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.
所有的货币战争都会对参战方自身造成损害。当一国大幅压低其货币币值以提振出口时，不可避免地会引发其贸易伙伴国的竞争性贬值，从而令率先贬值的国家丧失其最初的优势。因此，manbetx3.0 昨天在实质上将人民币贬值2%的行为，其用意不太可能是把贸易伙伴国之间在汇率上的小冲突激化为一场全面货币战争。
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