To be sure, this risk was more acute when a larger number of emerging-economy currencies were pegged to the US dollar, which meant that a significant shift in the dollar’s value would weaken other countries’ balance-of-payments position and erode their international reserves, thereby undermining their creditworthiness. Today, many of these countries have adopted more flexible exchange-rate regimes, and quite a few retain adequate reserve holdings.
此外，突发的剧烈货币变动总是会带来金融市场动荡。诚然，这一风险在更多数量的新兴经济体货币盯住美元时更加尖锐（这意味着美元价值的剧烈变动会削弱其他国家的收支平衡，侵蚀它们的国际储备，从而破坏它们的信誉）。如今，许多新兴国家采取了更加灵活的汇率制度，其中不少还囤积了充足的外汇储备。