China and most other emerging economies are likely to see continued demand deflation in the next 12-18 months and further nominal currency depreciation.

中国及其他多数新兴经济体在未来12至18个月可能会看到持续的由需求方面引发的通缩，同时名义汇率将进一步贬值。

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When a currency drops, the nominal price of hard assets in that currency generally rises.

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In the absence of convertibility into specie, there must be a monetary rule to anchor the nominal value of paper currency.

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When currency weakens, nominal prices rise.

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