英鎊概述（GBP）
The Overview of British pounds (GBP)
The UK, the world’s fourth-largest economy with the most efficient central bank globally, has long benefited from high growth, low unemployment, increased output, and a recovery in consumption.英國是全球第四大經濟體，中央銀行是全球銀行中效率最高的。由於高成長率、低失業率、產出增加及消費復甦，長期以來國家經濟一直處在優勢的狀態。
Britain is a service-oriented country, with the manufacturing sector accounting for less GDP and now accounting for one-fifth of its production. Meanwhile, It has one of the most advanced capital market systems globally, and the financial industry is the most significant contributor to the UK’s GDP.
英國是一個服務為導向的國家，其中製造業佔GDP的比重較小，目前只佔了其生產的五分之一。同時，擁有全球最先進的資本市場體系之一，金融業是英國GDP最重要的貢獻者。
Although the service industry accounts for most of the GDP, we should not overlook that Britain is one of the largest natural gas producers and exporters in the EU. Energy production accounts for 10 per cent of the UK’s GDP, the highest among developed countries. Rising energy prices, such as oil prices, are critical because they bring significant British oil exporters returns.
儘管服務業佔英國GDP的絕大部分，但是我們不能忽視英國是歐盟最大的天然氣生產國及出口國之一。能源生產佔英國GDP的10％，是已開發國家中最高的。能源價格上漲（例如石油價格）時非常重要，因為這為英國石油出口商帶來了可觀的利潤。
Overall, the UK is a net importer with a continuing trade deficit. The largest trading partner is the EU, and bilateral trade accounts for more than 50% of the UK’s total imports and exports. As a single country, the United States is Britain’s largest trading partner.整體而言，英國是一個淨進口國，貿易逆差持續地存在。最大的貿易夥伴是歐盟，雙邊貿易占英國進出口總額的50％以上。作為一個國家，美國是英國最大的貿易夥伴。
英國央行決定貨幣政策 BOE Determines Monetary Policy
The nine-member Monetary Policy Committee consists of the president, two vice presidents, two BOE directors, and four outside experts, determining the monetary policy. The Commission approved the independence of monetary policy operations in 1997.
貨幣政策委員會由九名成員組成，當中包含總統、兩名副總統、兩名英國央行董事和四名外部專家，負責制定貨幣政策。委員會於1997年批准了貨幣政策業務的獨立性。
Despite this independence, BOE’s monetary policy focuses on achieving inflation targets by the ][. BOE has the authority to adjust interest rates within its permissible range to accomplish this goal. The Monetary Policy Committee shall determine changes in monetary policy, including changes in interest rates, through monthly meetings and announce the details thereof.
儘管具有這種獨立性，英國央行的貨幣政策著重於達成財政部長的通貨膨脹目標。英國央行有權在允許範圍內調整利率來實現這一目標。貨幣政策委員會應通過每月一次的會議來決定貨幣政策的變化，包括利率的變化，並宣布其細節。
The Monetary Policy Committee states all meetings, along with a quarterly inflation report describing the Monetary Policy Committee’s outlook on growth, inflation and legitimacy of policy changes over the next two years.
貨幣政策委員會說明所有會議，以及季度通脹報告，並敘述貨幣政策委員會對未來兩年內的經濟成長，通脹和政策變化和理性的前景。
Other quarterly publications provide information on analysing the past monetary policy movements, the international economic environment, and the impact on the UK economy. All reports include details of the Monetary Policy Committee’s policies and future policy movements.
其他季度刊物則提供了有關分析過去的貨幣政策走勢、國際經濟環境以及對英國經濟影響的資訊。所有報告均包含貨幣政策委員會政策和未來政策動向的詳細訊息。
貨幣政策委員會和英格蘭銀行使用的主要政策手段如下：The primary means of the policy used by the Monetary Policy Committee and the Bank of England are as follows:
1.銀行回購利率 Bank Repo Rate
This is the primary interest rate used to implement monetary policy that meets the treasury’s inflation target. This interest rate is set for banking operations in markets such as short-term loans from banks.
