良贷款蚕食。
Government aid could be withdrawn too soon, worries Alexis Garatti of Euler Hermes, a trade-credit insurer.
贸易信贷保险公司Euler Hermes的Alexis Garatti担心，政府可能会过早取消援助。
Support could be taken away just as the demand for finance returns.
支持可能会随着金融需求的回归而被取消。
As new orders work their way through supply chains, exports appear to be bouncing back faster than manufacturing.
随着新订单进入供应链，出口的反弹速度似乎快于制造业。
Still, the pandemic could lead to lasting gains by forcing the industry to digitise.
不过，通过迫使该行业进行数字化，疫情可能会带来持久的收益。
Alexander Goulandris of Essdocs, which promotes paperless trade,
提倡无纸化贸易的Essdocs的Alexander Goulandris表示，
says 60 chambers of commerce have opted for its electronic certificates of origin in recent months, compared with the usual rate of ten a year.
近几个月来，60家商会选择了电子原产地证书，而通常每年只有10个。
Some countries have also adopted laws recognising the validity of e-documents.
一些国家还通过了承认电子文件有效性的法律。
Digital standards could make it easier to bundle trade-finance loans into securities that can be sold on to institutional investors, providing more oxygen to commerce.
数字标准使得将贸易金融捆绑抵押物变得更容易，这些抵押物可以被出售给机构投资者，为贸易提供更多氧气。
Trade finance has long followed outmoded practices. Now might be its chance to blow everyone's socks off.
贸易金融长期以来一直遵循着过时的做法。现在或许是它让人刮目相看的机会。
译文由可可原创，仅供学习交流使用，未经许可请勿转载。
