natgillin/translations-raw huggingface dataset:
In May the People 's Bank of China announced a widening of the daily trading band of the renminbi exchange rate against the US dollar from +/- 0.3% of the reference rate to +/- 0.5% .
Maja je kitajska centralna banka oznanila razširitev razpona dnevne spremembe vrednosti renminbija v primerjavi z ameriškim dolarjem s ± 0,3% referenčnega tečaja na ± 0,5% .
The trade surplus continued to widen , bringing the cumulated surplus in 2007 to USD 262 billion -- or about 8 % of GDP -- almost 50 % higher than the surplus for the whole of 2006 .
Trgovinski presežek se je še naprej povečeval , tako da je skupni presežek leta 2007 znašal 262 milijard USD -- ali približno 8 % BDP -- kar je skoraj 50 % več od presežka za celotno leto 2006 .
In this context , foreign exchange reserves continued to rise , totalling USD 1.5 trillion , close to 50 % of GDP , at the end of 2007 .
Devizne rezerve so pri tem še naprej rasle in so ob koncu leta 2007 znašale 1,5 bilijona USD , kar je skoraj 50 % BDP .
Economic growth also remained sustained in Latin America , albeit with some heterogeneity in the inflation and growth performances across economies .
Tudi v Latinski Ameriki se je gospodarska rast nadaljevala , čeprav so se gibanja inflacije in gospodarske rasti od države do države nekoliko razlikovala .
Improved macroeconomic fundamentals , a further reduction in financial vulnerabilities , high commodity prices and strong domestic demand continued to support the economic outlook .
Gospodarske možnosti so še naprej spodbujali izboljšani makroekonomski temelji , nadaljnje zmanjšanje finančne ranljivosti , visoke cene primarnih surovin in močno domače povpraševanje .
External financial conditions deteriorated in the wake of the recent period of global financial market turbulence , albeit less than in previous episodes of market volatility .
Zunanje finančne razmere so se ob nedavnem obdobju globalnih pretresov na finančnih trgih poslabšale , vendar manj kot v preteklih epizodah volatilnosti trga .
In particular , spreads on credit default swaps on Latin American sovereign debt widened , but remained at low levels by historical standards .
Povečali so se razponi v zamenjavah kreditnega tveganja ( credit default swaps ) pri državnih dolgovih Latinske Amerike , vendar so v primerjavi s preteklimi leti ostali na precej nizki ravni .
In the region 's leading economies , the pace of economic activity was more moderate in Mexico , reflecting a less favourable external environment , but was robust in Brazil , while inflation remained contained in both countries .
Med vodilnimi gospodarstvi regije je bolj umirjeno gospodarsko rast zaradi manj ugodnih zunanjih razmer dosegala Mehika , močnejšo pa Brazilija , medtem ko je inflacija v obeh državah ostala omejena .
Argentina continued to post high real GDP growth rates , and inflation remained at elevated levels .
Argentina je še naprej dosegala visoke stopnje realne rasti BDP , inflacija pa je ostala na povišani ravni .
COMMODITY PRICE DEVELOPMENTS IN 2007 Oil prices surged for the fourth year in a row in 2007 .
GIBANJA CEN PRIMARNIH SUROVIN V LETU 2007 Cene nafte so leta 2007 že četrto leto zapored strmo naraščale .
The price of Brent crude oil increased to around USD 95.6 per barrel in late November .
Cena surove nafte Brent se je ob koncu novembra zvišala na 95,6 USD za sod .
Oil prices were subsequently volatile and stood at USD 94.9 per barrel at the end of the year , around USD 17 above the peaks reached in August 2006 .
Zatem so cene nafte nihale in so ob koncu leta znašale 94,9 USD za sod , kar je približno 17 USD nad najvišjimi vrednostmi iz avgusta 2006 .
Measured in terms of euro , prices were only around EUR 4 above the August 2006 peak and around 40 % above the level of end-2006 .
Merjeno v eurih so bile cene le za okrog 4 EUR višje od najvišje vrednosti v avgustu 2006 , in približno 40 % nad vrednostjo ob koncu leta 2006 .
