To be sure, China still needs to undertake important domestic reforms, especially of the financial sector, in order to eliminate distortions in resource allocation and stem the economy’s slowdown. But the refusal by China’s leaders to pursue export-boosting currency depreciation, even in the face of decelerating growth, suggests that they are willing to make the needed sacrifices to secure the renminbi’s international role and, with it, long-term economic growth and prosperity.
平心而论，中国仍需要经历重要的国内改革，特别是金融业改革，以消除资源配置方面的扭曲和阻止经济减速。但中国领导人拒绝追求提振出口的货币贬值——哪怕需要面临增长减速的情况——这表明他们愿意做出必要的牺牲保证人民币的国际角色，同时保证长期经济增长和繁荣。