The pencil's lead tapers down to a fine point at the end.
这支铅笔的笔芯在末端逐渐变细。
The tree trunk tapers as it rises towards the sky.
树干随着向上生长而逐渐变细。
She wore a dress with a narrow
tapering neckline.
她穿了一件领口逐渐收窄的连衣裙。
The light from the lighthouse tapers off into the distance.
灯塔的光线在远处逐渐减弱。
The musician played a beautiful piece on the violin, with a smooth and controlled taper in volume.
音乐家用小提琴演奏了一首优美的曲子，音量渐弱，控制得恰到好处。
The staircase tapers from a wide base to a narrow top.
楼梯从宽大的底部逐渐变窄，直至顶部。
The medicine bottle has a conical taper, making it easy to grip.
药瓶有一个锥形的渐缩设计，便于抓握。
The garden path tapers gently to the main entrance.
花园小径缓缓地向主要入口倾斜。
A cigar's circumference tapers as you smoke it.
抽烟时雪茄的周长会逐渐变小。
The athlete's sprint speed showed a remarkable
tapering effect, allowing them to maintain power towards the finish line.
运动员的冲刺速度表现出显著的渐减效果，使他们在终点线附近保持了强大的力量。
Haitian's flagship product soy sauces, which accounts for 66 percent of its total revenue, however, has seen growth taper off from 16.59 percent in 2017 to 10.71 percent in the first half.
"It's not yet the timing to taper the strength of growth-stabilization policy," said Wang Qing, chief macroeconomic analyst at Golden Credit Rating International.
"Removing tariffs on China, compared with interest rate hikes and tapering of stimulus packages, is a more effective measure with little side effects, and will be good to both the US and the rest of the world," she said.
Rise in factory-gate prices to taper off despite surge in commodity costsChina's Producer Price Index, which gauges factory-gate prices, will likely continue to rise but at a slower pace, despite uncertainties arising from global commodity prices, and the government's timely policy measures will ensure both supplies and producer-level inflation remain stable, the National Development and Reform Commission, the nation's top economic regulator, said on Tuesday.
Starting from November 2021, the Fed began a new round of tapering by reducing purchases of bonds and mortgage-backed securities.
China's export growth, though expected to maintain some resiliency, may nevertheless decelerate this year as overseas demand softens amid the tapering of stimulus packages in major economies, underlining the necessity to bolster domestic demand in China, Zhang said.
The central bank governor added that the country's financial system has remained stable as overall financial risks are tapering and controllable, with the rise in the macroeconomic leveraging ratio effectively curbed and market expectations over the property market gradually brightening.
Ivanova's views were echoed by Yu Yongding, an academician at CASS, who highlighted the unprecedented challenges faced by the global economy, including the resurgence of COVID-19, the accelerated process of tapering by the US Federal Reserve, and strained ties between China and the United States.
The Federal Reserve began to exit its quantitative easing policy by tapering off monthly bond purchases since November.
IMF economist Koch said to avoid "taper tantrum" scenarios, which usually result in spillovers such as the shifting of capital flows and foreign exchange rate fluctuations, monetary authorities need to focus on forward guidance and communication.
On Wednesday, the United States Federal Reserve unveiled the minutes of the September meeting of the Federal Open Market Committee, indicating that it may begin to "taper" asset purchase plans as early as next month, and more Fed officials predicted an interest rate rise in 2022.
Experts said China's overall stable financial situation has contributed to global financial stability, but the nation must deal with rising domestic and external risks, especially any defaults by large property developers, fiscal sustainability of some local governments, and the anticipated US Federal Reserve's asset purchase tapering.
The country is expected to withstand the risks stemming from any Fed tapering, which could exert pressure on emerging-market economies to tighten their monetary policies, and conflict with the need to keep domestic economic stability, he said.
In a global market landscape where the US Federal Reserve's anticipated tapering could trigger investors' exit from emerging markets, it is critical to engage in transparent communication with investors about policy goals and next moves.
Experts considered the remarks a signal that further lowering of the reserve requirement ratio and even cutting the policy interest rate could be within the Chinese central bank's policy toolkit in the coming quarters, even as the US Federal Reserve is expected to taper its stimulus package.
In this context, any US Federal Reserve tapering of its quantitative easing monetary policy is unlikely to have an impact on global finance and the economy for the time being.
Macroeconomic experts in China said on Thursday the US Federal Reserve's latest signal that it may taper $120-billion-a-month purchases of Treasurys and mortgage bonds would not unduly affect the country's current financial condition.
It also signaled tapering could be a possibility later this year.
Fed Chairman Jerome Powell told a news conference online after the meeting that no decision has been made on the timeline of tapering.
