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1·Rising interest rate differentials relative to European short - and long-term assets made private sector purchases of dollar-denominated assets more attractive.

相对于欧洲短期资产和长期资产的利差有所提高，这使私人部门更乐于购入美元标价的资产。

2·At the same time, Chinese companies have rushed to take on large amounts of dollar-denominated debt in the belief that currency moves will shrink their liabilities.

与此同时，中国企业争先恐后借入大量美元计价债务，在他们看来，汇率走势将导致他们的债务出现缩减。

3·This raises a bunch of practical questions: what to do about countries, like China, with capital controls and how to choose between local-currency and dollar-denominated debt?

而紧接着是引起的一大串问题：一些国家该怎么办，例如拥有资金的控制权中国，它如何在本地货币和美元主导之间的选择呢？

4·Even after recent one-day rallies, the dollar-denominated RTS index and the rouble-denominated MICEX index have shed around two-thirds of their value since mid-May (see chart).

即使是在近期股市出现一天内反弹之后，美元主导的RTS指数，和卢布主导的MICEX指数也已经字五月中旬开始约贬值三分之二(如图)。

5·In particular, the falling exchange rate of dollar at present has resulted in heavy loss to the foreign exchange reserve of China which is largely dollar-denominated asset holding.

尤其是当前美元汇率走低，对以美元资产为主的我国外汇储备造成了巨大的损失。

6·But they are, apparently, worried about the fact that around 70 percent of those assets are dollar-denominated, so any future fall in the dollar would mean a big capital loss for China.

显然，这些领导人所担心的问题是他们手中所持有的这些资产中有大约70%是以美元来计量的。所以，对于中国而言，美元一旦在将来贬值都意味着巨大的资本损失。

7·Still China finds itself hemmed in. If it were to curtail its purchases of dollar-denominated securities drastically, the dollar would likely fall and American interest rates could soar.

中国还发觉自己已进入死胡同，因为如果它果断地削减以美元为标价的证券购买量，美元将可能下跌并且美国利率将会飙升。

8·If the dollar keeps dropping, stocks and bonds priced in euros, yen, rubles or shekels will tend to become more valuable; anything denominated in foreign currency will then buy more dollars.

如果美元继续下行，以欧元、日圆、卢布或以色列谢克尔计价的股票和债券会变得更有价值，那么以外币计价的任何资产都将能购买更多的美元。

9·The notes are denominated in Special Drawing Rights, a quasicurrency issued by the fund and promoted by China as a potential replacement for the dollar as the world's reserve currency.

这些债券是以IMF发行的准货币特别提款权(SDR)计价的，中国正力主将特别提款权作为替代美元全球储备货币地位的一个可能选择。

10·This would be particularly true if the Los Angeles peso had a poor history of currency decline, and thus the interest rates on L.A. peso-denominated debt was very high, compared to U.S. dollar debt.

假如更不幸的是，洛杉矶比索在历史上一再贬值，而以它计价的债务的利率与美元债务比较而言将非常高，上述结果就会确定无疑。