The dollar has also risen relative to currencies of emerging markets with economic and financial fragilities: twin fiscal and current-account deficits, rising inflation and slowing growth, large stocks of domestic and foreign debt, and political instability. Even China briefly allowed its currency to weaken against the dollar last year, and slowing output growth may tempt the government to let the renminbi weaken even more.
美元兑经济和金融十分脆弱的新兴市场货币也在升值。这些经济体存在财政和经常项目双赤字、通胀抬头和增长放缓、巨额存量内外债务以及政治动荡。甚至中国在去年也短暂地允许人民币兑美元贬值，而产出增长放缓可以诱使政府让人民币贬值更多。与此同时，贸易盈余再次上升，部分是因为中国在全球市场上大量倾销其供给过剩的商品——如钢铁。