Yet central bankers should not be very alarmed either by the scale or by the dynamics of overall inflation. Inflation is up, but hardly high. In no big economy, emerging or rich, is it at the peaks reached in 2008 (in America it is merely 1.5%). Much of its recent rise is driven by what are clearly one-off factors, from weak Russian harvests that sent grain prices soaring to the rise in value-added tax in Britain. Central bankers should ignore such temporary shocks. Their role is to prevent one-off surges from translating into persistently higher pressure on prices.
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Both Citigroup and HSBC have tilted away from the rich world but their direction-consumer or corporate, China or the entire emerging world-remains in the balance.
花旗集团和汇丰都已撇开富裕国家。但是他们的意向——客户还是企业、中国还是整个新兴市场——依旧没有确定。
But there is still a long way to go before collections reach European levels in emerging markets or elsewhere in the rich world.
但在新兴市场,甚至其他地区,唱片业要达到欧洲(或者其他富裕国家)的水平,还有相当长的路要走。
Of course, the IMF hopes that some rich countries (or reserve-rich emerging ones) will lend their share of the new SDR allocation to those in greater need.
当然,IMF希望一些富国(或储备丰富的新兴经济体)把他们的新sdr份额借给更需要的国家。
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