Central bankers normally fight inflation by raising interest rates.

央行通常通过加息对付通胀。

What might in normal times have been a brief liquidity squeeze became a death grip as banks ordered to keep record levels of funds in reserves to fight inflation withheld even routine loans.

由于银行被勒令保持存款准备金的基准水平以对抗通胀，常规贷款也因此受到限制，正常时期下可能出现的短期流动性短缺演变成了死结。

What might in normal times have been a brief liquidity squeeze became a death grip, as banks ordered to keep record levels of funds in reserves to fight inflation withheld even routine loans.

由于银行被勒令保持存款准备金的基准水平以对抗通胀，常规贷款也因此受到限制，正常时期下可能出现的短期流动性短缺演变成了死结。