It is also true that the massive accumulation of foreign reserves that is now feeding the SWFs’ growth is excessive and driven by misguided exchange-rate policies, with vastly undervalued currencies resulting in current-account surpluses. These countries need to allow greater exchange-rate flexibility and currency appreciation to reduce their external surpluses – and thus the need to accumulate huge foreign reserves in the first place.
同样正确的是，现在助长国家财富基金增长的大量外国储备积累过度，而且是由错误导向的汇率政策驱使的。巨额被低估的货币造成经常项目盈余。这些国家需要允许更大的外汇灵活性以及货币升值来减少其外部盈余，以及减少积累巨额外国储备的需要。