So why is gold, a classic anti-inflation hedge, still doing so well?

那作为典型防范通胀措施的黄金为何依旧如此强势？

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Optimists argue the anti-inflation credibility of central banks is stronger than in the 1970s.

乐观派认为，在反通胀方面，中央银行的信誉比1970年代有了很大提高。

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Inflation rates had gotten very high even in Germany where anti-inflation sentiment was the highest.

通货膨胀率仍然很高，甚至在，反通货膨胀的情绪最高涨的德国。

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Inflation rates had gotten very high even in Germany where anti-inflation sentiment was the highest.

通货膨胀率仍然很高，甚至在,反通货膨胀的情绪最高涨的德国。

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It is understandable that a new central bank is eager to establish its anti-inflation credentials.

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Nonetheless, Beijing is responding with tough anti-inflation rhetoric and normalization of credit and liquidity flows back to pre-stimulus levels.

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And the openness, accountability and anti-inflation focus that targets can instil in emerging-economy governments are surely to be welcomed.

ECONOMIST: Floating with an anchor