Beware falling BRICs
当心”金砖四国”衰退

Emerging countries are not the havens some people thought
新兴市场并非某些人想象中的安全港湾

The rouble in the rubble
废墟中的卢布

SO MUCH for decoupling. In the wake of Lehman Brothers’ failure, emerging markets have suffered one of their biggest sell-offs in years. On September 18th Russia’s main bourses suspended trading in shares and bonds for a third day in a row after the largest one-day stockmarket fall for a decade; the central bank poured billions into big banks and the money market in a forlorn bid to calm fears. JPMorgan’s emerging-markets bond index fell by more than 5% in the week to September 16th, giving up in a few days all the gains it had made this year. Prices of Argentina’s credit-default swaps, a gauge of credit risk, rose to their highest-ever level. Unexpectedly, the People’s Bank of China cut its benchmark lending rate by 27 basis points on September 15th, to 7.2%, the first cut for six years.

所谓脱钩不过如此。随着雷曼的倒台，新兴市场经历了今年最大的抛售。9月18日，经历了十年来的单日最大跌幅后，俄罗斯主要证券交易所的将股票和债券业务连续停止交易三天。同时俄罗斯中央银行给大型商业银行和萧条的货币市场注资数十亿元以稳定惊恐的气氛。在到9月16日之前的一周内，摩根大通的新兴市场债券指数下降了5％还多，在这几天内已将这今年的收益消耗殆尽了。阿根廷的信贷风险的一种度量信用违约互换的价格（这是信贷风险的一种度量）上升到史无前例的高度。更出人意料的是，中国人民银行将其贷款利率下调27个基点至7.2％，这是其六年来首次下调贷款利率。

These actions reflected a variety of concerns, such as a darkening economic mood in China and political worries in Russia. But they all have something in common: investors may be changing their minds about emerging markets.

这个举措反映了多种的忧虑，例如中国国内的低迷的经济形势和俄罗斯的政治烦恼。但是它们有个共同点：投资者可能正在改变他们对于新兴市场的看法。