Keep main reserve currencies stable in the exchange rate, and avoid adopting competitive devaluation measures.

二是主要储备货币发行国保持汇率相对稳定，避免采取竞争性贬值措施。

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Many economists reckon Latvia is simply a replay of Argentina's mess in 2001, when a quixotic effort to keep a pegged exchange rate ended in devaluation and default.

许多经济学家都认为拉脱维亚就是2001年阿根廷经济危机的翻版，那时阿根廷不切实际的试图采取钉住汇率制，但最终导致货币贬值，并拖欠债务。

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The 1930s gold standard was a fixed exchange rate system in which deficit countries were required to adjust by way of deflation rather than devaluation.

上世纪30年代实行的“金本位制”是一种固定汇率制度，赤字国家必须通过通缩、而非汇率贬值的方式进行调整。

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As soon as possible, they need to free prices, including the exchange rate, even though in the short-term devaluation means inflation and falling living standards.

ECONOMIST: Argentina's economy

And already, because of inflation in Brazil and price deflation in Argentina, the real exchange rate between them is close to its pre-devaluation level.

ECONOMIST: Another president caught in Argentina’s economic trap | The

Indeed, a forced devaluation may do much more harm to investor confidence than continuous exchange-rate fluctuations.

ECONOMIST: Exchange rates