It could be that Chinese policymakers regard the 2% devaluation as a down payment – the first in a succession of downward adjustments. But, in that case, they violated the first rule of exchange-rate management: Don’t cut off a cat’s tail in slices.
或许对于中国的政策制定者来说，2%的贬值只是一个开头——后面还跟着一系列的下行调整。但如果这样的话，他们就破坏了汇率管制的第一条法则：切不能一段段地砍猫尾巴（意即措施必须一步到位）。