The scent of war is in the air. Currency war, to be sure, but the consequences for the global economy could still be dire. After a series of interventions aimed at holding down the value of domestic currencies, policymakers have expressed fears of a dangerous race to the bottom in exchange rate policy. The threat should not be taken lightly.
戰(zhàn)爭(zhēng)的氣味彌漫在空氣中。應(yīng)該指出，我們說的是“匯率戰(zhàn)爭(zhēng)”；但對(duì)全球經(jīng)濟(jì)來說，這一“戰(zhàn)爭(zhēng)”的后果仍可能極其嚴(yán)重。在多個(gè)國(guó)家采取一系列旨在壓低本幣價(jià)值的干預(yù)行動(dòng)后，政策制定者們對(duì)匯率政策上一場(chǎng)危險(xiǎn)的“逐底競(jìng)爭(zhēng)”表示憂慮。我們對(duì)這一威脅不能掉以輕心。
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