“We’re in the midst of an international currency war, a general weakening of currency. This threatens us because it takes away our competitiveness.” This complaint by Guido Mantega, Brazil’s finance minister, is entirely understandable. In an era of deficient demand, issuers of reserve currencies adopt monetary expansion and non-issuers respond with currency intervention. Those, like Brazil, who are not among the former and prefer not to copy the latter, find their currencies soaring. They fear the results.
“我们正处在一场国际汇率战争之中，manbetx app苹果 货币正普遍走软。这对我们构成了威胁，因为它削弱了我们的竞争力。”巴西财政部长吉多•曼特加(Guido Mantega)的这些抱怨完全可以理解。在需求匮乏的时代，储备货币的发行国实施扩张性货币政策，而非发行国则以干预汇率作为回应。而那些既不属于前者、也不愿效仿后者的国家（比如巴西）则发现本币大幅升值。其后果令它们担忧。
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