It would be tempting to ascribe the large drop in global risk assets last week to the onset of Federal Reserve tightening and a further meltdown in commodity prices. No doubt these factors played a part, but the dominant force was probably the same one that shook the markets in August – the fear of a sudden devaluation of the Chinese renminbi. This would export deflationary forces from China’s industrial sector to the rest of the world, and would interact very badly with the start of a monetary tightening cycle in the US.
有人会忍不住将不久前manbetx app苹果 风险资产大幅下跌归咎于美联储(Fed)开始收紧和大宗商品价格进一步下跌。这些因素无疑有一定影响，但主要原因可能还是今年8月导致市场动荡的因素——对人民币突然贬值的担忧。这将让manbetx3.0 工业部门的通缩力量出口至manbetx app苹果 其他地区，并与美国开始收紧货币政策产生极其糟糕的相互作用。
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