If bank policy is to make loans and investments equal to whatever reserves are in excess of legal requirements, the expansion process will be carried on.

如果银行的政策是让贷款和投资等于任何超出法律要求的储备金，那么扩张过程将继续下去。

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Traditionally, we think of central Banks as pursuing the opposite policy; using its foreign exchange reserves to buy the domestic currency (like the UK's doomed effort in 1992).

传统上，我们认为央行遵循的是反向政策；使用其外汇储备购入或内货币(比如英国在1992年的厄运)。

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But the effect of such a policy will be to increase their foreign-exchange reserves (as they sell their own currencies and buy dollars or euros).

但这样的政策会造成他们的外汇储备增加(因为他们卖出本国货币而买入美元或欧元)。

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Mr Taylor reckons the policy of accumulating reserves accounts for a significant and growing fraction of global surpluses enough (in the early years of this decade) to finance as much as a third of America's current-account deficit.

ECONOMIST: Global economic imbalances

But there is, as yet, no clear policy on ownership of either the reserves or the oil industry.

ECONOMIST: Helping Iraq, and the world, to recover | The