Now perhaps the biggest headlines surrounded the US stock market and oil.

或許現在最大頭條無非不是美國股市和石油價格

We saw another day of sharp directions in the oil price that spooked the stock market. The S&P 500 is now down for the year.

油價大跌嚇壞了整個股市。標準普爾500指數目前也跟著下降

Now it's popular to blame almost all of what's happened to the stock market on the energy sector, and there is some reason for that.

許多人將股市的慘況歸咎於能源部近日公布的數據，確實這也是部份原因之一

But, as this chart shows, that can be very much overdone. The green line there is the S&P 500. Energy sector obviously had a horrible time of it this year,

但如圖表所示，這有點太過度指責能源部。綠色線為標準普爾500指數。很明顯，這是今年能源部的低潮

investors really haven't expected oil to..., the oil price to say where it is.

投資客們真的也沒有想到石油會...，油價會如此慘跌

But if you then look at that red line there, which is the S&P 500 excluding the energy companies, you can see yes it is just about positive for the year.

然而如果我們看看紅色線，是排除能源公司之後的標準普爾500指數，就會覺得今年股市滿樂觀的

But it's very much of thoroughly unexciting year that's been had by the rest of the US stock market,

但除去能源，美國股市會是相當平淡的一年

many of which, many of the stocks in that index, exclude the energy, would of course benefit significantly from cheaper oil.

而這當中大部分的股票，不包含能源，都會因油價變便宜而獲利

So you still plainly have to contend with the fact that the US stock market is not in the greatest of health even if you discount the effect of oil.

所以就美國股市現況來看，即便油價下跌也並非處於最佳狀態

Now, elsewhere we saw the Dollar weaken quite considerably against the Euro.

此外，美元幣值大幅下降，兌換歐元變得不利

That was without any big move in the bond market. There without any shift in the expectations for the Fed for next week.

這是先不看國債的任何變化而論。也尚未考慮下週聯準會是否會有任何變動

Still, it seemed there's a raising certainty the Fed will be raising rates.

雖說聯準會升息之舉幾乎是可以肯定的

Meanwhile, you also saw the Dollar strengthened against emerging market currencies,

同時，美元兌換新興市場幣值上漲

spectacularly so in the case in the South African rents. Emerging market currencies in general on that

特別是對南非地區。新興市場的幣值整體來說

will beginning to fall quite close to the levels that had been in September which prompted the Fed to decide not to go through with the rate rise then.

將會下降至九月時的情況，而那時也導致聯準會決定暫且不升息

Perhaps most importantly for the long term, however, I'd like to show you this chart, carrying up which is of the Chinese currency.

就長期來說最重要的或許是，來看看這張圖表，顯示中國幣值情形

Obviously the single scariest moment as far as many in world market would concern of 2015

一眼就能看出最震驚全球市場的時刻，也是2015年許多國家的憂慮

was when the Chinese allowed their currency to devalue very sharply by its own standards in the middle of August.

就是八月中旬時，中國政府決定讓人民幣大幅下降至標準範圍內

The currency would steadily managed stronger for couple of months up to that. You can see it in the last few days.

中國幣值至此之後穩定成長。來看看過去這幾天

It has been allowed to fall once more. It is now significantly weaker than was on the day of all that excitement back in August.

又再次調降幣值。比之前八月時更加疲弱

It makes eminent sense for the Chinese to allow their currency to devalue.

中國調降幣值之舉確實有著充分理由

If they want to become more of the market, that currency become an elective part of the SDRs run by the IMF

如果他們想讓自己在市場上具更大影響力，讓人民幣納入國際貨幣組織的特別款權貨幣籃之中

plainly makes more sense for them to follow the market, which would imply a weaker Chinese currency.

顯然中國為成為市場一部分，此舉相當合理，也暗示著人民幣將變得更加疲弱

Obviously, a weaker Chinese currency would have very intriguing effects for the rest of the world.

更用不著說，人民幣調降對全球其他國家而言相當具吸引力

Let's expect this is one to watch.

就讓我們看看這在未來會如何發展。