Any tapering will depend on incoming data, which will be assessed by the FOMC when it meets again on Sept 21-22 and Nov 2-3.
"Ming Ming, a senior researcher with Citic Securities, said that besides inflation and the emergence of variants of the novel coronavirus, employment growth could be the third factor that might influence the Fed's decision on tapering.
Tapering might start at the beginning of next year, and a rate hike may happen by the end of 2022, Ming said.
He also noted that the Fed has built a buffer mechanism in preparation for the tapering process, referring to two monetary policy measures of standing repurchase agreement facilities-a domestic one for primary dealers and additional banks, and another one for foreign and international monetary authorities.
Any possible tapering of monetary stimulus by the US Federal Reserve would have a "controllable" impact on China's cross-border capital flows, with the Chinese yuan set to maintain a generally stable rate with higher flexibility against the US dollar, the country's foreign exchange regulator said on Friday.
He said that with the impact of the COVID-19 gradually tapering off, restrictions hampering offline consumption have mostly been removed.
"This could be a surprise for markets at a time when other major central banks are talking about rate hikes and the taper timetable," said Pang, referring to a reduction of asset purchases.
Before that, it is likely to officially announce a "tapering" policy as early as in December this year.
This was the adjustment mechanism that was triggered in the wake of the 2013 US taper tantrum, when the US Federal Reserve's decision to pare back its quantitative easing program caused ructions across global markets.
Although the Fed's rate hikes may not come soon, economists foresee that the Fed may start its "tapering", or reduction of asset purchases, around year-end or at the beginning of 2022.
"The Fed still needs to make substantial progress on getting the economy back to full employment, but the taper timeline has become more visible," said David Chao, global market strategist for Asia-Pacific (excluding Japan) at Invesco.
Liang also said he believes that the US will see a quicker recovery than most other economies, and conditions for the process of reducing the US Federal Reserve's debt purchases, known as "tapering", are ripe.
"If major economic indicators keep strengthening, the Federal Reserve is likely to send stronger, clearer signals for tapering off," Liang said.
Yet, actual implementation of tapering may not come until late this year, he said.
Moreover, the growth in PPI is likely to peak and start declining in the coming months, Long said, thanks to a recovery in the supply of commodities as the pandemic situation gradually stabilizes and an expected tapering of the US Federal Reserve's monetary stimulus.
It has been widely expected in the market that the US Federal Reserve may consider tapering off its quantitative easing policies in the second half of the year.
Expected tapering of US monetary stimulus to pose minor market risksThe expected tapering of US monetary stimulus moves may have some spillover effects on China in the form of higher financial market volatility and slower capital inflows, but strong economic fundamentals will help buffer such risks, experts said on Wednesday.
"The domestic stock, foreign exchange and bond markets will all be exposed to risks due to a possible QE tapering in the United States," said Wang Youxin, a senior researcher with Bank of China.
Expectations that the Fed may start QE tapering somewhere in the next few quarters, possibly by the end of this year or early 2022, have heated up after the US economy delivered a strong rebound and pushed up price levels.
Investors need to pay particular attention to May's US nonfarm payroll data, due on Friday, which will give more clues to the shape of labor market recovery in the US and hence the timetable of the Fed's QE tapering, Sycamore said.
Li said the cost pressure is expected to taper as market adjustments in the commodity market have started to take effect, with prices of some ferrous metal products having decreased in the domestic market in May.
He said that impact of the low-base factor is tapering off.
Yet the index is likely to be stablized with low-base factor gradually tapering off and supply picking up towards the year-end.
Worldwide vaccine rollout likely fuelled the broad-based improvement, the report said, adding that a robust performance in Q2 could offer more cushion for policymakers to taper stimulus.
This means policymakers will likely take a slower approach to tapering easing and are likely to remain accommodative, particularly for small and medium-sized enterprises which have been hit badly by the pandemic," she said.
It predicted that the economy is likely to grow by 8 to 9 percent in 2021 if the COVID-19 pandemic situation continues to taper off, and by about 5 percent if the pandemic makes a severe comeback during the winter and spring.
它预测，如果COVID-19大流行情况继续减弱，2021年经济可能增长8%至9%；但如果该疫情在冬季和春季严重反弹，则经济增长率可能约为5%。
Chen Jingyang, an economist with global investment bank HSBC Plc, said the healthy surge in production and profits will boost manufacturing investment in the long run, and the same will become an important driver for GDP growth as policy support for infrastructure investment is likely to taper off.
汇丰银行全球投资银行的经济学家陈京阳表示，生产与利润的强劲增长将长期提振制造业投资，而随着政策对基础设施投资支持力度的减弱，后者将成为GDP增长的重要驱动力。
The report said long-term demand is expected to continue to grow and the prevalence and preference for online shopping during COVID-19 will likely plateau and taper off, laying a solid foundation for quality brands and shopping destinations.
