So, although dollar bonds and, increasingly, dollar equities are a large part of these countries’ sovereign wealth accounts, most of the dollar securities that they hold are not needed to finance trade imbalances. Even if these countries want to continue to hold a minimum core of their portfolios in a form that can be used in the traditional foreign-exchange role, most of their portfolios will respond to their perception of different currencies’ risks.
因此，尽管这些国家的主权财富账户大量投资于美元债券和越来越多的美元股票，但它们所持有的大部分美元证券并不是用来满足贸易失衡融资需要的。即便这些国家想继续将最低限度的核心组合以可用作传统外汇用途的形式持有，它们的大部分组合将反映它们对不同货币的风险感知。