接下来的1999年，（股市）被流动性推高反弹，从而导致了互联网泡沫；而这一次，情势扭转，新兴市场成立资产配置的首选。
What followed in 1999 was a liquidity-fuelled rally that led to the dotcom bubble; this time around, emerging markets seem to be the asset of choice.
人们说反弹是货币流动性推动的结果。
“美元在去年的反弹是由于我们经历了全球性的流动性危机，但是我们认为在这之后市场的规则已经发生了改变并且现在发生的这些事情与以往有很大的区别[要是有一个市场正在抛售的话]”他说。
"The dollar rallied last year because we had a global liquidity crisis, but we think the rules have changed and that it will be very different this time [if there is another market sell-off]" he said.
正是因为其相互的作用，使得传统的流动性提供者变成了流动性的需求者，新进资金到位速度慢，并且资产价格常常下降或者反弹现象。
As this happens, traditional liquidity providers become demanders of liquidity, new capital arrives only slowly, and prices drop and rebound.
其次是它刚好处于季度末，流动性紧张的情况下，银行吸存的力度是可以想象的，十一后这种压力会减轻一些，适度的反弹也是完全可能的。
Second, it is just at the end of the quarter, tight liquidity situation, Bank sequestration efforts is conceivable, eleven will reduce the pressure after some modest rebound is possible.
不过我们相信，流动性足以支撑风险至少反弹一周。
However, we believe that the liquidity drive is enough to sustain the rally in risk for the next week at least.
当他被问及：当前全球股市的上涨是否是一次熊市反弹时，他说：“因为充裕的流动性，导致股市有可能继续上涨，因为还有很多投资者在观望中。
Asked if the recent climb in global stock markets was a bear market rally, he said: "It may have further to go because there is a lot of liquidity, a lot of investors are on the sidelines."
当他被问及：当前全球股市的上涨是否是一次熊市反弹时，他说：“因为充裕的流动性，导致股市有可能继续上涨，因为还有很多投资者在观望中。
Asked if the recent climb in global stock markets was a bear market rally, he said: "It may have further to go because there is a lot of liquidity, a lot of investors are on the sidelines."
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