报告指出，长期需求预计将持续增长，并且COVID-19期间对在线购物的普及和偏好可能会达到平稳并逐渐减少，这为优质品牌和购物目的地奠定了坚实的基础。
"Many steel companies will slash output as inventories pile up, but a vigorous revival of market demand in the second quarter of this year is expected, given that the Chinese authorities have rolled out a slew of measures to stabilize economic growth and the epidemic hopefully will taper off," said Luo Tiejun, vice-chairman of the China Iron and Steel Industry Association.
Rates set to taper down in China after year-end, festive demand, says expertThe prices of pork, which accounts for more than 60 percent of China's meat consumption, are expected to remain high for some time due to the busy sales season during the New Year's day and the Spring Festival, but will remain stable in the long term with little room for further growth, an industry expert said.
The IMAX performance came amid concerns that the industry growth rate was slowing due to tapering demand, said industry insiders and analysts.
Further adding to this new-age look are the minimalist planes that taper off at the rear, as well as the large, lower air inlet featuring a diamond grid structure and striking trim strip in dark chrome, which grants the vehicle a more visually dominant stance and highlights its premium appeal.
Zhang Jun, chief economist at China Galaxy Securities, said the report sends a positive signal that better-than-expected economic growth figures for the third quarter are unlikely to trigger a tapering of monetary policy support, with another cut in the reserve requirement ratio possible in the current quarter.
"US debt faces huge pressures of being sold off, due to the increasingly large supply of US Treasuries, the possible deadlock of the Democratic Party and the Republican Party on new year spending levels, and the US Federal Reserve's tapering of monetary stimulus," said Wang Youxin, a senior researcher at Bank of China.
The vitality is especially noticeable despite the negative market sentiment due to the Russia-Ukraine conflict, US interest rate hikes and tapering, he said.
Having seen financial risks tapering off with the macro leverage ratio dropping to 272.5 percent by the end of last year, China is confident of "safeguarding the bottom line of avoiding systemic financial risks", the central bank said on Thursday.
Thanks to the resilience of the Chinese economy and increasing flexibility in the yuan exchange rate, there will be limited effect on China's foreign exchange market from the accelerated tapering and interest rate hikes in the United States, said the State Administration of Foreign Exchange during a news conference on Friday.
As the US Federal Reserve will accelerate its tapering by slowing the pace of asset purchases and anticipates three interest rate hikes this year, industry insiders reckon that China may face pressure from capital outflow as US assets will be more attractive to global investors given the higher interest rates.
Another reason for the lousy performance of the Hong Kong stock market last year was the concern over US Fed's accelerated tapering.
The figure marks an acceleration compared with the net inflow of 208.9 billion yuan in the whole of 2020, withstanding the test of market jitters in July and expectations of tapering by the US Federal Reserve.
"The People's Bank of China, the central bank, launched a new structural tool to inject funds in green development on Monday, while the Fed said last week it will start the tapering of the COVID-related stimulus this month.
Normalized monetary policy helps nation to maintain independence, said top expertChina is able to not only maintain monetary policy independence but also provide a "safe haven" for global investors amid the US Federal Reserve's move to taper asset purchases, a senior economist and former expert with the People's Bank of China said.
Yao's remarks came as the Fed announced on Wednesday it will begin tapering asset purchases this month, while keeping key interest rates unchanged.
"China does not face the problem as some emerging economies do that the Fed's expected tapering has imposed depreciation pressure on their currencies and necessitated interest rate hikes to prevent potential capital outflow and currency depreciation," Yao said.
"The global inflationary pressure and energy shortages have shaken the basis of easy monetary conditions and made overseas central banks speed up their pace of tapering," said Wang Youxin, a senior researcher with Bank of China.
"Even if the Fed begins tapering this year and raises interest rates next year, impacts on the yuan will be much more limited than that seen after the tapering cycle started in 2014.
According to the SAFE spokeswoman, China's improved external debt structure, a greater flexibility of the yuan and the Fed's continuous communication with the market about its tapering plan will also help contain the spillover of the Fed's tapering into China's foreign exchange market.
On Wednesday, the US Fed unveiled the minutes of the September meeting of the Federal Open Market Committee, indicating that it may "taper" or reduce asset purchases as early as next month, and more Fed officials predicted an interest rate rise in 2022.
Wang from the PBOC's monetary policy committee mentioned potential shocks of monetary tightening in the United States as the Federal Reserve indicated this week it may be ready to begin tapering or gradually pulling back the stimulus it provided during the pandemic.
At a virtual news conference on Wednesday afternoon, US Fed Chair Jerome Powell said no decisions were made on a specific time to start reducing asset purchases, a process referred to as "tapering".
