Beware falling BRICs
當心”金磚四國”衰退

Emerging countries are not the havens some people thought
新興市場并非某些人想象中的安全港灣

The rouble in the rubble
廢墟中的盧布

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.

所謂脫鉤不過如此。隨著雷曼的倒臺，新興市場經歷了今年最大的拋售。9月18日，經歷了十年來的單日最大跌幅后，俄羅斯主要證券交易所的將股票和債券業務連續停止交易三天。同時俄羅斯中央銀行給大型商業銀行和蕭條的貨幣市場注資數十億元以穩定驚恐的氣氛。在到9月16日之前的一周內，摩根大通的新興市場債券指數下降了5％還多，在這幾天內已將這今年的收益消耗殆盡了。阿根廷的信貸風險的一種度量信用違約互換的價格（這是信貸風險的一種度量）上升到史無前例的高度。更出人意料的是，中國人民銀行將其貸款利率下調27個基點至7.2％，這是其六年來首次下調貸款利率。

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.

這個舉措反映了多種的憂慮，例如中國國內的低迷的經濟形勢和俄羅斯的政治煩惱。但是它們有個共同點：投資者可能正在改變他們對于新興市場的看法。