| 单词 | devaluation |
| 释义 | devaluation A fall in the price of a currency in terms of other currencies. Less foreign currency can be bought with a unit of the currency that has been devalued. If the price of the pound in dollars falls from $ 2.00 to $ 1.60, the pound is devalued by 20 per cent. The dollar thus appreciates relative to the pound: the price of a dollar in pounds rises by 25 per cent, from £0.50 to £0.625. Devaluation and depreciation are similar: devaluation is generally used for a discrete change in the exchange rate brought about as a matter of policy, whereas depreciation occurs gradually through the working of the foreign exchange markets. Devaluation makes exports cheaper abroad in terms of foreign currency, and imports dearer at home in terms of home currency, and thus tends to improve the balance of trade. The rise in import prices contributes to inflation, however, so that any improvement in the balance of trade produced by devaluation may only be temporary. See also: competitive devaluation |
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