这是否说明货币资产回报？
数字货币资产管理。
但交叉货币资产掉期也十分常见，它们将现金流从一种货币转换为另一种货币。
Cross currency swaps is also very common, transforming the cash flow from one currency into another one.
电子货币的这些特殊性使得各种货币资产之间的界限逐渐模糊，这必将对建立在传统货币—纸币基础上的货币供求理论产生冲击。
Those characteristics make the ambit of all kinds of money assets became faint. This will challenge traditional money theory that based on traditional currency (bank note).
低息货币终究导致资产昂贵，正如继股市之后房市所显现的泡沫。
Cheap money, after all, results in expensive assets, as the bubble in stocks then houses showed.
很多如保险基金的机构投资者不仅根据货币还根据国家来配对资产和可信度。
Many large investors such as insurance funds do not match assets and liabilities simply by currency but also by country.
然而从长期来看，创造货币以支撑资产价格是种不可持续的手段。
Yet in the long run creating money to prop up asset prices is not a sustainable tactic.
银行以额外的货币，活期存款和其它高流动性的资产的形式的开支增加了货币的供应量。
The Banks' spending increases the money supply in the form of additional currency, demand deposits, and other highly liquid assets.
他们对此毫不满足，放下柳叶刀，又拿起注射器，通过“定量宽松”，也就是用新创造的央行货币购进资产，为经济注入更多的钱。
Not content with that, they switched at once from scalpel to syringe and started to inject money into the economy through "quantitative easing" -buying assets with freshly created central-bank money.
当货币进入资产市场进行投机，许多人相信这会通过财富效应而引起一轮消费热。
As money flows into speculation in asset markets, many believe that it will lead to spending boom through the wealth effect.
这次以货币创造抬高资产价格的尝试最后以失败告终。
This attempt to boost asset prices by money creation was ultimately doomed.
对于美国来说，应当坚持奉行货币、信贷和资产结构重组政策，以重启金融系统，从而使其经济刺激方案得以奏效。
For its part, the United States should persist with monetary, credit and asset restructuring policies to reboot the financial system so its stimulus has a chance to work.
但是流动性的定义是非常模糊的，倾向基于大量的货币供应量或者风险资产的价格，如新兴市场的借贷。
But definitions of this liquidity are pretty vague and tend to be based on broad measures of money supply or prices of risky assets, such as emerging-market debt.
货币政策委员会为期两年的政策时限使其对于风险的长效反馈(通过信贷，货币以及资产价格)只能视而不见。
Within its two-year policy horizon, the monetary policy committee had to ignore the risks of such long-term feedback effects, via credit, money and asset prices.
相反，如果货币供应没有扩张，那些相同的资产价格不可能上涨。(完整阐释请看该文)。
Otherwise, if the money supply were not expanding, those same asset prices could not rise in price (see this article for a full explanation).
美元是世界的主要储备货币，国债也是直接普遍选择的“零风险”资产。
Dollars are the world's primary reserve currency, and Treasuries are the world's preferred "risk-free" asset.
然而，持续的高通胀将会引起货币贬值，进而资本外流，最终资产市场崩溃。
However, persistently high inflation leads to currency devaluation, which triggers capital flight and, eventually, an asset market collapse.
长期以来，货币基金都是资产管理内一个死气沉沉的领域，在危机关头却发挥了巨大作用。
Long an unexciting province within asset management, money funds have played a big role in the crunch.
这也可以为以央行货币担保的合格资产加强市场流动性，以此来稳定金融全局。
It would also improve market liquidity for assets eligible as security for central-bank money, to the benefit of overall financial stability.
大部分的增长都是在去年九月财政部和联邦存款保险公司为货币市场基金的资产做出担保并放宽银行存款保险限额后发生的。
Much of that came after the Treasury and the Federal deposit insurance Corp. guaranteed assets in money-market funds last September and expanded deposit-insurance limits for Banks.
相对便宜的货币市场使得其他资产看起来更具吸引力—在长期放松银根之后对风险进行重新定价之时，这可不是一个好结果。
Cheaper money makes other assets look more attractive-an undesirable consequence at a moment when risk is being repriced after many years of lax lending.
资产价值和货币的不确定性令人不安，从而使金融危机令人深感困惑。
Financial crises are marked by a disquieting uncertainty about the value of assets and money, which makes them deeply disorientating.
因为低风险资产需求增加，货币数量的急剧扩张仍然不会产生通货膨胀。
Because of this rise in demand, the dramatic expansion of the quantity of "money" has not yet been inflationary.
央行同时宣布打破惯例，开始实行“定量宽松”政策，即直接购买金边证券和私有资产，以提振货币供应。
The central bank also announced the start of its unconventional policy of "quantitative easing", ie, directly buying gilts as well as some private assets to boost the money supply.
当这份资产负债表扩张时，货币数量也会增加。
When it expands, so too does the amount of money sloshing around.
但如果其他情况不变，一国创造更多额外货币，会使得用他国货币来衡量的资产价格下跌。
But the creation of extra money in one country ought also, other things being equal, to drive down its price in terms of other currencies.
他们一直购买外汇作为储蓄，使其货币贬值，而国外资产与其本国的债务相称。
They have been accumulated by buying foreign exchange mainly to keep its currency weaker and, as such, its foreign assets are matched by domestic liabilities.
对于货币贬值来说，实物资产的敏感性远低于革新或各类知识等无形资产。
Physical assets least vulnerable to monetary debasement win out over less tangible investments of the innovative or knowledge variety.
对于货币贬值来说，实物资产的敏感性远低于革新或各类知识等无形资产。
Physical assets least vulnerable to monetary debasement win out over less tangible investments of the innovative or knowledge variety.
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