Today, as all major developed economies resort to expansionary monetary policy, the global economy is being flooded with excess liquidity, and a “currency war” is looming large. As a result, short-term capital inflows, whether seeking a safe haven or conducting carry trades, are bound to become larger and more volatile.
目前，由于所有重要发达经济体都采取了扩张性货币政策，全球经济都被注入了过剩的流动性，“货币战”正在日益凸显。结果，短期资本流入——不管是寻求安全的港湾还是进行套利交易，都注定会变得更大规模且更不稳定。