這是用於實施貨幣政策的主要利率，以符合國家債券抗通脹的目標。該利率是針對市場中銀行業務（例如，銀行的短期貸款）設置的。
Change in interest rates affects interest rates charged by commercial banks for depositors and borrowers. This will affect economic spending and production, and consequently, costs and prices—the rise in interest rates to lower inflation will stimulate growth and expand the economy.
利率的變化會影響商業銀行對存款人和借款人收取的利率。這將影響經濟的支出和生產，進而影響成本和價格。利率上升可以降低通貨膨脹，刺激成長並擴充經濟。
2.公開市場操作Open Market Manipulation
Open market manipulation is implemented by adjusting the repo as mentioned above rates and ensuring adequate liquidity in the market and continuous stability in the banking system.
公開市場操作是通過調整上述的回購利率，並確保市場上有足夠的流動性和銀行體系的持續穩定來實現的。
This reflects the Bank of England’s three main objectives: maintaining the value of the currency, maintaining the strength of the financial system and securing the efficiency of UK financial services.
這反映了英格蘭銀行的三個主要目標：保持貨幣價值，保持金融體系的實力以及確保英國金融服務的效率。
BOE implements open market manipulation that controls liquidity by buying or selling short-term bonds every day. If this is not enough to manage liquidity, BOE can perform additional Overnight operations.
英國央行實施公開市場操作，通過每天買賣短期債券來控制流動性。如果這無法管理流動性，英國央行可以執行其他的隔夜操作。
英磅的主要特徵 The Main Characteristics of the Pound
1. 英鎊/美元流動性強。GBP/USD is highly fluid.
GBP/USD is one of the most volatile pairs of currencies, with the British pound accounting for 6% of all pound-related foreign exchange transactions in the world, the benchmark or relative currency. It is also one of the four most volatile currency pairs (EUR/USD, GBP/USD, USD/JPY and USD/CHF) in the foreign exchange market.
英鎊/美元是最不穩定的貨幣對之一，基準貨幣或相對貨幣中，英鎊佔全球所有與英鎊相關外匯交易的6％。它也是外匯市場上四個波動最大的貨幣對之一（歐元/美元，英鎊/美元，美元/日元和美元/瑞士法郎）。
One of the reasons for the high liquidity of GBP/USD is the highly developed UK capital market. Many foreign investors who sought investment opportunities outside the United States have invested money in the United Kingdom. Foreigners must sell their currency and buy British pounds for British investment.
英鎊/美元高流動性的原因之一是英國資本市場非常的發達。許多在美國境外尋求投資機會的外國投資者都在英國投資。外國人需要出售其貨幣來購買英鎊，以進行在英國投資。
2. 有很多投機者投資英鎊。 GBP has many speculators.
The British pound was one of the currencies with the highest interest rates among developed countries. Interest rates in Australia and New Zealand are higher, but their financial markets are not as advanced as in the UK.
英鎊是已開發國家中，利率最高的貨幣之一。澳洲和紐西蘭的利率也很高，但它們的金融市場不如英國先進。
As a result, many investors who already have positions or are interested in new carry trading positions have sold currencies such as the U.S. Dollar, Japanese Yen, and Swiss Francs and purchased GBP as relative currency.
所以，許多已經擁有頭寸或對新利差交易頭寸感興趣的投資者，出售了美元、日元和瑞士法郎等貨幣，來購買英鎊作為相對貨幣。
Carry trading is to sell or borrow low-interest currencies to invest in high-interest currency assets or manage loans. In recent years, demand for pounds has increased as carry trade has become more common. However, if the interest rate difference between the pound and other currencies decreases, the liquidation of the carry trade will increase the volatility of the pound.
利差交易是指出售或借入低息貨幣來投資高息貨幣資產或管理貸款。近年來，隨著套利交易變得越來越普遍，對英鎊的需求也增加了。但是，如果英鎊與其他貨幣之間的利率差異減小，套利交易的清算將增加英鎊的波動性。
3. 英國和外國政府債券的利率差異。 Difference in interest rates between British and foreign government bonds.
The difference in interest rates between UK & US government bonds (leading indicators of GBP/USD) and UK & German government bonds (leading indicators of EUR/GBP) are indicators that participants in the forex market consider.
