If rich-country central banks can buy long term bonds, then emerging-country central banks can buy dollar-denominated bonds. Even countries that practice inflation targeting and have otherwise vowed to let their exchange rates float – Brazil, Colombia, Peru, and Chile, for example – have done it, and in large quantities.
于是乎，美联储的所谓“量化宽松”政策开始以政府干涉外汇汇率的形式向南美蔓延。如果发达国家的中央银行能够买长期债券，而那么新兴国家的中央银行也可以收购美元债券。即便是那些采取控制通胀政策且誓言要令本国货币汇率上升的国家——巴西、哥伦比亚，秘鲁和智利——也都采取了相关措施，而且购买的金额都相当庞大。