ImagineSaudi Arabia sells US Treasuries, and uses the dollars it receives to pay its?civil servants. Then imagine that a Saudi Arabian civil servanttakes their pay and uses the money to buy a BMW car in euros. What ishappening? Saudi Arabia is selling dollars and buying euros. It does not matterthat there is an asset on one side of the transaction and a BMW on the otherside of the transaction — the foreign exchange market implication is the samewhether it is Bunds or BMWs that are bought.
試想沙特阿拉伯賣出美國國債衔蹲，然后用得到的美元給公務(wù)員發(fā)薪水哆档。然后，沙特阿拉伯的公務(wù)員又會(huì)拿著薪水去用歐元買寶馬。發(fā)生了什么珊皿？沙特阿拉伯正在賣出美元，買進(jìn)歐元欲诺。無所謂交易的一邊是資產(chǎn)瓢喉，另一邊是寶馬–不管是買進(jìn)債券還是寶馬，外匯市場(chǎng)的走向都是一樣的惊畏。
If theMiddle East buys assets, they like their assets to be made in America (centralbanks buy roughly twice as many US assets as other assets). If the Middle Eastbuys products and services, they like their products and services to be made inEurope (the Middle East buys twice as much from Europe as from the US). Thus ifthe Middle East is selling assets to buy goods, it sells dollars to buy euros.
如果中東地區(qū)買進(jìn)資產(chǎn)恶耽，他們傾向于美國發(fā)行（央行買進(jìn)的美國資產(chǎn)大致是其他資產(chǎn)的兩倍）。如果中東地區(qū)要買產(chǎn)品和服務(wù)颜启，他們更青睞歐洲制造（中東地區(qū)從歐洲買進(jìn)的量是從美國買進(jìn)的兩倍）偷俭。因此，如果中東地區(qū)賣出資產(chǎn)來購買貨物缰盏，就相當(dāng)于賣出美元購進(jìn)歐元涌萤。
