新兴市场的央行长期以来都是利用这种手段来控制信贷增长和资本流动性的。

Central Banks in emerging markets have long used tools of this kind to control credit growth and capital flows.

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而且，养老金管理人想购买长期资产来于他们的支付约定想匹配的想法已经使他们进入到信贷市场的绝大部分。

Also, the desire of pension-fund managers to buy long-term assets to match their payout commitments has led them into most parts of the credit market.

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时过境迁，如今主权财富基金唱起了主角：他们有现金；他们不必依靠信贷市场；他们放眼于长期回报。

This changed landscape puts the sovereign wealth funds in a plumb position: they have cash; they don't need the credit markets; they are looking for long-term return.

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