For each central bank, the question is not what happens to, say, emerging countries as a whole, but what happens to its own currency vis-à-vis competitors. So Brazil does not want to appreciate vis-à-vis other Latin American countries, Thailand does not want to appreciate vis-à-vis other Asian countries, and no one wants to appreciate vis-à-vis China, which fears that renminbi appreciation would lead labor-intensive industries to migrate to Vietnam or Bangladesh.