In fact, China already experienced the impact of deleveraging late last year, when the European financial system seemed on the brink of collapse. With European banks hunkering down, the renminbi’s exchange rate fell for 11 consecutive days, even though China was running a current-account surplus.
事实上，去年年底欧洲金融市场在崩溃边缘摇摇欲坠时，中国便已经历了去杠杆化的冲击。随着欧洲银行遭遇重创，人民币汇率连跌11天，即使中国的经常项目一直是盈余。