For the year as a whole , the average price of a barrel of Brent crude oil was USD 71 , which was 9 % above the average of the previous year .
Povprečna cena surove nafte Brent za sod je v celotnem letu znašala 71 USD , kar je bilo 9 % več od povprečja v predhodnem letu .
Throughout the year oil markets remained tight .
Razmere na naftnih trgih so ostale celo leto zaostrene .
As regards supply , the Organization of the Petroleum Exporting Countries ( OPEC ) had lowered its production quota and actual production towards the end of 2006 , while nonOPEC supply growth fell short of expectations and , thus , did not compensate for lower OPEC output .
Kar zadeva ponudbo , je Organizacija držav izvoznic nafte ( OPEC ) ob koncu leta 2006 sklenila omejiti svoje proizvodne kvote in dejansko proizvodnjo , medtem ko rast ponudbe držav nečlanic OPEC ni izpolnila pričakovanj in zato ni nadomestila nižjih količin načrpane nafte držav OPEC .
In addition , some production disruptions attributable to the hurricane season temporarily reduced output .
Poleg tega so količine načrpane nafte začasno zmanjšale motnje v proizvodnji zaradi obdobja orkanov .
Global demand growth remained relatively robust .
Rast svetovnega povpraševanja po nafti je ostala razmeroma visoka .
Some weakness in OECD demand towards the end of the year was compensated for by robust non-OECD
Nekoliko šibkejše povpraševanje v državah OECD proti koncu leta je nadomestila močna
Chart 4 Main developments in commodity markets Brent crude oil ( USD / barrel ;
Graf 4 Glavna gibanja na trgih primarnih surovin surova nafta Brent ( USD / sodček ;
right-hand scale ) 100 90 80 70 60 50 40 30 20 2003 2004 2005 2006 2007 230 210 190 170 150 130 110 90 70 Sources : Bloomberg and Hamburg Institute of International Economics .
lestvica na desni strani ) 100 90 80 70 60 50 40 30 20 2003 2004 2005 2006 2007 Vira : Bloomberg in Hamburški mednarodno-gospodarski inštitut . 230 210 190 170 150 130 110 90 70
28 ECB Annual Report 2007
ECB Letno poročilo 2007
demand growth .
rast povpraševanja v državah nečlanicah OECD .
Demand in most non-OECD countries , in particular China , remained strong , reflecting robust economic performance .
Povpraševanje v večini držav nečlanic OECD , zlasti Kitajske , je zaradi okrepljene gospodarske aktivnosti ostalo močno .
In addition , oil demand was supported by subsidies on oil products in many of these countries .
Poleg tega so povpraševanje po nafti spodbujale tudi subvencije za naftne proizvode v številnih od teh držav .
Inventories in both the United States and the OECD countries failed to build up before the northern hemisphere heating season , a period when inventories normally increase .
ZDA in države OECD niso uspele napolniti zalog pred začetkom ogrevalne sezone na severni polobli ( tj . v obdobju , ko se zaloge navadno povečajo ) .
The low level of oil inventories triggered concerns about the lack of a safety cushion against possible future supply disruptions ( related to geopolitical tensions and extreme weather ) at a time when oil market conditions were already tight .
Ob nizkih zalogah se je pojavila zaskrbljenost zaradi pomanjkanja varnostne rezerve , če bi prišlo do motenj dobave v prihodnosti ( zaradi geopolitičnih napetosti in ekstremnih vremenskih razmerah ) v času , ko so bile razmere na trgu že zaostrene .
Towards the end of the year , prices became increasingly volatile as a result of changing market perceptions about a slowdown in the US and global economy and some unwinding of speculative activity .
Proti koncu leta so cene nafte vse bolj nihale , saj so se tržne ocene o upočasnitvi ameriškega in svetovnega gospodarstva spreminjale , špekulativne dejavnosti pa so se nekoliko zmanjšale .
Prices stayed at high levels , however , as the International Energy Agency confirmed the positive outlook for global oil demand in 2008 owing to strong non-OECD demand growth and hinted at possible lower rates of oil discovery over the next decade .
