Competitive Devaluation即“竞争性贬值”或“竞争性货币贬值”。Competitive Devaluation是一种理论上的情形，一国的货币与另一国的货币突然贬值相匹配，通常是以一报还一报的方式。在这种情况下，贬值的目标是使一个国家的出口产品在世界市场上更具吸引力。当两种货币都采用管理汇率制度而不是由市场决定的浮动汇率时，这种情况发生得更频繁。

2009年7月9日，据八国集团的声明草案显示，全球最大发达国家和新兴市场国家的领导人达成一致，同意避免采取贬值本国货币的方式来促进出口，原因是这种方式会对其他国家的利益造成损害。声明草案成，各国领导人同意“尽量不采取竞争性的本国货币贬值措施”，此外还同意“促进稳定而运行良好的国际货币体系”。

参考双语例句：

Additional elements of a regional financial architecture include: (a) improving exchange rate coordination to facilitate trade and macroeconomic stability and discourage competitive devaluations; (b) achieving closer cooperation between central banks and financing institutions to facilitate region-wide information-sharing and capacity-building among the region’s least developed countries; (c) expanding public-private partnerships for investment in infrastructure by building capacities among policymakers, especially in the design of legal and regulatory regimes and in project development and management; and (d) active participation in global discussions on the reform of the international financial architecture to ensure that it supports the region’s developmental needs.

区域金融架构的其他部分包括：(a) 增强汇率的协调，以促进贸易和宏观经济的稳定和制止竞争性贬值；(b) 实现中央银行与金融机构的更紧密合作，以促进该区域最不发达国家的全区域信息共享和能力建设；(c) 通过建立决策者的能力，特别是建立法律和监管制度设计及项目开发和管理的能力，扩大公营和私营部门在基础设施投资方面的伙伴关系；(d) 积极参与关于国际金融架构改革的全球讨论，以确保它支持该区域的发展需要。

At the G-20 Leaders Summit in Cannes in November, G-20 members, including China, committed to, “move more rapidly toward more market-determined exchange rate systems and enhance exchange rate flexibility to reflect underlying economic fundamentals, avoid persistent exchange rate misalignments and refrain from competitive devaluation of currencies.

在于11月份在戛纳举行的二十国集团领导人会议上，包括中国在内的二十国集团成员承诺：“要加快转向市场决定的汇率机制，提高汇率弹性，以反映经济基本面，避免让汇率处于持续的失调状态，避免货币的竞争性贬值。

As the effects of currency depreciation are similar to that of an export subsidy or import tax, there were fears that some countries were softening the effect of the crisis by resorting to competitive devaluation.

由于货币贬值的影响类似于出口补贴或进口税，有人担心一些国家采取竞争性货币贬值来软化危机的影响。