Nonetheless, many are fretting that China’s exchange-rate adjustment has triggered a “currency war,” with other emerging economies devaluing as well. But, more than a year after the economic fundamentals swung against emerging markets (and especially away from commodities) and toward the United States, this adjustment was due.
尽管如此，许多人担心中国的汇率调整引发了一场“货币战争”，其他新兴经济体也纷纷贬值。但是，一年多来，经济基本面逐渐不利于新兴市场（特别是不利于大宗商品）而有利于美国，因此这场调整应该在预料之内。尽管中国的动作可能影响了调整时间，但其他国家的贬值都是难以避免的。关于竞争性贬值的警告具有误导性。