In addition to short-term policy headaches, stronger currencies carry potentially significant costs in terms of hollowing out industrial and service sectors. So, after a varying mix of tolerance and “heterodox” responses, officials are pulled into loosening their own monetary policy in order to weaken their countries’ currencies or, at a minimum, limit the pace of appreciation.
难怪越来越多的政府担心汇率升值。除了令人头痛的短期政策，强势货币就挖空工业和服务业而言，具有巨大的潜在成本。因此，在各种宽容及“异端”反应之后，官员们被迫放松其货币政策，以削弱本国货币的价值，或者至少限制货币升值的速率。