The growth of SWF’s is a direct consequence of the accumulation of more than $5 trillion in foreign reserves by emerging-market economies in Asia and among oil and commodity exporting countries. These economies’ current-account surpluses, together with massive inflows of capital, have led their monetary authorities to try to prevent their national currencies from appreciating in order to maintain the competitiveness of their industries.
亚洲的新兴市场经济体以及石油和原料出口国的超过5兆美元的外汇储备的直接后果就是国家财富基金的增长。这些经济体经常项目盈余以及大量的资本流入让它们的货币财政机关试图防止其货币升值，以便维持其产业的竞争力。