The 9 percent drop in global equity prices in the first two weeks of 2016 is certainly alarming, even for those of us who believe that the outlook for the world activity has not deteriorated much recently. The fundamental cause is the same as it was last August – a clash between a severe loss of credibility in Chinese economic policy and a Federal Reserve that still seems determined to continue tightening US monetary policy without much regard to international risks and a slowing domestic economy (see the hawkish Bill Dudley speech on Friday). Oil prices are also playing a part, but only a bit part, in my view.
在2016年的头两周内，manbetx app苹果 股市下跌9%，这当然是令人震惊的，即使是对于我们中那些认为世界manbetx20客户端下载 活动前景近来并未大幅恶化的人来说也是如此。根本原因与去年8月股灾的原因一样，在于这样一个矛盾：一方面是manbetx3.0 manbetx20客户端下载 政策的可信度严重下降，另一方面是美联储似乎仍然决心继续收紧美国货币政策，而不太考虑国际风险和国内manbetx20客户端下载 放缓（参见上周五鹰派的比尔•达德利(Bill Dudley)发表的演讲）。油价也起到了部分作用，但是，依我看来，只起到了一小部分作用。