But Powell said participants of the Fed's September policy meeting generally viewed that "so long as the recovery remains on track, a gradual tapering process that concludes around the middle of next year is likely to be appropriate".
Some predicted the tapering process may begin as early as in December.
"The effects of tapering could be neutral for the capital market," said Cheng Shi, chief economist at ICBC International.
"Any delay in tapering may pose greater risks to the market, which will boost US inflation expectations and exacerbate the bubble risk in the commodity and real estate markets.
The US Fed has already considered tapering its purchase of government bonds, or gradually withdrawing Quantitative Easing (QE) altogether.
"Central banks across the globe have either begun or are thinking about unwinding the extraordinary monetary support unleashed at the height of the COVID-19," said Katrina Ell, senior APAC economist at Moody's Analytics, who predicted the US Fed is likely to announce its tapering plans either in September or all the way out to November.
Zhang Anyuan, chief economist at China Securities, said the monetary policies of China and the US have shown a trend of divergence; and the US is likely to keep aggressive expansionary fiscal policy while the US Fed's withdrawal－"tapering"－of quantitative easing may not begin too soon.
Most analysts that China Daily interviewed said they see Federal Reserve Chair Jerome Powell's latest speech as a "dovish" signal, as he did not provide details on pulling back on the Fed's massive asset purchase plan, or the "tapering" process.
A guidance on tapering could be released at the Fed's monetary policy meeting in September, but the spillover effects and shocks to the financial market will be limited, Li said.
A "dovish taper" could weaken the dollar, said Stephen Chiu, Asia FX and rates strategist of Bloomberg Intelligence, while China's large basic-balance surplus and suppressed overseas tourism could otherwise support strength in the yuan's exchange rate.
- Gita Gopinath, chief economist of the International Monetary Fund (IMF), has warned that emerging markets cannot afford a repeat of the "taper tantrum" market disruption that occurred in 2013 as the US central bank prepares to withdraw monetary stimulus.
Gopinath's comments came after US Federal Reserve Chair Jerome Powell said on Friday that the Fed could start tapering asset purchases this year if the US economy evolved broadly as anticipated.
Emerging market assets sold off significantly amid a sudden push higher in US Treasury yields in 2013, when then-Fed Chairman Ben Bernanke first mentioned the idea of tapering the Fed's pace of asset purchases.
"Emerging markets remain vulnerable to tapering by the Federal Reserve, as less support for the US economy could tighten financial conditions across the globe," Jonathan Fortun, economist at the Institute of International Finance, said in a note earlier this month.
"Despite the bleak outlook, we believe that contagion risk is less severe than during the EM (emerging market) sell-off in 2018 or during the 2013 taper tantrum," Fortun said, noting the importance of emerging market policy credibility will be paramount in the months ahead, especially if interest rates rise.
The response in the stock, foreign exchange and bond markets in mid-February indicated that these markets have foreseen the Fed's bond tapering plans, Li added.
China's exchange rate policy, as well as other monetary measures, will remain stable even with external challenges, especially when the United States is expected to taper its quantitative easing, said analysts.
Fed Chairman Jerome Powell said after the policy meeting that the "tapering" process, or reducing asset purchases, would be "orderly, methodical and transparent", and any adjustment would be communicated "well in advance".
The "tapering" may start in the second half, which depends on the US employment performance, and whether the rate hike will happen earlier than what has been decided will depend on the sustainability of inflation in the coming years, said Zhu Jianfang, chief economist with CITIC Securities.
Newly released US data for employment in May may not change the US Federal Reserve's dovish monetary policy stance, while the pickup in consumer inflation may push the US central bankers to start talks on the idea of tapering its massive bond-buying program, said experts.
Economists from US investment firm Morgan Stanley expect the Fed to signal its intentions to taper asset purchases at its September meeting, formally announce it in March next year and start tapering by April in 2022.
There is no indication that China would imminently tighten monetary policy and fiscal stimulus will taper but stay supportive of targeted areas, including urbanization 2.0, new infrastructure and the green economy, UBS said.
But this pace may be hard to replicate this year given a larger base, a narrowing China-US yield gap and tapering bond-index inclusion support.
"Instead, policy normalization may come in the form of tapering money and credit supply," he said.
It added that equity markets may find some stability during the first-quarter reporting season, which starts mid-April and lasts through May, upon signs of a tapering in new infection cases in the United States.
The tapering of monetary accommodation at major central banks and the expectation of rate hikes abroad are behind the weak dollar, according to Shenwan Hongyuan Securities.
Factors including the incipient tapering of monetary accommodation at major international central banks and the expectation of rate hikes abroad also affected the dollar's value, according to a CICC report.
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