Emerging market stocks, as measured by the MSCI EM Index, have seen more than a quarter of their value wiped out in the past four months, led by the travails of the Chinese stock market. We are not saying that now, or next week, or next month will represent the ideal buying point. We believe there is further disruption ahead, with suggestions that the devaluation by the Chinese central bank in August did not go far enough, and with others calling for a more profound market-clearing event to cleanse the final remnants of the price inflation seen earlier this year.
在过去四个月里，在manbetx3.0 股市阵痛的带领下，以MSCI明晟新兴市场指数(MSCI EM Index)衡量的新兴市场股市市值蒸发了逾四分之一。我们不是说，现在、下周或下个月将是理想的买入时点。我们认为，接下来还将发生更多扰动，因为有许多说法称，manbetx3.0 央行8月份贬值人民币的幅度还不够，还有人呼吁来一场更大的市场清理，把今年早些时候股价涨幅的最后剩余部分清理掉。