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It has been a nervy few days for financial markets.
金融市場經歷了緊張不安的幾天。
A sell-off in bond markets, prompted by monetary tightening in America, this week infected global stock markets, too.
由美國貨幣緊縮所引起的債券市場跌價，本周也影響到了全球股票市場。
The S&P 500 share-price index fell by over 3% on October 10th, its worst day in eight months.
10月10日，標準普爾500股價指數下跌超過3%，這是8個月中最糟糕的一天，
Markets in Shanghai hit their lowest level for nearly four years the next day; those in Japan and Hong Kong closed around 3.5% lower.
第二天上海股票市場跌至近四年來最低水平；日本和香港股票市場收盤價下跌約為3.5%。
At first glance, the sell-off seems odd. The world economy is still growing briskly enough:
乍看之下，此次證券跌價似乎很奇怪。全球經濟仍在迅速增長：
this week the IMF only slightly trimmed its forecast for world GDP growth for 2018, from 3.9% to 3.7%. But investors are right to fret.
本周國際貨幣基金組織（IMF）僅對2018年世界GDP增長預測進行了微調，從3.9%降至3.7%。但是投資者的焦慮是正確的。
Whereas acceleration was synchronised across much of the world in 2017, the global economy's expansion now looks increasingly unbalanced.
2017年全球經濟加速基本同步，但如今全球經濟擴張看似愈發不平衡了。
Two divides stand out. The first is between emerging markets, which are suffering from particularly volatile financial conditions, and advanced economies.
有兩點重大差異引人注目。第一個是在新興市場之間，新興市場正在遭遇尤為反復無常的金融形勢，但其經濟體系卻很發達。
The cause of this divergence is a strong dollar, which is making emerging markets' debts that are denominated in the currency costlier to service.
出現這種差異的原因是因為一種強勢貨幣，使得新興市場中以貨幣為面值的債務成本高于服務。
The latest casualty is Pakistan. On October 8th it announced that it would seek an IMF bail-out, which is expected to amount to $12bn.
最近一位受害者是巴基斯坦。10月8日，巴基斯坦宣布將尋求IMF救市，救市金額有望達到120億美元。
It joins the ranks of other emerging markets in distress, notably Argentina, which has negotiated a record $57bn credit line from the IMF, and Turkey.
該國成為了其他遇難新興市場中的一員，其中最為顯著的是阿根廷（該國從IMF談來了高達570美元的信用額度）以及土耳其。
Sustained falls in emerging-market currencies and stocks have been painful for investors. Several countries have raised interest rates to stem capital outflows.
新興市場貨幣和股價的持續下跌一直是投資者的痛處。一些國家提高了利息以阻止資本流出。
Yet the damage to the real economy has for the most part been confined to those with large current-account deficits, such as Argentina.
但是對實體經濟的破壞大部分僅限于那些擁有大量往來賬戶赤字的國家，比如阿根廷。
From a global perspective, the bigger worry is China.
從全球角度來看，中國更讓人擔心。
Authorities there are trying to reduce leverage in the financial system at the same time as American tariffs are squeezing their exports.
中國當局正試圖降低金融體系中的杠桿率，與此同時美國關稅也在擠壓他們的出口。
The currency is under pressure; growth expectations are being lowered.
貨幣面臨壓力；增長預期被降低。
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