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The European Central Bank has passed the Euro1tn mark for its controversial purchases of government bonds, putting pressure on policymakers to address the scarcity of available bonds when they meet in Frankfurt this week.
欧洲央行(ECB)有争议的政府债券购买计划越过了1万亿欧元关口，这给政策制定者带来压力，要求他们本周在法兰克福开会时应对可购债券稀缺的问题。
A global collapse in eurozone bond yields since Britain’s vote to exit the EU has dramatically reduced the stock of eurozone government paper standing above the yield threshold set for the ECB’s Euro1.7tn bond-buying project — raising concerns that the ECB will have to make sweeping changes to avoid running out of bonds to buy.
自从英国公投决定退出欧盟以来，欧元区债券收益率全面下跌，这使得收益率高于欧洲央行1.7万亿欧元债券购买计划设定的收益率门槛的欧元区政府债券存量戏剧性减少，引起人们的担忧：欧洲央行可能不得不彻底改变路线，以免无债可买。
The bond purchases are part of a quantitative easing programme — like those of Japan and the UK — launched to fight the threat of deflation and boost the flagging eurozone economy by driving down borrowing costs for companies and lifting confidence.
购买债券是量化宽松计划的一部分——和日本和英国的量化宽松计划一样——意图是为了抗击通缩威胁，并通过压低企业借款成本和提升信心来提振欧元区低迷的经济。
In Germany, where the yield on 10-year Bunds has fallen below zero for the first time in history, bankers at Citi estimate the country’s entire government bond market will become ineligible for the ECB’s scheme by November.
德国10年期国债收益率有史以来首次跌至零以下。花旗(Citi)驻德国的银行人士预计，到11月该国全部政府债券市场将不再符合欧洲央行债券购买计划的资格。
There are various estimates of when the ECB will hit a wall because it does not provide exact breakdowns of the bonds it already owns — but everyone agrees that it is close to reaching its limit, said Aman Bansal, interest rate strategist at Citi.
各方对于欧洲央行将在何时碰壁有着不同的估计，因为该行并未提供其已经拥有债券的具体细节——但大家都认为该行已逼近极限。
And the bank cannot slow the pace of bond purchases without sending out a signal to the markets that something is wrong.
花旗利率策略师阿曼•班萨尔(Aman Bansal)说，而欧洲央行只要放慢购债速度，就必然向市场发出不对劲的信号。
The programme, launched in March 2015, hit the Euro1tn mark on September 1, reaching Euro1.002tn at the end of last week.
2015年3月启动的购债计划，在9月1日达到了1万亿欧元大关，至上周末规模已达1.002万亿欧元。
That is equivalent to about one-seventh of the entire universe of eurozone government and agency bonds, according to figures from Dutch bank Rabobank.
荷兰合作银行(Rabobank)数据显示，这一数字大致相当于欧元区政府和机构债券总量的七分之一。
