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Global market turbulence has triggered the biggest outflows from emerging market equities in more than a year.
全球市场动荡导致了新兴市场股市一年多以来规模最大的资金外流。
Investors removed $9bn from stocks and shares across Africa, Latin America, eastern Europe and Asia in October, according to figures from the Washington-based Institute of International Finance, which tracks all cross-border investment into developing countries by non-residents.
位于华盛顿的国际金融协会(IIF)的数据显示，10月投资者从非洲、拉美、东欧和亚洲的股市撤出的资金达90亿美元。该协会追踪非居民对发展中国家的全部跨境投资。
Cooling sentiment towards emerging markets because of slowing growth in China and unwinding monetary stimulus in the US has been exacerbated by general nervousness about uneven global growth.
中国增长放缓以及美国退出货币刺政策激引发新兴市场降温，全球增长不平衡导致的普遍不安则加剧了新兴市场的状况。
The FTSE Emerging index, which consists of developing countries including China, Brazil and India, has lost more than 10 per cent since early September.
自9月初以来，涵盖中国、巴西和印度等发展中国家的富时新兴市场指数(FTSE Emerging markets index)已下跌逾10%。
“Overall, flows to emerging markets have ground to a halt,” said IIF chief economist Charles Collyns. “There has been some stabilisation in recent days but we expect the pattern of rising risk aversion and shifting Fed rate expectations to continue.”
“总体上看，新兴市场的资金流入已趋于停滞，”国际金融协会首席经济学家查尔斯•科林斯(Charles Collyns)说。“近期虽然资金流入已经趋稳，但预计避险模式及对美联储(Fed)利率变化的预期状况将延续。”
Outflows have been particularly pronounced in emerging Europe, where Russia’s conflict with Ukraine has left Russian companies facing a possible credit crunch unless western sanctions are relaxed, according to credit rating agency Moody’s.
信用评级机构穆迪(Moody's)表示，资金外流在欧洲新兴市场表现得尤为明显。如果西方不放松制裁措施，俄乌冲突会导致俄罗斯企业面临一种可能的信贷紧缩。
However, figures from the IIF show that equity flows were waning across all emerging markets, including Latin America and emerging Asia, where the Chinese ecommerce company Alibaba made the world’s largest stock market debut in September.
然而，国际金融协会的数据显示，包括拉美和亚洲新兴市场在内，所有新兴市场的资金流动都在减弱。在新兴亚洲市场，中国电商企业阿里巴巴(Alibaba)成为9月份全球规模最大的一起首次公开发行。
“When markets are calm investors tend to differentiate between countries more,” said Paul McNamara, a fund manager at GAM. “But right now there has been a blanket reaction across the sector. There have been some domestic problems in places such as Russia, Venezuela and Argentina but what’s happening is really being driven by the developed world.”
“当市场平静下来，投资者更倾向于区别对待不同的国家，”环球资产管理公司(GAM)的基金经理保罗•麦克纳马拉(Paul McNamara)说。“但目前，所有新兴市场引发的反应是一致的。俄罗斯、委内瑞拉和阿根廷等国家存在一些国内问题，但其当前趋势实际上是由发达世界推动的。”
