Since then, many calls for coordination have lamented the outbreak of “currency wars,” otherwise known as competitive depreciation – an old phenomenon that recalls the tit-for-tat devaluations of the 1930s. Now, as then, the fear is that if all countries try to depreciate their currency to gain export competitiveness and boost their economies, all will fail.
此后，大量协作的呼声哀叹“货币战争”——或称竞争性贬值——的爆发。竞争性贬值令人想起了20世纪30年代的以牙还牙贬值政策。而如今，人们担心的是如果所有国家试图贬值货币以获得出口竞争力、提振经济，那么所有国家都会失败。