This time has been different. After the 1997-1998 crisis, Asian central banks locked in big currency depreciations to aid their recoveries, and then fought their currencies’ subsequent rise. But since the 2008-2009 crisis, every Asian currency has been allowed to appreciate materially – with one notable exception. Against the US dollar the Korean won is about 15 per cent weaker today than it was in July 2007. That looks reasonable when set alongside the terminally-unloved Vietnamese dong (-22 per cent) or Pakistani rupee (-29 per cent), but much less so when compared with the Indonesian rupiah (+4 per cent), the Thai baht or the Malaysian ringgit (both +15 per cent).
这一次，情况不同了。1997－1998年的亚洲金融危机后，亚洲各国央行都奉行本币大幅贬值的政策，以推动本国manbetx20客户端下载 的复苏，对于随之而来的本币升值，又加以抑制。但从2008－2009年的危机至今，几乎所有亚洲货币都被允许大幅升值——只有一个明显的例外。目前，韩元兑美元汇率较2007年7月份下跌约15%。和极不受欢迎的越南盾（对美元贬值22%）、巴基斯坦卢比（贬值29%）放在一块看，这样的跌幅好像还说得过去，但与印尼盾（对美元升值4%）、泰铢和马来西亚林吉特（均升值15%）比起来，就显得奇怪了。