One of the major shortcomings of the global trading system in recent decades has been the absence of an effective constraint on countries that intervene heavily in order to keep their currencies undervalued. A significantly undervalued currency implies a potentially large trade surplus.
近几十年来，全球贸易体系的一个重要缺陷是缺少有效手段约束各国大幅干预以维持货币低估。显著低估的货币意味着潜在的巨额贸易盈余。