Policymakers in emerging markets frequently complain that foreign capital is fickle.But foreign capital could be forgiven for having a similar gripe about emerging markets.On a conference call on May 6th Turkey's finance minister, Berat Albayrak, was solicitous and reassuring,telling nervous overseas investors that the country's dollar reserves were adequate and its commitment to market principles was firm.But the next day the banking regulator turned cold, reprimanding three foreign banks, BNP Paribas, UBS and even Citigroup,which helped host the call, for failing to meet their lira obligations on time. As punishment, it barred them from the country's currency market.

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新兴市场的决策人经常抱怨外国资本变化无常。但外国资本对新兴市场有着同样的抱怨是可以被原谅的。在5月6日召开的一次会议中，土耳其财政部长贝拉特·阿尔巴伊拉克表现出了关心和安慰，他告诉紧张不安的海外投资者，土耳其的美元储蓄充足，且该国对市场原则的承诺是坚定的。但第二天，银行监管机构态度转冷，斥责了三家外国银行：法国巴黎银行、瑞士联合银行，甚至是协助主持该会议的花旗银行，因为它们未能按时偿还里拉债务。作为惩罚，该机构禁止三家银行进入该国货币市场。

Four days later, the mood changed and the ban was lifted.These shifts in official demeanour, from hospitality to hostility to something in between, all reflect a consistent concern about the currency.The lira has lost about 15% of its value against the dollar so far this year, the most among big, commodity-importing emerging markets.In trading on May 7th it briefly weakened to 7.27 against the dollar, beyond the point it reached in August 2018,after America imposed sanctions on Turkish officials in retaliation for the detention of an American pastor.

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四天后，态度再次转变，且禁令被取消了。官方态度的这些转变，从友好到敌意，再到介于两者之间都反映出对货币的持续担忧。今年到目前为止，里拉兑美元汇率已下跌约15%，在大宗商品进口的大型新兴市场中跌幅最大。在5月7日的交易中，里拉兑美元汇率一度跌至7.27，超过了2018年8月的水平，此前，美国对土耳其官员实施制裁，以报复其拘留了一名美国牧师。

To stop the lira's slide, regulators have tightened limits on the amount of lira local banks can provide to foreign financial institutions,making it harder for foreigners to bet against the currency.And they have imposed new restrictions on the spread of "misleading or wrong information" in financial markets."They want to discourage people from talking about these issues," says Mustafa Sonmez, an economist. People are "not to criticise".He ought to know. He and dozens of others, including two Bloomberg journalists,

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为了阻止里拉贬值，监管者加紧限制了本地银行可以提供给外国金融机构的里拉贷款上限，加大了外国人做空里拉的难度。并且他们还对在金融市场传播“误导性或虚假消息”施加了新的限制。“他们想要阻止人们谈论这些问题，”经济学家Mustafa Sonmez说到。人们“不应该批评”。他应该知道。去年，他和包括两名彭博社记者在内的几十个人。

were indicted last year on charges of seeking to "destabilise the economy" during the 2018 crisis.The authorities have intervened in more conventional ways as well. GlobalSource Partners, a consultancy,estimates that the central bank, often acting through the state banks, has burned through roughly $35bn in foreign reserves this year trying to prop up the lira.How much more it can spend is a matter of controversy.

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被指控在2018年危机期间试图“破坏经济稳定”。官方也以更加传统的方式介入。咨询公司GlobalSource Partners预计经常通过国有银行采取行动的中央银行，今年已消耗了约350亿美元外汇储备，试图支撑里拉。还能消耗多少钱是一个有争议的问题。

注释
1.fickle 变化无常的

The group has been notoriously fickle in the past.

这伙人过去一直是出了名的善变。

2.reprimand斥责

He was reprimanded by a teacher for talking in the corridor

他因为在走廊里讲话受到了一位老师的斥责。

3.hostility 敌意

Christabel looked at Ron with open hostility.

克丽丝特布尔带着公然的敌意看着罗恩。

4.retaliation报复

Any hostilities could result in retaliation and further embroil U.N. troops in fighting.

任何敌对行为都可能招致报复，进而使联合国部队卷入战斗。

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