[font=Times New Roman][table=70%,#ffffff,#c0504d,4][tr][td]
QE3是[color=#ff0000]a third round of quantitative easing [/color]的缩写。
QE3：第三次[b]量化宽松[/b]，是第三轮量化宽松的[b]货币政策[/b].
QE2今年（2012年）6月份结束.
[hr]
[size=3][b]QE1, QE2, and QE3 [/b][/size]
The expression "QE2" became a "ubiquitous nickname" in 2010, usually used to refer to a second round of quantitative easing by central banks in the United States.
Retrospectively, the round of quantitative easing preceding QE2 may be called "QE1".
Similarly, "QE3" refers to the third round of quantitative easing involving the purchase of mortgage-backed securities, announced in September 2012, following QE2.
[hr]
[b][size=3]QE是什么意思：[/size][/b]
量化宽松(英语：Quantitative easing，简称QE)：
是一种货币政策，[b]由中央银行通过[/b]公开市场操作[b]以提高货币供应[/b]，可视之为“无中生有”创造出指定金额的货币，也被简化地形容为间接增印钞票。其操作是中央银行通过公开市场操作购入证券等，使银行在央行开设的结算户口内的资金增加，为银行体系注入新的流通性。
“量化宽松”中的“量化”指将会创造指定金额的货币，而“宽松”则指减低银行的资金压力。中央银行利用凭空创造出来的钱在公开市场购买政府债券、借钱给接受存款机构、从银行购买资产等。这些都会引起政府债券收益率的下降和银行同业隔夜利率的降低，银行从而坐拥大量只能赚取极低利息的资产，央行期望银行会因此较愿意提供贷款以赚取回报，以舒缓市场的资金压力。
[size=3]刺激贷款[/size]
在部分准备制下，银行保持一定比例的存款准备金，其余的资金可作贷款之用。从量化宽松的过程中增加的存款，银行可通过借贷，再创造出更多的货币供应，即存款倍数效应（deposit multiplication）。例如，假设货币流动性是平均10次交易，量化宽松每创造$10,000，可产生的最终货币供应为$100,000。
量化宽松向本土银行同业市场提供充足流动资金，大大降低借贷成本，最终期望所有借款人都能受惠，以支持整体经济运作。一般来说，量化宽松可支持整体经济，并“有助纾缓或遏抑经济逆转的影响。”
虽然被形容为“开机印钞票”，但量化宽松通常只是调整电脑帐目。一个国家要实行量化宽松，必须对其货币有控制权；所以，举例，欧元区个别国家不能单方面推出量化宽松政策。
当银根已经松动，或购买的资产将随着通胀而贬值（如国库债券）时，量化宽松会使货币倾向贬值。由于量化宽松有可能增加货币贬值的风险，政府通常在经历通缩时推出量化宽松的措施。而持续的量化宽松则会增加恶性通胀的风险。
[hr]
Quantitative easing
Quantitative easing (QE) is an unconventional monetary policy used by central banks to stimulate the national economy when conventional monetary policy has become ineffective. A central bank implements quantitative easing by buying financial assets from commercial banks and other private institutions with newly created money, in order to inject a pre-determined quantity of money into the economy. This is distinguished from the more usual policy of buying or selling government bonds to keep market interest rates at a specified target value. Quantitative easing increases the excess reserves of the banks, and raises the prices of the financial assets bought, which lowers their yield.
Expansionary monetary policy typically involves the central bank buying short-term government bonds in order to lower short-term market interest rates (using a combination of standing lending facilities and open market operations). However, when short-term interest rates are either at, or close to, zero, normal monetary policy can no longer lower interest rates. Quantitative easing may then be used by the monetary authorities to further stimulate the economy by purchasing assets of longer maturity than only short-term government bonds, and thereby lowering longer-term interest rates further out on the yield curve.
Quantitative easing can be used to help ensure inflation does not fall below target. Risks include the policy being more effective than intended in acting against deflation – leading to higher inflation, or of not being effective enough if banks do not lend out the additional reserves.
[/td][/tr][/table][/font]
