This fear of a stronger dollar is the real reason for concern, bordering on panic, in many emerging economies and at the IMF. A significant strengthening of the dollar would indeed cause serious problems for emerging economies where businesses and governments have taken on large dollar-denominated debts and currency devaluation threatens to spin out of control.
那么货币呢？几乎所有人都预期，如果美国利率开始升高，美元将升值，特别是因为欧盟和日本将继续实施宽松货币环境多个月甚至多年。这一美元升值恐慌是许多新兴经济体和IMF担忧（甚至恐惧）的真正原因。美元的剧烈升值确实会给企业和政府存在大量美元计价债务、货币贬值有可能失控的新兴经济体带来 严重问题。