Just as China resisted the temptation of renminbi depreciation during the Asian financial crisis of 1997-98 – a decision that may have played a pivotal role in arresting regional contagion – it must stay the course today. That is all the more important in a disorderly climate of QE, where China's role as a currency anchor may take on even greater importance than it did in the late 1990s.
1997—98年亚洲金融危机期间，中国曾抵挡住人民币贬值的诱惑——这一决定在阻止地区金融传染方面起到了中流砥柱的作用——如今也必须这样做。在炼化宽松的无序环境中，这一点尤为重要——中国的货币锚作用比20世纪90年代末更加重要。