It is therefore not surprising that , while the asian economies collectively hold more than us 1 trillion of official reserves , the bulk of these reserves are financial assets issued in the g7 markets due to credit as well as liquidity considerations 因此，无怪乎亚洲经济体系虽然合共拥有超过1万亿美元的官方储备，但鉴于信贷风险及流通性的考虑，这些储备大部分均投资于在七大工业国市场发行的金融资产。
Due to quite different reasons behind different kinds of capital flows , foreign direct investment , portfolio investment and foreign reserve cannot be analyzed in a same framework , therefore , different kind of capital flows are discussed respectively 和第一部分相比，这一部分没有一个统一的理论分析框架，主要原因是直接投资、非官方短期资本流动和官方储备变动的驱动原因大相径庭，不能放在一个框架内讨论。
But it s worth noting that the authorities in some countries deliberately eschew opportunities to add to official reserves , because they feel that government should remain neutral and allow the private sector and the markets to manage and allocate wealth : the usa and uk may fall into this category 但值得注意的是，有些国家的政府其实会故意回避增加官方储备，原因是它们认为政府应保持中立，财富的管理和分配应由私营部门和市场来决定。英美两国便属于这一类。
I do not wish to provoke a debate on the objectivity and reliability of the ratings and the rating process of the international rating agencies . the reality is that many asian governments and corporations receive credit ratings that are lower than the minimum thresholds acceptable to institutional investors , including the managers of official reserves 7 .我不希望在这里展开有关评级本身或评审过程是否客观可靠的辩论，但现实情况是亚洲许多政府和公司所得的信贷评级都达不到机构投资者包括官方储备的管理人可接受的最低标准。
Of course , it is not possible to cover every aspect of money and the hkma s work in a small exhibition . we have , therefore , focused on what we see as some of the important aspects - keeping the hong kong dollar stable , managing hong kong s official reserves , and ensuring that money moves around the economy smoothly - as well as looking at new developments in e - banking 这个小型展览当然不可能钜细无遗，详述金融货币及金管局工作的所有事项，而是会集中介绍一些较重要的课题，包括如何保持港元汇价稳定如何管理官方储备如何确保货币流通畅顺，以及介绍电子银行服务的最新发展。
Whether it is because of the lack of knowledge in asia of the international rating agencies or the inability of asian borrowers to communicate effectively with the rating agencies , the fact of the matter is that asian bond issuers are generally given low credit ratings . the paper they issue is often of too low a rating to be acceptable to institutional investors , including the managers of official reserves 不管是由于国际评级机构不了解亚洲，抑或亚洲发债体未能与评级机构有效沟通，但事实就是亚洲发债体的信贷评级普遍偏低，导致其所发债券的评级亦往往低于机构投资者包括官方储备管理人可接受的标准。
