This was no earth-shattering event, but financial markets responded as if a meteorite had struck them. The negative reaction is no mystery: China’s devaluation was a textbook example of how not to conduct exchange-rate policy.
发自伯克利——八月十一日，中国将其人民币汇率下调了2%并稍微改革了其汇率体系。这并不算是什么石破天惊的事件，但金融市场的反应却仿佛是被陨石击中了。这一负面反应也不是什么意外：因为中国的货币贬值措施也堪称是如何拒不实施汇率政策的教科书式案例。