Cene so kljub temu ostale visoke , saj je Mednarodna agencija za energijo ( IEA ) potrdila pozitivna pričakovanja glede svetovnega povpraševanja po nafti v letu 2008 zaradi močne rasti povpraševanja držav nečlanic OECD in nakazala možnost zmanjšanja odkritij nafte v naslednjem desetletju .
Not only oil but also other commodity prices increased markedly in 2007 .
V letu 2007 se niso občutno povečale le cene nafte , pač tudi cene drugih surovin .
The prices of non-energy commodities , as measured by the Hamburg Institute of International Economics , continued to be buoyant in most of 2007 and peaked in mid-October amid some volatility .
Cene primarnih surovin brez energentov , merjene s skupnim indeksom hamburškega inštituta za ekonomske raziskave , so se večino leta 2007 še naprej dvigovale in sredi oktobra ob določenih nihanjih dosegle najvišje vrednosti .
In the first half of the year non-energy commodity prices were supported both by strong increases in industrial raw materials prices and by surges in agricultural prices attributable to strong economic growth , bad harvests and the increased use of agricultural raw materials in the production of biofuel .
V prvi polovici leta je k cenam primarnih surovin brez energentov prispevala močna rast cen industrijskih surovin ter skoki cen kmetijskih proizvodov , kar je mogoče pripisati močni gospodarski rasti , slabim letinam in povečani uporabi kmetijskih surovin za proizvodnjo biogoriva .
In the second half of the year the upward trend in agricultural and food prices continued , mainly driven by robust demand from China , while industrial raw materials ( and in particular non-ferrous metals ) prices declined , reflecting the slowdown in industrial production in OECD countries .
V drugi polovici leta se je trend zviševanja cen kmetijskih proizvodov in hrane nadaljeval , zlasti zaradi močnega povpraševanja Kitajske , medtem ko so se cene industrijskih surovin ( zlasti barvnih kovin ) znižale kot posledica upočasnitve industrijske proizvodnje v državah OECD .
In aggregate terms , non-energy commodity prices ( denominated in US dollars ) increased by an average of approximately 19 % in 2007 compared with the previous year .
Celotno gledano so se cene primarnih surovin brez energentov ( izražene v ameriških dolarjih ) leta 2007 v primerjavi s preteklim letom zvišale povprečno za približno 19 %.
2.2 MONETARY AND FINANCIAL DEVELOPMENTS THE PACE OF MONETARY EXPANSION REMAINED STRONG The year 2007 was again characterised by strong monetary and credit growth , following the strengthening observed since mid-2004 .
2.2 DENARNA IN FINANČNA GIBANJA RAST DENARJA JE OSTALA MOČNA Tudi za leto 2007 je bila značilna visoka rast obsega denarja in kreditov , s čimer se je nadaljevala krepitev rasti , ki se je začela sredi leta 2004 .
This strength is reflected in the continued high growth rates of both the broad monetary aggregate M3 and lending to the private sector ( see Chart 5 ) , which stood at 12.0% and 11.1% respectively in the fourth quarter of 2007 .
Močna rast se kaže v nadaljnjih visokih stopnjah rasti širšega denarnega agregata M3 in posojil zasebnemu sektorju ( glej graf 5 ) , ki sta v zadnjem četrtletju leta 2007 znašali 12,0% oziroma 11,2% .
A broad-based analysis of monetary developments shows that the growth of M3 in 2007 may somewhat overstate the underlying rate of monetary expansion , owing to the stimulative effect of the relatively flat yield curve , which increased the attractiveness of short-term MFI deposits relative to longer-term deposits and securities .
Širša analiza denarnih gibanj kaže , da bi lahko rast denarnega agregata M3 v letu 2007 prikazovala nekoliko precenjeno osnovno stopnjo denarne rasti , saj se je zaradi stimulativnega učinka razmeroma položne krivulje donosnosti povečala privlačnost kratkoročnih vlog pri MFI v primerjavi z dolgoročnimi vlogami in vrednostnimi papirji .
Consequently , strong M3 growth may , to some extent , have been driven by speculative demand for monetary assets .
Močna rast agregata M3 bi zato utegnila biti v glavnem posledica špekulativnega povpraševanja po denarnih sredstvih .
