The Federal Reserve is still buying $85bn-worth of securities a month. But hints that the spree may soon slow down have put markets on edge – the more so the further they are from the US. The economic transformation in emerging countries, however, runs too deep to be undone by a mere market gale. If bad times lie ahead, the long-term horizon for most of them is bright.
美聯準(Fed)仍在以每月850億美元的速度買入證券。但其關於購買速度可能很快會放緩的暗示，已讓市場如坐鍼氈——距離美國越遠的市場就越是如此。然而，新興國家的經濟轉型已進行得非常深入，近期的市場動盪很難逆轉它們的發展趨勢。即使近期內的形勢不妙，多數新興國家的長期前景仍然光明。
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