A single large devaluation that gets the entire adjustment out of the way minimizes this risk. Indeed, if investors expect the sharp improvement in competitiveness to lead to stronger economic performance, the currency will recover some of its lost value.
单次的大幅贬值可以一次性地实现调整目的并尽可能缩小上述风险。事实上，如果投资者们预计竞争力的大幅提升将带来更强的经济表现，货币就将重新获得一些失去的价值。资本也将流入而非留出。消费非但不会下降，反而不断上升——这显然也是当前形势下中国急需的东西。