英國和美國政府債券（英鎊/美元的領先指標）與英國和德國政府債券（歐元/ 英鎊的領先指標）之間的利率差異是外匯市場參與者考慮的指標。
This difference in interest rates can determine to what extent the premium of UK bonds is higher than or vice versa for US and European bonds. German bonds are used as barometers of European interest rates. These differences offer a signal of potential capital flows or currency movements for traders. Currently, the British currency has the same credit stability as the United States.
利率的這種差異可以確定英國債券的溢價高於或與美國和歐洲債券的溢價相同。德國債券做為歐洲利率的晴雨表，這些差異為交易者提供了潛在資本的流動或貨幣變動的訊號。目前，英國貨幣和美金有相同的信用穩定性。
4. 歐元兌英鎊的期貨提供了利率變動的跡象。Euro-Pound futures provide a sign of interest rate movement.
It is vital to keep an eye on the potential changes in interest rates as UK interest rates or bank repo rates are used as a significant policy means for monetary policy. Government officials’ remarks are becoming a way to capture changes in interest rate trends. It is also releasing the vote results by members of the Monetary Policy Committee of the Bank of England.
隨著英國利率及銀行回購利率被用作貨幣政策的重要手段，密切關注利率的潛在變化是非常重要的。政府官方的評論已成為掌握利率趨勢變化的一種方式，英格蘭銀行貨幣政策委員會成員也會發布投票結果。
Announcing the results of a committee member’s vote means that their opinions are not those of the Bank of England but personal. Therefore, it is necessary to look for other signals to predict potential changes in bank interest rates.
宣布委員會成員投票的結果意味著這並非英格蘭銀行的意見，而是個人的。因此，有必要尋找其他訊號來預測銀行利率的潛在變化。
The three-month euro futures reflect market expectations for the next three months of the euro. These indicators help predict changes in UK interest rates and ultimately affect GBP/USD’s movement.
三個月中的歐元期貨反映了市場對歐元未來三個月的預期。這些指標有助於預測英國利率的變化，並最終影響英鎊/美元的走向。
5. 英國政客對於歐元的言論影響了歐元。British politicians’ remarks about the euro affect the euro.
Comments on the euro (especially those made by the prime minister or finance minister) or opinion polls impact the foreign exchange market. A fall in interest rates would lead to the liquidation of the position of carry traders.
對歐元的評論（尤其是總理或財政大臣的評論）或民意調查都會影響外匯市場。利率下降將導致套利交易者頭寸的清算。
The British economy has now grown well under the supervision of monetary authorities. EMU is currently experiencing many challenges due to participating countries that do not meet the convergence criteria for EMU membership.
在金融管理局的監督下，英國現在的經濟發展良好。歐洲聯盟經濟暨貨幣聯盟目前正面臨許多挑戰，由於參與的國家無法達成聯盟中成員的共同標準。
For the ECB, a single monetary authority, to govern (19 countries, including the UK), the EMU must create a monetary policy that can coordinate all the affected countries’ economic situation.
對於歐洲央行，單一的貨幣管理機構（包括英國在內的19個國家），歐洲聯盟經濟暨貨幣聯盟必須制定能夠協調所有會員國家經濟狀況的貨幣政策。
6. 英鎊與能源價格有緊密的關聯。 GBP has a positive link to energy prices.
Britain has the largest energy companies in the world. Energy production accounts for about 10% of the UK GDP, and as a result, the UK pound correlates with energy prices. Many EU countries import crude oil from the UK, so if oil prices rise, they will eventually have to buy more pounds to finance their energy purchases. Rising oil prices will also boost profits for British energy exporters.
英國擁有世界上最大的能源公司，能源生產約佔英國GDP的10％。因此，英鎊與能源價格相關。許多歐盟國家從英國進口原油，如果油價上漲，它們不得不購買更多的英鎊作為能源購買的資金。油價上漲也將增加英國能源出口商的利潤。
7. 英鎊交叉貨幣 GBP Cross Call
The GBP/USD currency pair tends to be more sensitive to the U.S. economy. However, both currencies are interdependent. This means that the movement of EUR/GBP can permeate the movement of GBP/USD, and vice versa.
