这是至关重要的，因为如果债券收益大幅提高，就会引发外债偿还成本和债务上升的恶性循环。
That is vital; if gilt yields were to rise sharply it could lead to a vicious circle of rising debt-servicing costs and higher debt.
债券的收益在经济循环周期中某些区域随股票市盈率同步移动，在其他区域则不随股票市盈率移动。
Bonds may move in sync with equities at some parts of the economic cycle but not at others.
它们循环利用各自国家的经常账户盈余，使之转换成美元证券，压低了收益率水平。
They have recycled their countries' current account surpluses into dollar securities, holding yields down.
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