All currency wars are self-defeating for their combatants. When a country slashes the value of its currency to boost exports, it inevitably triggers competitive devaluations by its trading partners, thereby robbing the first mover of its initial advantage. Thus it is unlikely that China, which in effect devalued the renminbi by 2 per cent yesterday, was intending to whip up currency skirmishes among its trade partners into a full-scale war.
所有的貨幣戰爭都會對參戰方自身造成損害。當一國大幅壓低其貨幣幣值以提振出口時，不可避免地會引發其貿易伙伴國的競爭性貶值，從而令率先貶值的國家喪失其最初的優勢。因此，中國昨天在實質上將人民幣貶值2%的行為，其用意不太可能是把貿易伙伴國之間在匯率上的小沖突激化為一場全面貨幣戰爭。
您已閱讀12%（582字），剩余88%（4269字）包含更多重要信息，訂閱以繼續探索完整內容，并享受更多專屬服務。