There is another puzzle: why have emerging-market currency reserves grown so large?
另一个疑问是：为什么新兴市场的货币储备增长得如此巨大？
The main indicator of a country's intervention in currency markets is its level of foreign reserves.
一国对货币市场干预的最重要的指标是其外汇储备水平。
The stability of Vietnam's economy is under scrutiny as the country confronts soaring inflation, a growing deficit, a weakening currency and falling foreign exchange reserves.
越南经济的稳定性备受关注，因为该国正面临通货膨胀加剧、贸易赤字日益增加、货币疲软以及外汇储备下降等问题。
Barry Eichengreen, a professor of economics at the University of California, Berkeley, argues that there is no reason why a single currency should dominate reserves as the dollar has.
加利福尼亚大学的经济学教授贝利·艾池格林认为，单一的货币——就像美元那样——作为储备货币是没有理由的。
The currency reserves and sovereign wealth funds that many countries have been piling up are in substantial part the result of that same Fed mistake.
许多国家一直以来越积越多的货币储备和主权财富基金也是美联储同一个错误带来的后果。
The Kremlin is still shocked by Russia losing 8 percent of its GDP last year, more than any other G-20 nation, despite having the third-largest international currency reserves in the world.
尽管俄罗斯的国际货币储备世界第三，去年俄罗斯的GDP还是下降了8%，降幅比20国集团的其他成员国都要大，这使得克林姆林宫着实感到震惊。
Given ultralow U.S. interest rates, if there was a smart time for China to rebalance its currency reserves away from dollar-based investments, it is now.
考虑到美国超低的利率水平，如果中国要为减少其外汇储备中的美元资产挑选一个明智的时机，那就是眼下。
The banks can keepthe currency as vault cash, which also counts as reserves.
银行将这些货币当作库存现金，同样当作储备金。
The dollar now has a world-class competitor, the euro, which accounts for nearly 30 per cent of all international currency reserves, a proportion rising fast.
美元现在也已经有了一个可与之媲美的竞争对手，欧元，现在欧元已经占了大概30%的国际货币储备，这个比例还在快速攀升当中。
On that day Thailand ran out of foreign-exchange reserves trying to defend its currency from a huge speculative attack.
那一天，泰国为抵抗针对汇率的投机性的攻击，耗尽了自己的外汇储备。
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)。
The currency, the taka, is falling. So are foreign-exchange reserves.
孟加拉的货币——卡塔，正在贬值，外汇储备量减少。
Bonds held as currency reserves are useful if they can be converted to cash quickly and cheaply.
这些作为货币储备而被持有的债券只有在可以进行迅速而廉价的兑现时才算得上有用。
"China would not even have to raise debt [in order to boost demand]," she says, pointing to the country's vast currency reserves.
“中国甚至不需要举债(来刺激需求)，”她指的是中国拥有庞大的外汇储备。
The greenback accounts for around two-thirds of global currency reserves, compared with a quarter for the euro.
全球储备货币中它约占三分之二，而欧元只有四分之一。
The Fed pumped up the monetary base (currency plus bank reserves), but broader measures are growing slowly.
联储随为基础货币(货币加银行储备)注水，但用于作为QE支撑的广义指标增速却不高。
All three countries have fixed exchange rates (currency boards in Estonia and Lithuania, a currency peg in Latvia) fully backed by foreign-currency reserves.
三个国家都有固定的汇率(货币流通委员会在爱沙尼亚和立陶宛，一个货币流通分支在拉脱维亚)，这些固定的汇率完全由外汇储备所支撑。
Some save the proceeds in foreign-currency reserves, rather than spending them on imports.
一些国家在外汇储备中省下收益，而不是将其花在进口上。
With foreign currency reserves dwindling and the rupee trading at all time lows against the dollar, Pakistan is in danger of defaulting on its debt.
由于外汇储备下降，以及卢比对美元的汇率降到历史最低点，巴基斯坦面临无法偿付国际债务的风险。
Central Banks control the narrowest measure of the money supply, called the monetary base-typically, currency plus the reserves that commercial Banks hold with the central bank.
央行控制着控制着狭义货币供应量，这被称作基础货币——通常是流通货币加上商业银行和中央银行的贮备货币。
Its share has since increased to around a quarter, even as total currency reserves have swollen.
但它的份额已经增加到四分之一，即便世界外汇储备的总量也在增加。
Other euro assets held by its central bank, Eesti Pank, ceased to count as foreign-currency reserves when the euro ceased to be a foreign currency.
其他欧元资产为其央行——爱沙尼亚央行持有，当欧元不再作为外国货币时，这些欧元资产不再被视为外汇储备。
Fearful of inflation, which has risen to 7.7%, in part because of the weaker currency, the bank has recently reversed tack and sold some of its foreign-currency reserves to prop up the lira.
如对通货膨胀的担忧，通货膨胀的比率已上涨到7.7%，部分是因为货币力量的减弱，为此银行最近已经取消引资，并且售出一些外汇储备，用以支撑里拉的增值。
Fearful of inflation, which has risen to 7.7%, in part because of the weaker currency, the bank has recently reversed tack and sold some of its foreign-currency reserves to prop up the lira.
如对通货膨胀的担忧，通货膨胀的比率已上涨到7.7%，部分是因为货币力量的减弱，为此银行最近已经取消引资，并且售出一些外汇储备，用以支撑里拉的增值。
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