We believe that one of the most compelling investment opportunities over the next few years is likely to be in companies that serve domestic demand in emerging markets. 我们认为,未来几年最具吸引力的投资机会之一,可能蕴藏在那些服务于新兴市场国内需求的公司中。
After seeing Shanghai and Beijing, and taking the high-speed train between the two, Lord Rothschild believes domestic consumption in emerging markets could replace the commodities cycle as a dominant investment theme. 在访问上海和北京并乘坐京沪高铁之后,他表示,相信新兴市场国家的国内消费能够取代大宗商品周期,成为一个主要的投资题材。
Many commentators are looking for an increase in domestic demand in emerging markets to compensate for the slowdown in the US. 许多评论员正期待新兴市场的内需上升,以弥补美国经济放缓的影响。
What concerns us is that faced with rising domestic inflation, emerging markets abandon their currency pegs and allow their currencies to appreciate versus the dollar, in some cases as much as 20-30 per cent. 让我们担心的是,新兴市场在国内通胀不断加剧的情况下,放弃汇率盯住机制,允许本币兑美元升值。在某些国家,升值幅度高达20%至30%。
After numerous boom-bust cycles driven by domestic safe asset shortages, emerging markets learned to export rational bubbles to economies with a comparative advantage in generating safe assets. 在无数次国内安全资产匮乏所引发的兴衰循环之后,新兴市场学会了把理性泡沫输出给在创造安全资产方面拥有比较优势的经济体。