A recent slide in the yuan has also raised fears of competitive devaluations.

近期的人民币贬值更引发了一场对竞争性贬值的恐慌。

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Everybody can't devalue at once. And competitive devaluations won't change China's behavior.

每个人不可能立即贬值本国货币，同时竞争性的货币贬值不会改变中国的行为。

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Yet if China devalued, a further round of competitive devaluations across Asia would redouble the turmoil.

若果当时中国将人民币贬值，进一步的恶性贬值风潮将会使得亚洲市场更加混乱。

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As the prospect of competitive devaluations looms, we may be about to relearn how important that nation remains.

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From all outward appearances, countries in Asia are now engaged in competitive devaluations.

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In the case of gold, this involves the incentive for competitive devaluations of paper currencies, as well as persistent geopolitical uncertainty.

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