China's exchange rate policy has largely been viewed through the prism of global imbalances. That has had three unfortunate consequences. It has allowed China to deflect attention away from its policy. It has obscured the real victims of this policy. And it has made political resolution of this policy more difficult.
對中國匯率政策的觀察大多是透過全球失衡的棱鏡進行的。這導致了三個不幸的結果。其一，它使中國得以轉移人們對其政策的關注。其二，它掩蓋了這一政策的真正受害者。其三，它加大了從政治上解決這一政策的難度。
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