【タイ】 元フランス代表､ジダン氏がタイ北部でチャリティーマッチ [02/20]
ttp://www.bloomberg.com/apps/news?pid=20601039&sid=aomGWwA90_IU&refer=home
China's Market Sideshow Turns Into Main Event: William Pesek
By William Pesek Feb. 28 (Bloomberg)
ブルームバーグ：中国市場が世界の主要市場の波乱を巻き起こす事になったわけだが・・
--------------------------------------------------------------------------------
ブルームバーグのウイリアム・ペシクが、彼独特の皮肉な口調で書いている今回のショックの
見取り図で、わかりやすい説明。
１）アメリカの投資家が中国とエマージングマーケットに、あまりに多くの資金を投じてきた
In 2006, Quinlan said, U.S. purchases of emerging-market equities totaled a record
$52.7 billion. That followed a stock- buying record of nearly $39 billion in 2005.
In 2006 alone, U.S. purchases of Chinese equities jumped to $5.2 billion from $4.9
billion in 2005.
All this means that on a relative basis, China has become the key emerging market for
the U.S. ``To a significant degree, as China goes, so go the emerging-market returns
of U.S. investors,'' Quinlan said.
２)低金利の円の「キャリー・トレード」が投機資金の源泉を提供している
Meanwhile, Japan is still essentially offering free money to any investor who wants
to borrow in yen and put that money in riskier assets overseas. Much of the panic
selling that followed Tuesday's meltdown involved the unwinding of these carry trades.
After all, lots of yen borrowings have made their way into Shanghai real estate and
Chinese stocks.
ペシクは歴史的に見て、１）も２）も、危ない橋を渡っているので、何かのきっかけでその
問題点が露呈して被害の拡大する可能性がある、と指摘している。
History shows carry trades can go wrong -- very wrong.
China's Market Sideshow Turns Into Main Event: William Pesek
By William Pesek Feb. 28 (Bloomberg)
ブルームバーグ：中国市場が世界の主要市場の波乱を巻き起こす事になったわけだが・・
--------------------------------------------------------------------------------
ブルームバーグのウイリアム・ペシクが、彼独特の皮肉な口調で書いている今回のショックの
見取り図で、わかりやすい説明。
１）アメリカの投資家が中国とエマージングマーケットに、あまりに多くの資金を投じてきた
In 2006, Quinlan said, U.S. purchases of emerging-market equities totaled a record
$52.7 billion. That followed a stock- buying record of nearly $39 billion in 2005.
In 2006 alone, U.S. purchases of Chinese equities jumped to $5.2 billion from $4.9
billion in 2005.
All this means that on a relative basis, China has become the key emerging market for
the U.S. ``To a significant degree, as China goes, so go the emerging-market returns
of U.S. investors,'' Quinlan said.
２)低金利の円の「キャリー・トレード」が投機資金の源泉を提供している
Meanwhile, Japan is still essentially offering free money to any investor who wants
to borrow in yen and put that money in riskier assets overseas. Much of the panic
selling that followed Tuesday's meltdown involved the unwinding of these carry trades.
After all, lots of yen borrowings have made their way into Shanghai real estate and
Chinese stocks.
ペシクは歴史的に見て、１）も２）も、危ない橋を渡っているので、何かのきっかけでその
問題点が露呈して被害の拡大する可能性がある、と指摘している。
History shows carry trades can go wrong -- very wrong.
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