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Policymakers in emerging markets frequently complain that foreign capital is fickle.
新興市場的決策人經(jīng)常抱怨外國資本變化無常。
But foreign capital could be forgiven for having a similar gripe about emerging markets.
但外國資本對新興市場有著同樣的抱怨是可以被原諒的。
On a conference call on May 6th Turkey's finance minister, Berat Albayrak, was solicitous and reassuring,
在5月6日召開的一次會議中，土耳其財政部長貝拉特·阿爾巴伊拉克表現(xiàn)出了關(guān)心和安慰，
telling nervous overseas investors that the country's dollar reserves were adequate and its commitment to market principles was firm.
他告訴緊張不安的海外投資者，土耳其的美元儲蓄充足，且該國對市場原則的承諾是堅定的。
But the next day the banking regulator turned cold, reprimanding three foreign banks, BNP Paribas, UBS and even Citigroup,
但第二天，銀行監(jiān)管機(jī)構(gòu)態(tài)度轉(zhuǎn)冷，斥責(zé)了三家外國銀行——法國巴黎銀行、瑞士聯(lián)合銀行，
which helped host the call, for failing to meet their lira obligations on time. As punishment, it barred them from the country's currency market.
甚至是協(xié)助主持該會議的花旗銀行，因為它們未能按時償還里拉債務(wù)。作為懲罰，該機(jī)構(gòu)禁止三家銀行進(jìn)入該國貨幣市場。
Four days later, the mood changed and the ban was lifted.
四天后，態(tài)度再次轉(zhuǎn)變，且禁令被取消了。
These shifts in official demeanour, from hospitality to hostility to something in between, all reflect a consistent concern about the currency.
官方態(tài)度的這些轉(zhuǎn)變——從友好到敵意，再到介于兩者之間——都反映出對貨幣的持續(xù)擔(dān)憂。
The lira has lost about 15% of its value against the dollar so far this year, the most among big, commodity-importing emerging markets.
今年到目前為止，里拉兌美元匯率已下跌約15%，在大宗商品進(jìn)口的大型新興市場中跌幅最大。
In trading on May 7th it briefly weakened to 7.27 against the dollar, beyond the point it reached in August 2018,
在5月7日的交易中，里拉兌美元匯率一度跌至7.27，超過了2018年8月的水平，
after America imposed sanctions on Turkish officials in retaliation for the detention of an American pastor.
此前，美國對土耳其官員實施制裁，以報復(fù)其拘留了一名美國牧師。
To stop the lira's slide, regulators have tightened limits on the amount of lira local banks can provide to foreign financial institutions,
為了阻止里拉貶值，監(jiān)管者加緊限制了本地銀行可以提供給外國金融機(jī)構(gòu)的里拉貸款上限，
making it harder for foreigners to bet against the currency.
加大了外國人做空里拉的難度。
And they have imposed new restrictions on the spread of "misleading or wrong information" in financial markets.
并且他們還對在金融市場傳播“誤導(dǎo)性或虛假消息”施加了新的限制。
"They want to discourage people from talking about these issues," says Mustafa Sonmez, an economist. People are "not to criticise".
“他們想要阻止人們談?wù)撨@些問題，”經(jīng)濟(jì)學(xué)家Mustafa Sonmez說到。人們“不應(yīng)該批評”。
He ought to know. He and dozens of others, including two Bloomberg journalists,
他應(yīng)該知道。去年，他和包括兩名彭博社記者在內(nèi)的幾十個人
were indicted last year on charges of seeking to "destabilise the economy" during the 2018 crisis.
被指控在2018年危機(jī)期間試圖“破壞經(jīng)濟(jì)穩(wěn)定”。
The authorities have intervened in more conventional ways as well. GlobalSource Partners, a consultancy,
官方也以更加傳統(tǒng)的方式介入。咨詢公司GlobalSource Partners預(yù)計
estimates that the central bank, often acting through the state banks, has burned through roughly $35bn in foreign reserves this year trying to prop up the lira.
經(jīng)常通過國有銀行采取行動的中央銀行，今年已消耗了約350億美元外匯儲備，試圖支撐里拉。
How much more it can spend is a matter of controversy.
還能消耗多少錢是一個有爭議的問題。
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