VOA常速英语:Government Borrowing Costs Soar as Investors Digest Impact of Trump Presidency(翻译)

Many emerging markets rely on cheap exports, much of which are sold to the United States.These countries have felt the biggest economic shocks from the political earthquake in Washington.
很多新兴市场依赖廉价出口商品，其中大部分销往美国。这些国家已经从华盛顿的政治地震中感受到了最大的经济冲击。

“Effectively, we have seen investors pulling out of emerging markets.Basically, you know, the Trump victory has hit risk appetite,given his fairly vitriolic approach to emerging markets and free trade.And investors have basically taken a flight to safety.”
“实际上，我们已经看到有投资者从新兴市场抽离。从根本上说，特朗普的当选已经打击到了人们的风险偏好。这是由于特朗普对新兴市场和自由贸易相当刻薄的态度。投资者们基本上都已经转向安全地带。”

That has meant a major sell-off of risky emerging market debt and currencies,which have seen big losses against the U.S. dollar.If the sell-off continues, the economic pain will be felt by ordinary citizens.
这就意味着出现较大范围的抛售新兴市场风险债券和货币，这些货币兑美元的汇率大幅度下跌。如果抛售持续下去，普通公民也将感受到经济创痛。

“You are going to get lower economic growth, lower jobs growth, wage growth, you know, etcetera,potentially higher interest rates for debt servicing if currencies are falling and inflation pressures are building.”
“经济增速会更慢，就业和工资增长也会更慢，其他等等都会这样，货币贬值，通货膨胀的压力不断上升，债务偿还的利率可能会更高。”

Those pressures have forced up bond yields,all the interest rate the governments have to pay to borrow money, and not only in emerging markets.
这些压力会迫使公债利息上升，政府借债的利率也会上升，并且不只在新兴市场发生。

In Italy, bond yields hit an 18-month high as the global upward trend was compounded by political uncertainty over an upcoming referendum.
在意大利，公债利息已经达到18个月来的最高水平，因为公投带来的政治不稳定加剧了全球的公债利息上升。

“And I think there is a concern that if bond yields start to edge even higher from where they are now,we could actually see a little bit of a squeeze on borrowing costs on those areas of the European economy in particular that can least afford it.”
“我认为如果公债利息比现在稍微升高一点，都将会引起担忧。事实上，我们会看到欧洲经济地区，尤其是刚能负担得起的地区的借贷成本稍微紧缩。”

Mexico’s borrowing costs have hit five-year highs following Donald Trump’s election,given his pledge to build a wall on the border and deport millions of illegal immigrants.So could the world see a return to the so-called "credit crunch" that followed the 2008 financial crisis?
特朗普胜选之后，墨西哥的借贷成本已达到五年来的最高水平，因为特朗普承诺要在美国和墨西哥边界建一堵墙，并驱逐上百万的非法移民出境。所以世界会回到2008年金融危机之后的所谓“信贷紧缩”时期吗？

“Mexico, you’ve seen, bond yields have hit five-year highs.Obviously, Mexico is quite a special case in terms of its close relationship with the US and Trump’s,you know, particular focus.Elsewhere, yields are still relatively low at the moment, so we are not running into this kind of credit crunch situation.”
“墨西哥的公债利息已经达到五年来的最高水平。很显然，由于墨西哥和美国的特殊关系以及特朗普对他们的特殊关注，墨西哥是一个特殊案例。此时，其他地区的债息相对来说还比较低，所以我们不会遭遇这种信贷紧缩的情况。”

Analysts say that investors had been reassured by Donald Trump’s conciliatory tone since the election.But they predict heavy market losses if he follows through on campaign pledges to tear up global trade deals.
分析家们说投资者们从大选之后唐纳德.特朗普的缓和语气中得到了安慰。但是他们预言，如果特朗普按照竞选宣言中所说的撕毁全球贸易协定，市场损失将会非常严重。

Henry Ridgwell, For VOA news, London.
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