2018年新兴市场面临严峻考验_BEC初级作文

2018年新兴市场面临严峻考验

豪纳说：“目前一个明显的危险是美国货币紧缩政策和财政刺激措施的结合，它们可能会一起推高美国国债的名义和实际收益率。”

During the 2013 taper tantrum, EM assets were clobbered by a surge in US Treasury bond yields brought about by the Federal Reserve signalling a desire to reduce the amount of money being pumped into the financial system.

2013年缩减恐慌时期，美联储(Fed)表示想要减少对金融体系注入的资金量，导致美国国债收益率上涨，令新兴市场资产遭到打击。

The concern now, according to Mr Hauner and other analysts, is that the proposed US tax reforms — if adopted — could trigger a resurgence in corporate capital flooding back to the America, thereby driving up the value of the US dollar. When the dollar appreciates against EM currencies, funds tend to flow out of EM assets and gravitate towards their dollar-denominated counterparts.

豪纳和其他分析师认为，现在人们担心的是，美国的税改计划——如果被采纳的话——可能会引发企业资本大量回流到美国，从而抬高美元的价值。当美元对新兴市场货币升值时，资金往往会从新兴市场资产中流出，流向以美元标价的资产。

However, opinion is divided on how the proposed US tax reform may play out. Arvind Rajan, head of global and macro at PGIM Fixed Income, a fund with $695bn in assets under management, says he does not expect the reforms to prompt a drastic change in US monetary policy as the Fed’s preferred price gauge remains well below 2 per cent.