In fact, China knows full well that currency wars are self-defeating. During the 1997 Asian financial crisis, China’s economic situation was much worse than it is today, but the government still resisted the temptation to devalue the renminbi – and the country managed to emerge from the crisis virtually unscathed.
事实上，中国十分清楚，货币战争无异于拿起石头砸自己的脚。1997年亚洲金融危机期间，中国经济状况比现在糟糕得多，但中国政府仍然抵制住了贬值的诱惑——而中国也成功地在危机中毫发无伤。