HFT firms which seek to exploit currency movements or arbitrage price differences between local-currency and foreign-currency bonds want to move funds in and out of a country with minimal friction.

那些利用货币走势的或是利用本币和外币债券之间的差价套利的高频交易公司，希望能够以最小的阻力将资金注入或撤出某个国家。

youdao

That partly reflects the problems emerging-market Banks face in shifting excess funds into foreign-currency assets, or among subsidiaries in different countries.

这部分反映了新兴市场银行在将过剩资金转变成外币资产或在异国子公司间转移过剩资金的过程中面临的问题。

youdao

The trade surplus pours a steady stream of foreign-currency export earnings into China, funds the central bank buys up in exchange for local currency and holds in its official reserves.

贸易顺差给中国带来了稳定的外汇出口收益，给中国央行提供了收购资金以交换本币并维持官方储备。

youdao

And a more serious drawback, seen in Thailand, is that by appearing to eliminate currency risk a fixed rate encourages firms and banks to borrow heavily in foreign currency at cheaper interest rates than on domestic funds.

ECONOMIST: Getting out of a fix

In the trading strategy that has apparently been at the center of the moves over the past week, foreign funds seem to have been hedging their currency risks when making their initial share purchases by selling yen in the foreign-exchange market.

WSJ: 5.2% Drop Takes Tokyo Stocks Into a Correction

Thailand, Argentina and Russia have all faced financial crises as a result of foreign investors (largely American hedge funds) selling their currency en-masse.

CENTERFORSECURITYPOLICY: Peace through strength in a globalized world