Asia has always been more than an interested bystander. On the one hand, cash piles are robust – central banks in the region hold roughly $4,000bn of reserves – as are balance sheets. Hence the ability to pounce when bargains emerge. But external economic slowdown swiftly feeds through to the export-intensive region. The inevitable flight to safety means more foreign capital leaving emerging Asia, marking down assets and weakening currencies. Even absent a co-ordinated global effort, Asian monetary policy will necessarily switch to easing; receding inflationary pressures have already enabled China to move. Further fiscal expansion looks inevitable.
亚洲从来就不只是一位感兴趣的旁观者。一方面，亚洲有大量现金（亚洲各国央行持有大约4万亿美元的储备），企业的资产负债表也十分殷实，因此亚洲拥有在廉价资产浮出水面时出手买入的实力。但是，外部manbetx20客户端下载 放缓也会快速影响到这一出口密集的地区。不可避免的向安全资产逃亡的现象，意味着更多外资撤离亚洲新兴市场，导致资产价格下跌，货币走弱。即便在没有manbetx app苹果 协调努力的情况下，亚洲的货币政策也必然会转向宽松；消退中的通胀压力已让manbetx3.0 在这方面采取行动。进一步的扩张性财政政策看来不可避免。