The central bank, in turn, has used the money to buy foreign bonds.
而央行，把钱用来购买外国债券。
Buying foreign bonds (and selling Swiss francs) is thus a logical step to expand liquidity.
购买外国债券(同时出售瑞士法郎)作为下一个增加流动性的步骤就顺理成章了。
The money to buy foreign bonds has come from the reserves required that commercial banks must deposit with the central bank.
购买海外债券的钱来自于商业银行必须存于央行的储备金。
Clearly, such a rapid rate of reserve depletion would, if continued, administer a large global shock to asset markets as China's holdings of foreign bonds are reduced.
显而易见的是，如果这样的消耗速度继续下去，随着中国所持外国债券减少，将对全球资产市场造成重大冲击。
Clearly, such a rapid rate of reserve depletion would, if continued, administer a large global shock to asset markets as China's holdings of foreign bonds are reduced.
显而易见的是，如果这样的消耗速度继续下去，随着中国所持外国债券减少，将对全球资产市场造成重大冲击。
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