But this time, the Chinese government manages to restrain domestic inflation, so America’s trade deficit with Asia stops falling and starts rising again, as does Europe’s, while Latin America finds itself priced out of its export markets. Five or six years hence, the world economy faces the danger that it faced two years ago, although the fear this time is not of a sudden crash in the dollar’s value, but of a sudden crash in the value of the dollar and the euro against Asian currencies.
第二种情况对于整个世界而言则更加危险。在这种情况下，中国继续试图通过维持人民币估值偏低的状态来保持全民就业。但这一次，中国政府成功地控制了国内的通胀，因此美国对亚洲的贸易赤字开始止跌回升，就如同拉美发现出口定价过高以后对欧洲造成的影响。未来的五六年，世界经济将面临两年前的那种危险，虽然这一次不是担心美元价值的突然崩溃，而是担心美元和欧元相对于亚洲货币的突然大幅贬值。