Structural deficits soon re-emerged, but the bond market no longer seemed to care, as long as the global savings glut kept America's borrowing costs low.

结构性赤字马上再现，但只要全球存款能保住美国低廉的借钱成本，债券市场似乎就不必在意巨大的赤字了。

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Only if Asia's bond market can become a home for the region's private savings rather than just a vehicle to recycle foreign exchange, will it count as a success.

要使亚洲债券市场能够变成地区私人储蓄的“家”而不仅仅是循环外汇的“车”就好了，那时它就是成功了。

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The surge in private savings in the wake of the economic crisis has masked big changes in the rich world's sovereign-bond markets.

在经济危机中觉悟起来的个人储蓄之浪，已经把富裕国家的债市搅了一个天翻地覆。

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