The cause of this state of affairs, in one word, is austerity. Weak demand in Europe is the real reason why emerging markets’ current accounts deteriorated (and, with the exception of China, swung into deficit).
什么造成了这一局面？一言以蔽之，紧缩。欧洲需求不振是新兴市场经常项目走弱并转为赤字（中国除外）的真实原因。