Since the end of 2001, US terms of trade have deteriorated by an eighth, as commodity prices have soared and the currency devalued.
2001年底以来，随着大宗商品价格飙升和本币贬值，美国贸易条件的恶化幅度已达八分之一。No central bank anywhere is free from suspicion that it is trying to hold its currency down to bolster its economy.
世界各国央行都有通过让本币贬值来支持本国经济增长的嫌疑。The two most widely discussed options are to revalue or to shift to a currency basket (which Kuwait has already done).
有两种可能性被广泛讨论，要么调高本币对美元的汇率，要么转而盯向一篮子货币，就像科威特已经做的那样。And those countries, notably Brazil, that have wound up holding the baby of an overvalued currency, are trying to restrict inflows.
而那些最终落得本币被高估的国家（特别是巴西）正试图限制资金流入。The specter of every country trying to devalue more than competitors to spur exports stirs frightening images of the Great Depression.
为了刺激出口，每个国家都试图让本币的贬值幅度超过竞争对手，这种恐惧使人们回想起大萧条时期的恐怖画面。Fast-growing nations like Thailand are trying to devalue their exchange rates to bolster their export-driven economies.
包括印度在内的经济增长较快的国家正试图通过降低本币对外币汇率来支持本国出口型经济的发展。He says the disparities make it hard to manage a currency pegged to the Indian rupee at a time when New Delhi is raising interest rates.
卡蒂瓦达表示，这种不均衡使得尼泊尔难以在新德里上调利率之时，管理盯住印度卢比的本币。And yet it is the only major trading nation to use capital controls to prevent its currency rising to market levels.
但它同时也是贸易大国中唯一采取资本管控、以阻止本币汇率升至市场水平的国家。Local currency debt is one of the best, if not the best, hedges against structural dollar weakness.
本币债务是规避美元结构性疲软的最佳对冲工具之一——如果说并非唯一的最佳对冲工具。