短線(xiàn)視點(diǎn)：美聯(lián)儲(chǔ)加息與人民幣貶值哪個(gè)更可怕？

The current will-they-won’t-they game is over at last: the US Federal Reserve will raise interest rates on Wednesday. So say investors, who have fully priced in a quarter-point rise. But for emerging markets, particularly in Asia, such a move will only prompt another question, namely which matters more for 2017 — the Fed, or China?

當(dāng)下這場(chǎng)加不加息的游戲終于要落幕了：美聯(lián)儲(chǔ)(Fed)將在周三加息。投資者是這樣說(shuō)的，他們?nèi)ρ鹤⒚缆?lián)儲(chǔ)肯定加息25個(gè)基點(diǎn)。但對(duì)新興市場(chǎng)、尤其是亞洲新興市場(chǎng)而言，此舉只會(huì)引發(fā)另一個(gè)問(wèn)題：2017年哪一個(gè)因素更重要——美聯(lián)儲(chǔ)，還是中國(guó)?

Emerging Asia just suffered its worst month of outflows since the “taper tantrum” of 2013. A net $22bn fled the region’s stock and bond markets in November, according to ANZ in a “Trump tantrum”. Departing investors expect that the president-elect’s infrastructure spending plans and tax cut plans would boost inflation and push up interest rates further. Until the latest move, links between US interest rates and local markets had appeared to weaken, leaving Asia to trade on its relative merits. As a result, this apparent re-coupling has come as a sharp shock.

亞洲新興市場(chǎng)剛剛遭受了自2013年“縮減恐慌”(taper tantrum)以來(lái)最嚴(yán)重的月度資金外流。澳新銀行(ANZ)數(shù)據(jù)顯示，在“特朗普恐慌”(Trump tantrum)中，11月份亞洲新興經(jīng)濟(jì)體股票和債券市場(chǎng)凈流出220億美元。正在離場(chǎng)的投資者預(yù)期，特朗普的基礎(chǔ)設(shè)施支出計(jì)劃及減稅計(jì)劃將提高通脹，并進(jìn)一步推高利率。在美聯(lián)儲(chǔ)采取最新動(dòng)作之前，美國(guó)利率水平和亞洲市場(chǎng)之間的關(guān)聯(lián)似乎有所減弱，這使得亞洲可以利用自身的相對(duì)優(yōu)勢(shì)。因此，關(guān)聯(lián)性重新增強(qiáng)無(wú)疑是一次強(qiáng)烈沖擊。

The Fed risk is based on assumptions that the US will curb resurgent inflation with an unexpectedly speedy series of rate rises — hitting Asian borrowers hard. Sharp rises in US yields — 10-year Treasuries hit two-year highs on Monday — have already lifted Asian equivalents. Higher rates in the US would also limit the attraction of EM assets, whose currencies tend to gain only slightly from net inflows, according to research by Société Générale, but weaken sharply when the money moves out.

關(guān)于美聯(lián)儲(chǔ)會(huì)帶來(lái)什么風(fēng)險(xiǎn)，基本假設(shè)是：美國(guó)將利用出其不意的一連串快速加息抑制通脹抬頭，這將對(duì)亞洲的借款者造成很大沖擊。美國(guó)國(guó)債收益率大幅上漲——10年期美國(guó)國(guó)債收益率周一觸及兩年高位——已經(jīng)帶動(dòng)亞洲國(guó)債收益率上升。根據(jù)法國(guó)興業(yè)銀行(Société Générale)的研究，美國(guó)利率升高還將抑制新興市場(chǎng)資產(chǎn)的吸引力，新興市場(chǎng)的貨幣往往在資金凈流入時(shí)只獲得小幅升值，卻在資金流出時(shí)大幅貶值。

China’s role depends on its currency and its economy. In spite of Beijing’s slow-and-steady approach, a sharp weakening of the renminbi remains one of emerging Asia’s biggest fears: it risks denting rivals’ export competitiveness at a stroke, as well as destabilising global markets. China’s economic growth, too, is unpredictable as it tries to balance expansion with efforts to streamline inefficient industries. Expect any weakness to show up first in its neighbours’ export and commodity sectors.

中國(guó)扮演的角色取決于其貨幣和經(jīng)濟(jì)。雖然北京方面采取了穩(wěn)扎穩(wěn)打的方式，但是人民幣大幅貶值仍是亞洲新興市場(chǎng)最擔(dān)憂(yōu)的問(wèn)題之一：大幅貶值可能一舉削弱競(jìng)爭(zhēng)對(duì)手的出口競(jìng)爭(zhēng)力，還會(huì)讓全球市場(chǎng)陷入不穩(wěn)定。中國(guó)的經(jīng)濟(jì)增長(zhǎng)也難以預(yù)料，因?yàn)橹袊?guó)力圖在精簡(jiǎn)低效產(chǎn)業(yè)的同時(shí)維持經(jīng)濟(jì)擴(kuò)張。預(yù)計(jì)會(huì)先出現(xiàn)疲軟的是其鄰國(guó)的出口和大宗商品領(lǐng)域。

The risks posed by China are more alarming, but less measurable than the actions of the Fed. Expect to see China fears cited in moments of market mayhem but the actions of the Fed to play a larger role in everyday emerging Asia.

中國(guó)帶來(lái)的風(fēng)險(xiǎn)更令人擔(dān)憂(yōu)，但沒(méi)有美聯(lián)儲(chǔ)行動(dòng)所帶來(lái)的風(fēng)險(xiǎn)那么容易察覺(jué)。一旦市場(chǎng)出現(xiàn)動(dòng)蕩，對(duì)中國(guó)的擔(dān)憂(yōu)會(huì)被認(rèn)為是造成混亂的原因，但在亞洲新興市場(chǎng)的日常市況中，美聯(lián)儲(chǔ)所采取行動(dòng)的影響會(huì)更大。

Starting on Wednesday, the will-they-won’t-they game will begin all over again as investors attempt to gauge just how hawkish the US central bank really is.

從周三開(kāi)始，隨著投資者嘗試判斷美國(guó)央行的立場(chǎng)到底有多么鷹派，揣測(cè)美聯(lián)儲(chǔ)加不加息的游戲?qū)⒃俣壬涎荨?br />