Usually emerging markets welcome foreign capital, which can help finance much-needed investment.

通常来说，新兴市场欢迎外国资本的进入，这样可以增加资本投入。

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Emerging markets, which have outperformed their American counterpart, are being deluged with fresh money.

新兴市场涌入大量热钱，表现远远好过他们的美国同行。

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Cotton is still up 130% over the last year, which is also hurting emerging markets.

较之去年，棉花价格仍上涨了130%，这也给新兴市场带来了不良影响。

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Since inception, Total Emerging Markets has outperformed the MSCI Emerging Markets (EEM) exchange traded fund, which closely mirrors the MSCI Emerging Markets index.

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The thing to watch is whether this would start to affect consumer and business confidence in those markets, in which case, since emerging markets have been key to global growth, you're in a very different situation.

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That means consumer retrenchment when interest rates rise or the bills come due, which will hurt emerging markets if they do not work harder to generate domestic demand, instead of relying on exports for growth.

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