The Chinese leadership is discovering that financialmarkets have a tendency to punish governmentsfor doing the right thing at the wrong time. And it is not the only one dealing with therepercussions. The consequences are being felt around the world.

中国领导层正在发现，金融市场往往会惩罚在错误时间做正确事情的政府。而中国并非唯一一个受其影响的国家。全世界都感受到了后果。

Just a few weeks ago, Beijing moved to make its exchange rate setting mechanism moreflexible. This decision — which had been advocated to Chinese officials for years byeconomists and US governments — is an important step in the country’s multi-decade journeytowards a truly market-based system. And, as such a large economy on the global stage, it isconsistent with the country gradually assuming more of its multilateral economic governanceresponsibilities.

就在几周前，中国政府采取行动以使其汇率形成机制变得更加灵活。这一决定(经济学家们以及美国政府多年来一直主张中国官员这样做)是中国数十年来走向真正市场化机制进程中的重要一步。而且，作为全球舞台上如此巨大的经济体，中国这样做与逐步承担更多的多边经济治理责任相一致。

From many dimensions, this was a good policy step. The problem is that it was implemented atthe wrong time.

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