During the second half of last year, the 15 largest emerging-market economies experienced the biggest capital outflows since the 2008 global financial crisis. And the aggregate foreign-exchange reserves held by emerging countries declined for the first time since 1994, when they began the steep upward climb that has been a defining feature of the global economy during the last two decades.
去年下半年，15个最大的新兴市场经济体经历了自2008年全球金融危机以来最大的资本外流。新兴国家外汇储备总量自1994年以来首次出现下降。从1994年开始，新兴市场外汇储备大幅攀升，成为过去二十年来全球经济的一个显著特征。