中国所需要的改革无法在经济低迷中完成，也无法通过大规模汇率贬值完成。 大规模汇率贬值将让中国退回出口拉动型增长时代，而西方需求的停滞意味着这根本不可行，只能徒劳地让世界陷入通缩。
The reforms China needs cannot be accomplished in a slump, or by a large exchange-rate depreciation that deflates the world in a vain effort to turn back the clock to an era of export-led growth that stagnant demand in the West has rendered nonviable.