And even in the turmoil created by the PBoC allowing the renminbi to fall last week and thencutting interest rates on Tuesday, currencies in well-run central and eastern European countries— which have small direct links to China and relatively good fundamentals — have held up prettywell. In contrast to the sharp falls in the Turkish lira and rouble, the Czech koruna, Hungarianforint and Romanian leu have held on to most of their gains against the euro since mid-year andhave risen against the dollar. Central and eastern European equities have fallen along with stockprices elsewhere in EM, but are still well up on the year to date.
甚至在中国央行允许人民币下跌、然后降息引发的混乱中,管理良好的中欧和东欧国家(它们与中国的直接联系很小并且基本面相对较好)的货币都表现得很坚挺。跟土耳其里拉和俄罗斯卢布的大幅下跌形成对照的是,捷克克朗、匈牙利福林和罗马尼亚列伊都保住了自年中以来对欧元的大部分涨幅,并对美元有所升值。中欧和东欧股市已跟随所有其他新兴市场股市一起下跌,但今年迄今的涨幅仍很高。
And — although this is getting into the realm of micro-evidence — trading on Monday beforethe PBoC cut interest rates suggested investors were prepared to distinguish between Chinaand the rest. EM equities across Asia recovered from their falls of the previous week, whileChinese stocks continued to slide.
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