A sole cheater can win a card game, but there will be a big brawl if everyone tries to follow his example. It is the same with currencies. The list of enthusiastic devaluers is long enough to stir up a global fight: Japan, China, the US, the UK and Korea. Brazil and others might join in, to avoid the costs of a rising currency. No wonder the Brazilian finance minister is talking about a “currency war”.
假如一局紙牌遊戲中只有一位作弊者，那麼作弊者會成爲贏家；但假如每位玩家都試圖效仿作弊者，那麼結局肯定是各方大吵一架。同樣的道理也適用於匯市。熱衷於壓低本幣匯率的國家是如此之多——日本、中國、美國、英國和南韓——足以引爆一場全球性爭吵。爲了避免本幣升值造成的損失，巴西等國或許也會加入到這個行列中來。難怪巴西財長會談論什麼「匯率戰爭」。
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