At the same time , the increases in key ECB interest rates since December 2005 have clearly continued to influence money and credit developments .
Hkrati so na gibanje denarja in kreditov še naprej vplivali tudi dvigi ključnih obrestnih mer ECB od decembra 2005 dalje .
The impact of these increases in short-term interest rates on monetary dynamics remained visible , for example , in the Chart 5 M3 and loans to the private sector ( annual percentage changes ;
Vpliv dvigov kratkoročnih obrestnih mer na denarna gibanja je ostal opazen , kot na primer pri umirjanju medletnih stopenj rasti denarnega agregata M1 in posojil sektorju gospodinjstev . Graf 5 M3 in posojila zasebnemu sektorju ( medletne spremembe v odstotkih ;
adjusted for seasonal and calendar effects ) M3 loans to the private sector 14 12 10 8 6 4 2 2001 2002 2003 2004 2005 2006 2007 Source : ECB . 14 12 10 8 6 4 2
desezonirano in koledarsko prilagojeno ) M3 posojila zasebnemu sektorju 14 12 10 8 6 4 2 2001 Vir : ECB . 2002 2003 2004 2005 2006 2007 14 12 10 8 6 4 2
ECB Annual Report 2007 29
ECB Letno poročilo 2007
moderation in the annual growth rates of both M1 and loans to the household sector . Thus far , the financial turmoil observed as of the second half of 2007 appears to have had a limited impact on the dynamics of the broad monetary aggregate .
Za zdaj kaže , da so finančni pretresi v drugi polovici leta 2007 le omejeno vplivali na dinamiko širšega denarnega agregata .
The turmoil has , however , affected specific components and counterparts of M3 , particularly those closely related to the tensions emerging in the money market , such as the issuance of money market fund shares / units and MFI debt securities .
Kljub temu so pretresi vplivali na posamezne komponente in protipostavke M3 , zlasti tiste , ki so tesno povezane z napetostmi na denarnem trgu ( npr . izdajanje točk / delnic skladov denarnega trga in dolžniških vrednostnih papirjev MFI ) .
However , a more general shift into monetary assets , possibly triggered by a more widespread increase in risk aversion in the non-financial private sector in the context of that financial turmoil , does not -- thus far , at least -- appear to have occurred .
Kljub temu kaže , da vsaj za zdaj ni prišlo do splošnejše preusmeritve v denarna sredstva , ki bi jo lahko ob finančnih pretresih sprožila splošna nenaklonjenost tveganju v nefinančnem zasebnem sektorju .
This assessment is supported by the detailed analysis of components and counterparts of M3 reported below .
Takšno oceno utemeljuje podrobna analiza komponent in protipostavk agregata M3 , ki je predstavljena v nadaljevanju .
COMPONENTS OF M3 WERE INFLUENCED BY THE FLAT YIELD CURVE On the components side , the annual growth rate of M1 moderated further to stand at 4.1% at the end of 2007 , well below the double-digit growth rates observed between 2003 and late 2005 before the key ECB interest rates were increased .
NA KOMPONENTE AGREGATA M3 JE VPLIVALA POLOŽNA KRIVULJA DONOSNOSTI Kar zadeva komponente , se je medletna stopnja rasti agregata M1 dodatno umirila in je ob koncu leta 2007 znašala 4,1% , kar je precej pod dvomestnimi stopnjami rasti , ki so bile dosežene med letom 2003 in koncem leta 2005 , preden je ECB zvišala ključne obrestne mere .
This moderation is visible in both components of M1 , i.e. overnight deposits and currency in circulation .
Ta umiritev je opazna v obeh komponentah agregata M1 , tj .
M1 growth in 2007 was influenced mainly by two countervailing forces .
v vlogah čez noč in v gotovini v obtoku . Na rast agregata M1 v letu 2007 sta vplivala predvsem dva nasprotujoča si dejavnika .
On the one hand , there was a dampening effect resulting from the rising opportunity cost of holding M1 associated with the increases in interest rates since December 2005 .
