The other part of the explanation follows from what the economists Guillermo Calvo and Carmen Reinhart call “fear of floating.” Many market participants know from past experience (recall 2008-2009, for example) that emerging economies’ central banks fear sharp depreciations, and that in moments of stress they tend to intervene, at least temporarily, to support the exchange rate, “smoothing” its decline.
另一种解释来自经济学家吉列莫·卡沃（Guillermo Calvo）和卡门·莱因哈特（Carmen Reinhart）所谓的“浮动恐惧”。许多市场参与者从过去的经验（比如2008—2009年）中知道，新兴经济体央行害怕急剧贬值，在面临压力时它们倾向于干预，至少是暂时干预，以支持汇率，“平滑”其下降趋势。因此动作迅速的投机客能够攫取不错的利润，在音乐还没有停止时逃之夭夭。