The number of investors buying crash protection against a sharp fall in stock markets over the coming months has risen to its highest level since October 2008, according to Bank of America Merrill Lynch's fund manager survey for August, while investor cash holdings have risen sharply to 5.1% - their highest level since June 2012. The survey confirmed that geopolitics is at the forefront of investors' minds, with 86% citing it as the greatest risk to financial stability - up from 74% in July and 53% in June. This trumped worries over monetary policy risk (such as higher rates and higher FX volatility), which 58% of investors cited as a risk to financial stability.
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机译：根据美银美林（Bank of America Merrill Lynch）8月份的基金经理调查，在未来几个月内购买崩溃保护以抵御股市急剧下跌的投资者数量已升至2008年10月以来的最高水平，而投资者持有的现金数量则急剧上升至5.1 ％-自2012年6月以来的最高水平。该调查证实，地缘政治处于投资者关注的最前沿，有86％的人将其视为金融稳定的最大风险-高于7月的74％和6月的53％。这胜过了对货币政策风险（例如更高的利率和更高的外汇波动性）的担忧，其中58％的投资者认为这是金融稳定的风险。
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