Emerging market countries’ foreign exchange reserves tumbled by $550bn in the nine months to the end of March, figures released on Tuesday by the International Monetary Fund showed.
国际货币基金组织(IMF)周二公布的数据显示，在截至今年3月底的9个月内，新兴市场国家外汇储备下降了5500亿美元。
EM reserves now stand at just $7,505bn, a fall of $227bn during the first three months of the year. This represents an acceleration in their rate of decline, having fallen by $179bn in the last three months of 2014 and by $147bn in the third quarter of last year, after peaking at $8,058bn in June 2014.
新兴市场外汇储备如今仅为75050亿美元，今年第一季度下降了2270美元。在2014年6月达到80580亿美元的峰值后，新兴市场外汇储备在去年第三和第四季度分别下降1470亿美元和1790亿美元，这表明外汇储备的下降速度正在加快。
The data have fed into a narrative that emerging market countries are running down their reserves in order to prop up their currencies against a resurgent US dollar.
这些数据支撑了一个说法，即新兴市场国家正在减少外汇储备，以此在美元复苏的情况下支撑本国货币。
They have also led to a perception that emerging markets have passed the point of “peak reserves”; nine out of 10 EM economists polled by the Financial Times in April supported this proposition.
这还带来了一种印象，即新兴市场“外汇储备峰顶”已经过去；在英国《金融时报》今年4月的调查中，10个新兴市场经济学家中有9个支持这一观点。
Massimiliano Castelli, head of strategy for sovereign institutions at UBS, wrote recently that the three historical drivers for the growth of EM forex reserves had all weakened.
瑞银(UBS)主权机构战略主管马西米利亚诺•卡斯泰利(Massimiliano Castelli)最近写道，历史上支撑新兴市场外汇储备的3个驱动因素均有所减弱。
The current account surpluses of China and other Asian countries had fallen, to the extent that developed countries’ trade balances had moved from an aggregate deficit of $574bn in 2008 to a surplus by 2013. Lower commodity prices had eaten into the surpluses of Middle Eastern states and other major exporters. The “unprecedented” capital inflows into emerging markets had softened and potentially even started to reverse.
中国及其他亚洲国家的经常账户盈余出现下滑，以至于发达国家的贸易差额从2008年总逆差5740亿美元发展到2013年出现顺差。大宗商品价格下滑，削弱了中东国家和其他大出口国的贸易盈余。流入新兴市场的“空前”资本洪流已经减弱，甚至可能已经开始逆转。