外汇

One reason for this is the impact on money, credit and asset prices of their huge accumulations of foreign currency reserves.

原因之一在于，它们累积起来的巨额外汇储备对货币、信贷和资产价格的影响。

The Asians decided to choose competitive exchange rates, export-led growth and huge accumulations of foreign currency reserves.

亚洲选择了具有竞争性的汇率，出口导向的增长模式和庞大的外汇储备。

All four are among the ten largest accumulators of reserves, accounting for 40% of the world's total.

四个国家都跻身世界十大储备国，总共拥有世界40%的外汇储备。

It is also necessary to deepen the reform of foreign exchange administrations system, and open the capital market gradually.

此外，还必须深化外汇管理系统，逐步开放资本市场。

This must apply all over the territory of the single currency - otherwise, arbitrageurs will buy it in one place and sell it in another and exchange controls would have to be imposed, eliminating free convertibility and inducing panic.

必须适用这项全港的单一货币--否则arbitrageurs就会买一处地方，并卖给另一外汇管制将须征消灭自由兑换，引发恐慌。

Outside of China, reduced investment rates in that region; large buildups in foreign exchange reserves in a number of emerging markets; and the enormous increases in the revenues received by exporters of oil and other commodities.

这个净储蓄增加的来源包括：高存款的东亚国家、以及中国之外经济快速增长；一些新兴市场上外汇储备的高积累；石油出口和其他商品出口国家巨大的收入增长。

The sources of this increase in net saving included rapid growth in high-saving East Asian countries and, outside of China, reduced investment rates in that region; large buildups in foreign exchange reserves in a number of emerging markets; and the enormous increases in the revenues received by exporters of oil and other commodities.

伯南克在讲话中说，新兴市场的经济体净储蓄供给的显著增长导致了美国房产市场繁荣，以及更广泛地说，即次贷危机的爆发。这个净储蓄增加的来源包括：高存款的东亚国家、以及中国之外经济快速增长；一些新兴市场上外汇储备的高积累；石油出口和其他商品出口国家巨大的收入增长。

The sources of this increase in net saving included rapid growth in high-saving East Asian countries and, outside of China, reduced investment rates in that region; large buildups in foreign exchange reserves in a number of emerging markets; and the enormous increases in the revenues received by exporters of oil and other commodities.

这个净储蓄增加的来源包括：高存款的东亚国家、以及中国之外经济快速增长；一些新兴市场上外汇储备的高积累；石油出口和其他商品出口国家巨大的收入增长。

Housing boom and the broader credit boom.1 The sources of this increase in net saving included rapid growth in high-saving East Asian countries and, outside of China, reduced investment rates in that region; large buildups in foreign exchange reserves in a number of emerging markets; and the enormous increases in the revenues received by exporters of oil and other commodities.

这个净储蓄增加的来源包括：高储蓄的东亚国家快速增长、以及中国之外的其他地区减少了投资率，一些新兴市场上外汇储备的高积累；石油出口和其他商品出口国家巨大的收入增长。

The flood of foreign-currency borrowing destabilised their economies and left them vulnerable when Western banks reduced lending.

外汇借贷的大举涌入破坏了这些国家经济的稳定，一旦西方银行减少贷款，这些国家的经济就变得很脆弱。

But we don't care about Battlegrounds.

但我们并不在乎沙场中的显露。

Ah! don't mention it, the butcher's shop is a horror.

啊！不用提了。提到肉，真是糟透了。