Dollar funding of emerging market economies has been in turmoil for months now. Unlike previous turbulence, this episode cannot be attributed to the US Federal Reserve’s moves on interest rates, which have been rising steadily since December 2016 in a calibrated manner.
新興市場經濟體中的美元供應數月來一直處於動盪之中。與之前的動盪不同,這一次不能歸咎於美聯準(Fed)對利率的調整——自2016年12月以來,基準利率一直在有控制地穩步上調。
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