双语新闻：各组织应该警惕亚洲私人部门债务飙升

2014-08-25 17:09:39来源：可可英语

　　August can be a perilous month for investors. It is amonth when there is little volume or liquidity infinancial markets and this August appears to be anespecially treacherous one.

　　8月对投资者而言可能是一个危险的月份。8月的金融市场交易量或流动性非常低，今年的8月看起来尤其凶险。

　　Among the most vulnerable – perhaps surprisingly– are emerging Asian markets, where aggregateprivate sector debt has been building up. That isbecause the combination of high leverage and lackof liquidity is not a happy one when investors arefeeling nervous.

　　有些人也许想不到，亚洲新兴市场(那里的私人部门总债务一直在攀升)现在属于最脆弱的市场。原因在于，在投资者正感到紧张之际，高杠杆和流动性匮乏的组合可不是一个令人乐观的组合。

　　This summer, the markets have been hit by a bout of fear from a combination of the prospectof a world with less easy money and more dangerous gunmen. Since their July peaks,emerging market debt and currencies have weakened.

　　今年夏季，市场受到一波恐慌情绪的冲击，原因是人们担心世界上的宽松货币可能会减少，而危险的投机者有所增多。自7月份见顶以来，新兴市场债市和汇率已经走低。

　　Today, as investors shift away from their quest for yield, and outflows from US junk bondfunds last week reached a record $11.4bn, it seems timely to ask how badly the emergingmarkets of Asia will be affected and how much they should be affected.

　　如今，随着投资者逐渐停止对收益的追逐，美国垃圾债基金的赎回额上上周达到创纪录的114亿美元，似乎是时候问问亚洲新兴市场即将以及应该会受到多么严重的影响了。

　　While leverage levels have dropped in developed markets since the financial crisis, they havegone the other way across the Pacific. The total stock of debt has more than doubled to $21tnin emerging Asia in the past five years, JPMorgan notes. Asian debt is back to levels last seenduring the region’s financial crisis of 1997, according to data from Gavekal Dragonomics, aresearch boutique.

　　自本次金融危机以来，发达市场的杠杆水平有所下降，但太平洋对岸的情形正好相反。摩根大通(JPMorgan)指出，过去5年亚洲新兴市场债务总存量增加了一倍多，至21万亿美元。研究机构龙洲经讯(GaveKalDragonomics)的数据显示，亚洲债务规模回到了1997年亚洲金融危机期间的水平。

　　Heavy burden

　　沉重负担

　　Debt levels matter because they have an influence on future growth and the more expensivethe debt, the heavier the burden on borrowers.

　　债务水平事关紧要，因为它会影响未来的经济增长，而且债务成本越高，借款人的负担就越重。

　　Since 2009, the region has been among the most fortunate in the world as its high growthrate attracted disproportionate capital flows from outside. Most of that debt came fromdomestic borrowing, though, with just $2.5tn of the total in foreign borrowing.

　　2009年以来，由于亚洲的高增长率吸引了数量多得离谱的外部资本流入，该地区一直是全球最幸运的地区之一。不过，亚洲大多数债务是内债，外债总额仅为2.5万亿美元。

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