President Donald Trump’s tweeted demands for a weaker dollar, and his subsequent designation of China as a “ currency manipulator”, have sparked fears that his trade battles are morphing into a currency war. The last time we had a global competitive devaluation was in the 1930s, as the world descended into the Depression. But today, currency values are set in huge global markets rather than against gold. That leaves the US alone on the battlefield, armed with only the equivalent of a pea shooter.
美國總統唐納德?特朗普(Donald Trump)發推文要求美元貶值，隨后還將中國列為“匯率操縱國”，這讓人們擔憂他發起的貿易戰正在變成匯率戰。上一次我們經歷全球競爭性貶值是在20世紀30年代，當時世界陷入了“大蕭條”(Great Depression)。但今天，匯率是由龐大的全球市場決定，而不是相對于黃金設定。這使得美國在戰場上是孤家寡人，而且只有相當于一個豌豆射手的火力。
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