China plays bigger role in financing frontier markets: Moody's

Xinhua | Updated: 2017-10-11 08:56

WASHINGTON — While tightening global monetary policies would put more pressure on short-term liquidity in frontier markets (FMs), Chinese financing could help mitigate liquidity risk for these countries, said Moody's, a ratings agency, in a report released on Monday.

华盛顿——— 加强全球货币政策管制给短期的前沿市场资金流加大了压力， 中国的金融市场可以减缓其它前沿过家门的资金流风险，一家名为穆迪的商业评论公司在周一发表的报道中说

Moody's defines FMs as sub-investment-grade countries that rely heavily on concessional financing. Moody's rates 36 FM countries, most of which carry ratings in the B1-B3 range.

穆迪公司把金融前沿市场称为次级投资等级，给主要靠优惠融资的国家评级。穆迪给36个前沿市场国家排名，它们中的大多数都是B1到B3等级

"Benign global liquidity conditions have permitted some FMs to raise commercial US dollars sovereign debt, at relatively favorable rates," Anne Van Praagh, a Moody's Managing Director, said. "One quarter of FMs had issued new debt on commercial terms as of August 2017."

“良性的全球资金流情况下，一些前沿金融市场被批准在合理的汇率下筹集美金国债，“ Anne Van Praagh，穆迪的管理者说， ”四分之一的前沿金融市场在2017年8月发行了新的债券条约。“

"Looking ahead, as global liquidity conditions evolve, elevated debt service costs and liquidity risks are key credit challenges for FMs," she added.

“向前看，随着全球资金流情况的发展，债券服务价格的增长和资金流的风险是前沿金融市场的主要风险。” 她还说

The most vulnerable sovereigns are those with larger external vulnerabilities, limited domestic fiscal policy space, high gross borrowing needs and low institutional strength, the report said.

穆迪的报道说， 大量的外部脆弱性，国内财政空间有限, 大数额的贷款需求和较弱的机构力量的国家们的国债是最脆弱的

Higher global interest rates could limit market access and significantly raise debt servicing costs for sovereigns with a material proportion of externally financed debt and large gross borrowing requirements.

减轻全球利率可以限制市场进入量，大幅度提升外部融资的借贷服务费和大量的借款需求

According to the report, liquidity risks are most acute in Egypt, Pakistan and Mongolia.

据报道，埃及，巴基斯坦和蒙古资金流风险是最严重的

"Financing from China through foreign direct investment and swap line arrangements has become more important for some FMs, 16 of which are listed under China's Belt and Road Initiative," said the report.

“中国通过外商直接投资和互换货币信贷额度合约融资对一些前沿市场非常重要，其中16个前段市场被包括在中国的一带一路战略中。”

"Chinese financing could help mitigate near-term liquidity risks," said the report.

“中国的融资可以帮助减轻近期的资金流风险，”据报道

"It is encouraging a shift away from financing by international financial institutions, which have historically provided a stable funding source, including on concessional terms."

“它鼓励一些国家不再国际金融企业融资，这样的话集资来源会更稳定，包括优惠融资。“