Emerging market stocks, as measured by the MSCI EM Index, have seen more than a quarter of their value wiped out in the past four months, led by the travails of the Chinese stock market. We are not saying that now, or next week, or next month will represent the ideal buying point. We believe there is further disruption ahead, with suggestions that the devaluation by the Chinese central bank in August did not go far enough, and with others calling for a more profound market-clearing event to cleanse the final remnants of the price inflation seen earlier this year.
在過去四個月里，在中國股市陣痛的帶領下，以MSCI明晟新興市場指數(MSCI EM Index)衡量的新興市場股市市值蒸發了逾四分之一。我們不是說，現在、下周或下個月將是理想的買入時點。我們認為，接下來還將發生更多擾動，因為有許多說法稱，中國央行8月份貶值人民幣的幅度還不夠，還有人呼吁來一場更大的市場清理，把今年早些時候股價漲幅的最后剩余部分清理掉。
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