Na eni strani je bil dvig oportunitetnih stroškov imetja agregata M1 zaradi zviševanja obrestnih mer po decembru 2005 , kar je vplivalo na zmanjševanje rasti M1 .
On the other hand , there was greater transaction-related demand for M1 given the continued strength of economic activity , as well as , potentially , a desire to hold M1 as a buffer in the context of the recent financial turmoil .
Po drugi strani pa je bilo prisotno večje povpraševanje po M1 zaradi transakcij v okolju nadaljnje močne gospodarske aktivnosti in morda tudi zaradi želje imeti agregat M1 kot varnostno rezervo ob nedavnih finančnih pretresih .
The strengthening observed since mid-2004 in the annual growth rate of short-term deposits other than overnight deposits ( M2-M1 ) continued in 2007 , with that growth rate reaching 17.8% in December ( see Chart 6 ) .
Krepitev medletne stopnje rasti kratkoročnih vlog , razen vlog čez noč ( M2-M1 ) , ki jo opažamo od sredine leta 2004 , se je leta 2007 nadaljevala in je decembra dosegla 17,8% ( glej graf 6 ) .
The contribution of these other short-term deposits to annual M3 growth increased to 6.6 percentage points in December , with such deposits accounting for
Prispevek kratkoročnih vlog k medletni rasti M3 se je decembra 2007 povečal na 6,6 odstotne točke , pri čemer so te vloge predstavljale večino skupne visoke rasti denarja in njene dinamike v zadnjem času . Vendar pa močna rast zakriva različna gibanja v posameznih podkomponentah .
Chart 6 Main components of M3 ( annual percentage changes ;
Graf 6 Glavne komponente M3 ( medletne spremembe v odstotkih ;
adjusted for seasonal and calendar effects ) M1 other short-term deposits ( M2-M1 ) marketable instruments ( M3-M2 ) 24 20 16 12 8 4 0 2002 Source : ECB .
desezonirano in koledarsko prilagojeno ) M1 druge kratkoročne vloge ( M2-M1 ) tržni instrumenti ( M3-M2 ) 24 20 16 12 8 4 0 2002 Vir : ECB .
most of the strong overall monetary expansion as well as its recent dynamics . However , this strong growth masks divergent developments across the various sub-components .
je spremljalo nadaljnje zniževanje imetij vlog na odpoklic z odpoklicem do treh mesecev , ki so se do decembra 2007 znižale za 3,6% , potem ko so ob koncu leta 2006 dosegale nizke stopnje rasti .
The ongoing strong inflows for short-term time deposits ( i.e. deposits with an agreed maturity of up to two years ) , which grew at an annual rate of 41.4% in December , up from 27.2% in December 2006 , were accompanied by a continuous decline in the holdings of deposits redeemable at notice of up to three months , which declined by 3.6% in the year to December , after low levels of growth at the end of 2006 .
Obrestovanje kratkoročnih vezanih vlog je raslo približno skladno z obrestnimi merami denarnega trga ( glej graf 7 ) . Razlika v primerjavi z obrestovanjem kratkoročnih hranilnih vlog in vlog čez noč se je tako povečala , saj se je obrestovanje slednjih skladno s preteklimi vzorci povečevalo počasneje in skromneje .
The remuneration of short-term time deposits has broadly followed the rise in short-term money market interest rates ( see Chart 7 ) .
Poleg tega so bile kratkoročne vezane vloge ob razmeroma položni krivulji donosnosti privlačnejše od bolj tveganih sredstev z daljšo ročnostjo zunaj M3 , saj so omogočale večjo likvidnost in manj tveganja ob nižjih stroških z vidika donosov , kar je tudi prispevalo tudi k preusmeritvi od dolgoročnejših sredstev .
The spread vis-à-vis the remuneration of short-term savings deposits and overnight deposits has thus widened , as the remuneration of these deposits has increased more slowly and modestly , in line with historical patterns .
Medletna stopnja rasti tržnih instrumentov ( M3-M2 ) , ki se je močno okrepila že leta 2006 , se je leta 2007 dodatno povečala in je decembra znašala 19,9% v primerjavi s 13,3% decembra 2006 .
