Meanwhile, an increase in the exchange rate is likely to contribute to inequality in China, as its poor farmers face increasing competition from America’s highly subsidized farms. This is the real trade distortion in the global economy – one in which millions of poor people in developing countries are hurt as America helps some of the world’s richest farmers.
汇率的调整可能仅仅会改变美国购买纺织品和服装的地点——由中国转向孟加拉国或是斯里兰卡。与此同时，汇率的上调可能会加重中国的贫富差距，因为贫穷的农民将面临来自美国大力补贴的农场主的激烈竞争。这才是全球经济中真正的贸易扭曲——在这贸易扭曲中，由于美国帮助世界上一些最富裕的农民，致使发展中国家中数以百万计的穷人受到冲击。