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Still, because trade finance is short-term— usually 30 to 90 days—and backed by collateral, lenders have some recourse.
因為貿易金融是短期的——通常為30到90天——并有保證金的支持，銀行有一些追索權。
Natalie Blyth of HSBC, a bank, reckons that the performance gap between trade-finance assets and corporate loans will widen.
匯豐銀行（HSBC）的Natalie Blyth認為，貿易金融資產和公司貸款之間的表現差距將會擴大。
The third problem is a possible crunch in new financing.
第三個問題是可能出現的新融資緊縮。
To assess clients, banks and insurers rely on credit ratings. These have plummeted as firms' cash flows have dwindled.
為了評估客戶，銀行和保險公司依賴信用評級。信用等級會隨著公司現金流的減少而驟降。
The resulting squeeze may linger, says Ebru Pakcan of Citigroup, a bank; firms are downgraded quickly, but upgraded slowly.
花旗銀行的Ebru Pakcan表示，由此產生的緊縮可能會持續下去；公司降級很快，但升級很慢。
Some lenders may focus on large clients or exit some markets entirely.
一些銀行可能專注于大客戶或完全退出某些市場。
Insurers have cut their exposure to the industry by 8-9%, about half as much as in 2008-09.
保險公司已經將他們在該行業的曝光度減少了8-9%，約為2008年到09年的一半。
In emerging economies, sovereign downgrades have also pulled down corporate ratings, says Marc Auboin of the World Trade Organisation (WTO).
世界貿易組織（WTO）的Marc Auboin說到，在新興經濟體中，主權評級的下調也拉低了企業評級。
On July 1st the WTO and six multilateral banks promised to alleviate trade-finance shortages.
7月1日，WTO和六家多邊銀行承諾緩解貿易融資短缺。
Still, the damage could have been worse. Thankfully, banks have sturdier equity buffers than in the last recession.
但損失本可以更嚴重。值得慶幸的是，與上次衰退相比，銀行擁有更牢固的股本緩沖。
Since 2016 Coface has raised its solvency ratios—insurers' equivalent of banks' capital-adequacy buffers—from 150% to 190%, says Xavier Durand, its boss.
自2016年，科法斯集團上調了其償債能力比率——相當于銀行的資本充足率緩沖——從150%增至190%，公司執行總裁Xavier Durand說到。
Central-bank action has shored up lenders' finances.
央行行動支撐著銀行的的財務狀況。
Governments in Europe have let export-credit agencies cover short-term trade, and have offered insurers backstops.
歐洲政府已經允許出口信貸機構為短期貿易提供擔保，并向保險公司提供擔保。
The question is how long the support lasts. Banks and insurers will see their capital eaten up as loans sour.
問題是這種支持能維持多久。銀行和保險公司將看到他們的資本被不良貸款蠶食。
Government aid could be withdrawn too soon, worries Alexis Garatti of Euler Hermes, a trade-credit insurer.
貿易信貸保險公司Euler Hermes的Alexis Garatti擔心，政府可能會過早取消援助。
Support could be taken away just as the demand for finance returns.
支持可能會隨著金融需求的回歸而被取消。
As new orders work their way through supply chains, exports appear to be bouncing back faster than manufacturing.
隨著新訂單進入供應鏈，出口的反彈速度似乎快于制造業。
Still, the pandemic could lead to lasting gains by forcing the industry to digitise.
不過，通過迫使該行業進行數字化，疫情可能會帶來持久的收益。
Alexander Goulandris of Essdocs, which promotes paperless trade,
提倡無紙化貿易的Essdocs的Alexander Goulandris表示，
says 60 chambers of commerce have opted for its electronic certificates of origin in recent months, compared with the usual rate of ten a year.
近幾個月來，60家商會選擇了電子原產地證書，而通常每年只有10個。
Some countries have also adopted laws recognising the validity of e-documents.
一些國家還通過了承認電子文件有效性的法律。
Digital standards could make it easier to bundle trade-finance loans into securities that can be sold on to institutional investors, providing more oxygen to commerce.
數字標準使得將貿易金融捆綁抵押物變得更容易，這些抵押物可以被出售給機構投資者，為貿易提供更多氧氣。
Trade finance has long followed outmoded practices. Now might be its chance to blow everyone's socks off.
貿易金融長期以來一直遵循著過時的做法。現在或許是它讓人刮目相看的機會。
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