英鎊/美元貨幣對通常對美國經濟更容易受影響。兩種貨幣都是相互依賴的，這意味著歐元/英鎊的波動會影響到英鎊/美元的波動中，反之亦然。
The movement of GBP/USD can also affect EUR/GBP transactions. Thus, pound traders should consciously watch the trends of both pairs of currencies.
英鎊 / 美元的變動也會影響歐元/英鎊的交易。因此，英鎊交易者應觀察這兩對貨幣的走向。
The EUR/GBP exchange rate should be the same as dividing EUR/USD by GBP/USD. Market participants often engage in arbitrage using slight differences between exchange rates, so these differences disappear very quickly.
歐元/英鎊匯率應與歐元/ 美金除以英鎊/美金相同。市場參與者通常會使用匯率之間的細微差異進行套利，因此這些差異會很快消失。
英國重要的經濟指標 Important Economic Indicators in the UK
The following economic indicators are all important indicators of the United Kingdom. However, since the UK is a service-oriented economy, it is better to focus on figures, especially the service sector.
以下經濟指標都是英國的重要指標。但是，英國是一個服務業為導向的經濟體，因此最好著重於服務業中的數值。
1. 就業 Employment
England conducts the monthly survey. The survey aims to classify the workforce into three groups – employed, unemployed, and non-labour – and provide detailed data on them.
英國每月都會進行調查。主要將勞動力分為三類，就業、失業和非勞動力，並提供相關的詳細數據。
The survey data provide market participants with critical information about the labour market, such as the industry-specific employment movement and the unemployment rate of working hours.
調查的數據為市場參與者提供有關勞動力市場的重要訊息，例如特定行業的就業趨勢和失業率的走向。
2. 消費者物價指數 Retail Price Index
The retail price index RPI is an indicator of the price movement of the consumer goods basket. The traders watch RPI or RPI-X except for mortgage interest payments. The Treasury Department uses the RPI-X for price targets.
消費者物價指數是消費者一籃子商品價格變動的指標。除抵押利息支付外，交易者會關注消費者物價指數(RPI)或價格上限(RPI-X)。財政部將RPI-X最為價格目標。
3. 國內生產總值 GDP
The quarterly report investigated by the Bureau of Statistics is the total value of all goods and services produced in the UK. GDP is calculated by adding net foreign purchases to household, business and government spending.
統計局調查的季度報告是英國生產的所有商品和服務的總價值。 GDP是通過將外國購買的淨額與家用、企業和政府支出相加得出的。
The GDP deflator is used to convert gross output measured at current prices to fixed-dollar GDP for the base year. High growth rates are often interpreted as inflation, and low (or negative) growth rates suggest economic recession or sluggish economic growth.
GDP平減指數用於以當前價格計算的總產值轉換為基準年固定美元的GDP。高成長率通常被解釋為通貨膨脹，而低（或負）成長率則表明經濟衰退或經濟成長緩慢。
4. 工業生產 Industrial Production
Industrial production, IP Index, measures production changes in the UK’s manufacturing, mining, quarrying, electricity and water supply industries. Industrial production surveys the physical quantity of products, not sales, and multiplies the price to produce. Because IP accounts for one-quarter of GDP, we can understand the current economic situation.
工業生產、工業生產指數計算英國製造業，礦業，採石業，電力和供水行業的生產變化。工業生產調查的是產品的實物數量，而不是銷售量，並乘以生產價格。因為工業生產量佔GDP的四分之一，所以我們可以藉此了解目前的經濟狀況。
5. 採購經理指數 Purchase Manager Index
The Purchasing Managers’ Index (PMI) is a monthly survey published by the British Purchaser Association, a weighted average of seasonal factors for production, new orders, inventory and employment items. Above 50 means the expansion of the competition, and below 50 means the contraction of the competition.
採購經理指數（PMI）是由英國採購者協會每月發布的調查報告，是生產，新訂單，庫存和就業項目的季節性因素的加權平均值。高於50表示競爭激烈，低於50表示競爭萎縮。
6. 英國房屋建築數量 The Number of UK Housing Construction
The number of housing construction projects is a survey of the number of residential building projects constructing. The housing market is an important indicator because it is a significant industry that sustains economic growth.
住宅建設項目數量是對住宅建築項目數量的調查。房市是一個重要的指標，因為它是維持經濟成長的重要行業。