This has supported shifts into time deposits from M1 and savings deposits . Moreover , with a relatively flat yield curve , short-term time deposits have been attractive by comparison with riskier longermaturity assets outside M3 , since they offer greater liquidity and less risk at little cost in terms of return , thereby supporting shifts away from longer-term assets as well .
To je v glavnem posledica vpliva razmeroma položne krivulje donosnosti v euroobmočju , ki je spodbudila preusmeritve v kratkoročna denarna sredstva . Posledično je bil prispevek teh instrumentov k medletni stopnji rasti M3 razmeroma velik in je decembra 2007 znašal 2,7 odstotne točke .
30 ECB Annual Report 2007
ECB Letno poročilo 2007
Chart 7 MFI interest rates on short-term deposits and a money market interest rate ( percentages per annum ) overnight deposits deposits with an agreed maturity of up to one year deposits redeemable at notice of up to three months deposits with an agreed maturity of one to two years three-month EURIBOR 5.0 4.0 3.0 2.0 1.0 0.0 2003 Source : ECB .
Graf 7 Obrestne mere MFI za kratkoročne vloge in obrestna mera denarnega trga ( odstotki na leto ) vloge čez noč vloge z dogovorjeno zapadlostjo do 1 leta vloge na odpoklic z odpoklicem do 3 mesecev vloge z dogovorjeno zapadlostjo od 1 do 2 let 3-mesečni EURIBOR 5,0 4,0 3,0 2,0 1,0 0,0 2003 Vir : ECB .
Between August and November the money-holding sector 's holdings of such securities increased at the strongest rate since the start of Stage Three of EMU , thereby providing funding to the MFI sector . HOUSEHOLDS » MONEY HOLDINGS GREW STRONGLY The broadest aggregation of M3 components for which reliable information is available by holding sector is short-term deposits plus repurchase agreements ( hereafter referred to as « M3 deposits ") .
DENARNA IMETJA GOSPODINJSTEV SO SE MOČNO POVEČALA Najširše agregiranje komponent M3 , za katero so na voljo zanesljive informacije v nedenarnem sektorju , obsega kratkoročne vloge plus repo pogodbe ( v nadaljevanju „vloge M3 ") .
The annual growth rate of the aggregate M3 deposits of the household sector , the sector contributing the most to total M3 deposit growth , reached 8.1% in December 2007 ( see Chart 8 ) .
Medletna stopnja rasti vlog M3 sektorja gospodinjstev , ki največ prispeva k skupni rasti vlog M3 , je decembra 2007 dosegla 8,1% ( glej graf 8 ) .
The upward trend observed in this growth rate since mid-2004 thus continued , supported by income and wealth growth and the increasing remuneration of M3 deposits .
Trend naraščanja , ki ga opažamo od sredine leta 2004 , se je tako nadaljeval , k čemur je prispevala rast dohodka in premoženja ter višje obrestovanje vlog M3 .
The robust growth of household M3 deposits is therefore evidence of the strength of underlying money growth .
Okrepljena rast vlog M3 gospodinjstev je zato dokaz močne osnovne rasti denarja .
Continuing the strengthening observed since late 2004 , the annual growth rate of M3 deposits held by non-financial corporations increased further in the first half of 2007 , before levelling off to stand at 11.1% in December 2007 .
Medletna rast vlog M3 nefinančnih družb se je po krepitvi od sredine leta 2004 dalje nadaljevala tudi v prvi polovici leta 2007 , decembra pa se je umirila na ravni 11,1% .
The strong corporate demand for liquid assets in 2007 was in line with strong profitability and robust ( current and expected ) business investment .
Veliko povpraševanje podjetij po likvidnih sredstvih v letu 2007 je bilo v skladu z veliko dobičkonosnostjo in velikimi ( tekočimi in pričakovanimi ) podjetniškimi naložbami .
The growth rate of M3 deposits held by other financial intermediaries ( OFIs ) , which do not include insurance corporations and pension funds , stood at 25.0% on an annual basis in December 2007 .
Stopnja rasti vlog M3 drugih finančnih posrednikov , ki ne vključujejo zavarovalnic in pokojninskih skladov , je decembra 2007 medletno znašala 25,0% .