Unless emerging-market governments take advantage of the limited space provided by their foreign-exchange reserves and floating currencies to enact vital structural reforms, the onus of adjustment will fall on interest rates, compounding the effects of slowing growth and the risks associated with bad debt. Whether this becomes a systemic issue affecting the entire global economy will hinge on China.
除非新兴市场政府能利用自身外汇储备和浮动货币所带来的有限空间来实施关键的结构性改革，否则调整的重担将落在利率之上，并与结合增长放缓的效应以及与不良债务相关的风险糅合在一起。而这是否会成为影响整个全球经济的一个系统性问题，将取决于中国。