这妨碍了中国的经济调整，产生了严重的本国资产泡沫，并为其他更加灵活的货币增加了多余负担。

This is stymieing the adjustment of China's economy, fuelling dangerous domestic asset bubbles and placing an unnecessary burden on other, more flexible currencies.

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银行危机前大多数富裕国家存在不动产泡沫，未来几年里这些国家会预期更加痛苦。

As most rich countries had a property boom before the banking crisis, they should expect more pain in the coming years.

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但是现在，Mr Ostry的团队在形成资产价格泡沫方面，长期的资本流入会更加危险。

But Mr Ostry's team now points out that persistent inflows might be even more dangerous in terms of asset-price bubbles.

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