Xinhua | Updated: 2017-10-11 08:56
WASHINGTON — While tightening global monetary policies would put more pressure on short-term liquidity in frontier markets (FMs), Chinese financing could help mitigate liquidity risk for these countries, said Moody's, a ratings agency, in a report released on Monday.
華盛頓——— 加強(qiáng)全球貨幣政策管制給短期的前沿市場資金流加大了壓力， 中國的金融市場可以減緩其它前沿過家門的資金流風(fēng)險(xiǎn)，一家名為穆迪的商業(yè)評(píng)論公司在周一發(fā)表的報(bào)道中說
Moody's defines FMs as sub-investment-grade countries that rely heavily on concessional financing. Moody's rates 36 FM countries, most of which carry ratings in the B1-B3 range.
穆迪公司把金融前沿市場稱為次級(jí)投資等級(jí)，給主要靠優(yōu)惠融資的國家評(píng)級(jí)。穆迪給36個(gè)前沿市場國家排名，它們中的大多數(shù)都是B1到B3等級(jí)
"Benign global liquidity conditions have permitted some FMs to raise commercial US dollars sovereign debt, at relatively favorable rates," Anne Van Praagh, a Moody's Managing Director, said. "One quarter of FMs had issued new debt on commercial terms as of August 2017."
“良性的全球資金流情況下，一些前沿金融市場被批準(zhǔn)在合理的匯率下籌集美金國債，“ Anne Van Praagh，穆迪的管理者說， ”四分之一的前沿金融市場在2017年8月發(fā)行了新的債券條約。“
"Looking ahead, as global liquidity conditions evolve, elevated debt service costs and liquidity risks are key credit challenges for FMs," she added.
“向前看，隨著全球資金流情況的發(fā)展，債券服務(wù)價(jià)格的增長和資金流的風(fēng)險(xiǎn)是前沿金融市場的主要風(fēng)險(xiǎn)。” 她還說
The most vulnerable sovereigns are those with larger external vulnerabilities, limited domestic fiscal policy space, high gross borrowing needs and low institutional strength, the report said.
穆迪的報(bào)道說， 大量的外部脆弱性，國內(nèi)財(cái)政空間有限, 大數(shù)額的貸款需求和較弱的機(jī)構(gòu)力量的國家們的國債是最脆弱的
Higher global interest rates could limit market access and significantly raise debt servicing costs for sovereigns with a material proportion of externally financed debt and large gross borrowing requirements.
減輕全球利率可以限制市場進(jìn)入量，大幅度提升外部融資的借貸服務(wù)費(fèi)和大量的借款需求
According to the report, liquidity risks are most acute in Egypt, Pakistan and Mongolia.
據(jù)報(bào)道，埃及，巴基斯坦和蒙古資金流風(fēng)險(xiǎn)是最嚴(yán)重的
"Financing from China through foreign direct investment and swap line arrangements has become more important for some FMs, 16 of which are listed under China's Belt and Road Initiative," said the report.
“中國通過外商直接投資和互換貨幣信貸額度合約融資對一些前沿市場非常重要，其中16個(gè)前段市場被包括在中國的一帶一路戰(zhàn)略中。”
"Chinese financing could help mitigate near-term liquidity risks," said the report.
“中國的融資可以幫助減輕近期的資金流風(fēng)險(xiǎn)，”據(jù)報(bào)道
"It is encouraging a shift away from financing by international financial institutions, which have historically provided a stable funding source, including on concessional terms."
“它鼓勵(lì)一些國家不再國際金融企業(yè)融資，這樣的話集資來源會(huì)更穩(wěn)定，包括優(yōu)惠融資。“
