This problem is exacerbated by the fact that the world’s biggest exporter, China, is aggressively intervening to minimize any appreciation of the renminbi. If China doesn’t allow the renminbi to strengthen, other emerging markets will remain wary of letting their currencies appreciate too much and lose competitiveness.
有一件事使这个问题变得更严重了。世界第一大出口国中国正在强力地干预汇率，尽可能弱化人民币升值势头。只要中国不允许人民币走强，其他新兴市场经济体也将保持警惕，不让其本币过多升值，以免丧失出口竞争力。