With the USFederal Reserve raising interest rates, and President Mario Draghi of theEuropean Central Bank seemingly unable to escape his addiction to quantitativeeasing policy, many investors are questioning who wants to buy the euro. Theanswer is simple. The whole world is eager to buy the euro. The problem in 2017is more likely to be finding anyone who wants to buy the US dollar.
美联储提高了利率,欧洲央行行长马里奥似乎不可避免地依赖着量化宽松政策,许多投资者都产生了一个疑问:谁会想买进欧元?答案很简单,全世界都渴望买进欧元。2017年的问题更应该是:谁会想买进美元。
The MiddleEast is a good example of a region of avid euro buyers. Even with the recentrally in the oil price, most Middle Eastern countries are expected to runsizeable fiscal deficits. The IMF expects Saudi Arabia to run a fiscal deficitof almost 10 per cent of GDP next year. To fund their budget deficits, the Gulfcountries are selling central bank reserves and pools of assets held by theirsovereign wealth funds.
中东就是欧元的狂热购买者的典型代表。尽管近期中东国家在调整油价,他们还是有望实行大规模的财政赤字。世界货币基金组织认为沙特阿拉伯会在来年实行约10%的财政赤字。为了给预算赤字提供资金支持,海湾国家正在卖出央行的储备和君主资产掌握的资产池。
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