Some emerging markets countries are concerned about the impact of capital flows on their economies: the real appreciation of their exchange rates can have a damaging impact on a country's exporters.

一些新兴市场国家担心资本流对其经济产生的影响：如其汇率真正升值，则可能对一国出口商产生破坏性影响。

youdao

So there should be capital inflows to emerging markets, real appreciation, and a move toward current account deficits — that is, if the countries allow it.

所以一定会出现朝向新兴市场的资本流动过程，（造成目标国）真实货币升值以及经常账户出现赤字——当然这是在资本流入国允许的情况下。

youdao

The real issue is not globalisation, but the rise of emerging countries.

真正的问题不是全球化，而是新兴国家的崛起。

youdao

It is rich countries' fear of emerging economies' success, not that success itself, that is the real danger to the world economy.

ECONOMIST: Playing leapfrog