首先，全球经济的结构性力量在于新兴市场经济体。
First, the structural strength in the global economy resides in the emerging market economies.
显然这意味着新兴市场经济体需要允许本币兑美元进一步升值。
This, obviously, means the EMEs allowing the dollar to fall further against their currencies.
近年来，向新兴市场经济体的资本流动的构成发生了显著的变化。
Recent years have seen a dramatic shift in the composition of capital flows to the emerging-market economies.
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