After all, the country already accounts for more than 12% of global exports, so expanding its share further would probably worsen its terms of trade. The dominance of processing trade in China – the import of raw materials and components and the export of finished goods – makes the effectiveness of devaluation even more dubious.
如今，贬值对中国的贸易盈余也许根本起不了什么作用。毕竟，中国已经占据全球出口量的12%强，因此进一步扩大这一比例可能恶化贸易条件。在中国的贸易中，加工贸易占主导地位——即进口原材料和部件，出口制成品——这意味着贬值的效果更加模棱两可。