One of the factors behind today’s exceptionally low global interest rates has been the return of excess savings in Asia since the turn of the decade. Much of this excess saving is channelled through foreign-exchange reserves. So the fact that China’s official reserves fell to $3.65tn in July from a peak of $3.99tn a year earlier is striking, especially against the background of the botched attempt to prop up Chinese equities. Note, too, that other emerging markets are using up official reserves to support their ailing currencies, Russia being a notable case in point. Could it be that one of the great drivers of the search for yield is going into reverse?
当今manbetx app苹果 极低利率背后的因素之一，是亚洲自进入本10年开始再次出现储蓄过剩。这些过剩储蓄有很大部分通过外汇储备流向了全世界。因此，manbetx3.0 官方外汇储备今年7月从一年前3.99万亿美元的峰值降至3.65万亿美元引人注目（根据最新数字，到今年8月底，manbetx3.0 外汇储备较7月底减少2.6%，至3.557万亿美元——编者注），尤其是在政府拯救股市努力失败的背景下。也请注意，还有其他新兴市场正在消耗官方储备来支撑本国陷入困境的货币——俄罗斯就是一个显著的例子。追求收益的一大驱动力是否可能已经发生了逆转？