As such, reserve accumulation has been highly correlated with global liquidity and changes in international investor sentiment.
但预防性储备积累虽然在国家一级很明智,但却增加国际一级的体系性风险。
However, precautionary reserve accumulation, while sensible at the national level, increases systemic risk at the international level.
储备积累也可能是中央银行为缓和与资本过度流入和流出有关的汇率波动而干预外汇市场的副产品。
Reserve accumulation can also be the by-product of central bank interventions in foreign exchange markets aimed at smoothing exchange rate volatility associated with excessive capital inflows and outflows.
特别提款权有助于减少预防性储备积累,帮助实现安全的全球资产供应的多样化。
Special drawing rights would help to reduce precautionary reserve accumulation and diversify the supply of safe global assets.
再加上保持汇率竞争力的努力,这带来了大量的储备积累,但也造成了资本的随之外流。
Combined with efforts to maintain a competitive exchange rate,this has led to considerable reserve accumulation, but also a concomitant capital outflow.
然而,中国人早已制定了计划,以降低对美元储备积累和补贴出口的依赖。
But the Chinese alreadyhave a plan to reduce their dependence on dollar reserve accumulation and subsidized exports.
它还从发展的角度审视了最近国际资本流动和外汇储备积累的增加情况。
It also examines the recent increase in international capital flows andforeign reserve accumulation from a development perspective.
一些人还强调,必须进一步改善多边监督,改革全球储备体系,以减少预防性储备积累。
A number also underlined the need to further improve multilateral surveillance and to reform the global reserve system in order toreduce precautionary reserve accumulation.
不过,发展中国家向发达国家的金融资源净转移,大部分是通过国际储备积累进行的。
Most of the net transfer of financial resources fromdeveloping to developed countries is through international reserves accumulation, however.
人们普遍认为储备积累会产生财政费用,这种情况只发生在高利率的国家。
While it is commonlythought that there is a fiscal cost linked to reserves accumulation, this is only the case for countries characterized by high interest rates.
然而,预防性储备积累虽然在国家一级合乎情理,但却增加了国际一级的系统性风险,因为这加剧了全球失衡。
However, precautionary reserve accumulation, while sensible at the national level, increases systemic risk at the international level, by adding to global imbalances.
The data in the annex are weighted averages and are heavily influenced by the behaviour of some large developing countries which, over the last few years,recorded rapid output growth and reserve accumulation.
国内利率低于储备所付利率的国家(如中国)事实上能从储备积累中获得净收益。
Countries that manage to maintain domestic interest rates which are lower than the interest rate paid by the reserves(such as China)are actually making a net gain from reserve accumulation.
外汇市场干预可能会导致不必要的外汇储备积累。
Interventions in the foreign exchange market may result in the unwanted accumulation of foreign exchange reserves.
随着贸易顺差的缩小,亚洲的储备积累速度可能放慢。
As the trade surpluses narrowed, Asian reserve accumulation could slacken.
然而,这样的储备积累起到了加剧全球经济失衡的作用。
However, such reserve accumulation has had the effect of exacerbating global imbalances.
资金外流包括偿还债务净额和购买外国资产,特别是官方储备积累。
Financial resources flowed into net repayment of debt and purchase of foreign assets,especially in the form of official reserve accumulation.
但是,中国已经有计划减少对美元的储备积累和补贴出口的依赖。
But the Chinese already have a plan to reduce their dependence on dollar reserve accumulation and subsidized exports.
负的净流出可能是出口、偿还债务或者外币储备积累增加的结果。
A negative net outflow might be the result of an increase in exports,payment of debt servicing, or the accumulation of foreign reserves.
但美元上涨产生的效果正好相反,外汇储备积累的步伐会放慢,甚至出现逆转。
But a rising dollar has the opposite effect,and the pace of reserve accumulation slows or even reverses.
目前,各国依靠混合型的金融安全系统,对储备积累、双边协定及区域和多边机制进行管理。
Currently, countries rely on a hybrid system of financial safety,combining reserve accumulation, bilateral agreements, and regional and multilateral mechanisms.
这种隐性的筹资机制是以发展中国家前所未有的国际储备积累水平为基础的。
The implicit financing mechanism is based on the build-up in international reserves by developing countries to unprecedented levels.
许多发言人集中注意储备积累的问题,指出积累和持有储备金的代价是放弃生产性投资和社会开支。
Many speakers focused their attention on the issue of reserve accumulation, noting the cost of accumulating and holding reserves in terms of foregone productive investment and social spending.
这种体系的基础可以是扩大特别提款权的作用,根据储备积累规模的大小定期或周期性进行调整性发行。
Such a system could be based on an expanded role for the special drawing rights,with regular or cyclically adjusted emissions calibrated to the size of reserve accumulations.
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