Known as the " asset-swap spread" , this is analogous to the credit spread for a corporate borrower.

这被称为“资产互换利差”，类似于企业借款人的信用利差。

But when the dollar goes up, the cycle goes into reverse, as corporate borrowers outside America scramble to pay down their dollar debts.

但是，当美元上涨时，由于美国之外的企业举债者急于偿还美元债务，信贷周期反转。