More specifically it refers to a particular sort of foreign-exchange trading: that of borrowing cheaply in a "funding" currency to exploit high interest rates in a "target" currency.

更具体的来讲，这是一种特殊的外汇交易方式：这种交易通过借入便宜的货币作为“积存”货币来利用利率较高的“目标”货币从而获取利润。

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Foreign-currency borrowing, 95% of it in Swiss francs, accounts for over two-thirds of total lending.

匈牙利的外币借入有95%是以瑞士法郎存在，占总借出量的三分之二以上。

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Borrowing in foreign currencies (as Brazil and other Latin American countries had done before the 1980s debt crisis) leaves original sinners at risk of default if their currency loses value.

如果本国货币贬值，那么像巴西和其他拉丁美洲国家上世纪80年代债务危机以前那样借入外汇就会存在债务违约风险。

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"Over the past five years, foreign currency borrowing by firms in emerging markets has risen by about 50 per cent, " said Ms Lagarde.

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Not only does a fixed rate prevent a central bank from using interest rates to prevent an economy from overheating (because higher interest rates would push up the value of the currency), but it also encourages too much foreign-currency borrowing when foreign interest rates are lower than local ones.

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Foreign-currency borrowing, 95% of it in Swiss francs, accounts for over two-thirds of total lending.

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