Currency devaluations are the moment when protectionism gets nasty .

保护主义最严重的症状就是货币贬值。

Only licensed exporters consistently benefit from repeated devaluations of the currency .

只有拥有经营执照的出口商才能从不断贬值的货币中稳定获利。

None of the industrial countries is keen to risk a round of competitive devaluations .

没有一个工业国会愿意冒一轮竞争性强的贬值。

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。

That way lies competitive devaluations and trade wars .

这条道路的前方埋藏着竞争性贬值和贸易战。