As the devaluation of other currency makes both domestic benefit of fixed exchange rate and reputation loss of devaluation decline,domestic government is inclined to abandon the fixed regime.

• 而当其他国家的货币贬值时,本国维持固定汇率的收益和放弃固定汇率的信誉损失均下降,致使本国政府倾向于放弃固定汇率。