HONG KONG – When the US investment bank Lehman Brothers collapsed five years ago, emerging-market economies did not hold many of the toxic financial assets – mainly American subprime mortgages – that fueled the subsequent global financial crisis. But they were deeply affected by the drop in world trade, which recorded a peak-to-trough decline of at least 15%, with trade finance also contracting sharply, owing to a shortage of dollar liquidity.
香港—五年前，当美国投行雷曼兄弟倒闭时，新兴市场经济体并未大量持有助长随后全球金融危机的有毒金融资产（主要是美国次级按揭贷款）。但世界贸易却出现了断崖式下降（超过15%），贸易融资也急剧收缩（因为美元流动性短缺），这给新兴市场经济体带来了严重影响。