首先，全球经济的结构性力量在于新兴市场经济体。
First, the structural strength in the global economy resides in the emerging market economies.
近年来，向新兴市场经济体的资本流动的构成发生了显著的变化。
Recent years have seen a dramatic shift in the composition of capital flows to the emerging-market economies.
显然这意味着新兴市场经济体需要允许本币兑美元进一步升值。
This, obviously, means the EMEs allowing the dollar to fall further against their currencies.
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