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On the slide

机译:在幻灯片上

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摘要

A gigantic current-account deficit ought to be bad news for a currency. For the dollar, reality seems at last to be coming into line with the textbooks. In the past month or so the greenback has lost 6% against the euro, 7% against the yen and 3% on a broad trade-weighted basis. This week it dipped below eight yuan for the first time since China abandoned its fixed rate of 8.28 to the dollar last July. Even before the markets' recent upset, caused largely by inflation worries (see page 91), there was reason to believe that the dollar was on the prolonged slide that economic logic suggests is overdue.
机译:庞大的经常账户赤字对于一种货币来说应该是个坏消息。对于美元而言,现实似乎终于与教科书保持一致。在过去一个月左右的时间里,美元对欧元汇率下跌了6%,对日元汇率下跌了7%,在广泛的贸易加权基础上,美元下跌了3%。自中国去年7月放弃其8.28的固定汇率以来,本周人民币首次跌破8元。甚至在很大程度上由于通货膨胀担忧而导致的市场最近崩溃之前(请参阅第91页),我们有理由相信美元正处于长期滑坡上,而经济逻辑表明这已经过期了。

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