What matters is the real exchange rate.
重要的是实际汇率。
This leads to an appreciation of the real exchange rate.
这就导致了实际汇率的升值。
A real exchange rate takes account of price movements in each country.
实际汇率考虑到了每一个国家的价格变动。
Especially 2007 later, RMB real exchange rate has a little overvalued.
特别是2007年以来，人民币实际汇率有轻微高估趋势。
Yet China seems to meet all the conditions for real exchange rate appreciation.
然而，中国似乎满足实际汇率上涨所需的一切条件。
From 1994 on, RMB real exchange rate is mainly in a state of undervalued.
自1994年以来，人民币较多的处于低估状态。
The latest CPI also suggest that real exchange rate adjustment is taking place.
最新出炉的CPI指数也说明实际汇率正在进行调整。
To calculate the real exchange rate, you need a gauge of prices in each country.
计算实际汇率，你需要每个国家的物价指标。
Spain's real exchange rate is up by nearly a quarter since 2000 (see chart).
真实汇率自2000年以来上升近1/4（见图）。
The paper examines the impact of trade costs on real exchange rate volatility.
文章重点论述了交易成本对真实汇率波动性的影响。
The last thing it now needs is a further appreciation of the real exchange rate.
中国现在最不需要的就是人民币实际汇率的进一步升值。
The real exchange rate takes account of price movements in both the United States and China.
这是因为实际汇率把两国之间的相对物价波动也计算在内。
An alternative way to lift a real exchange rate is through higher inflation than abroad.
取而代之的一个提升真实汇率的方法是通过比境外高的通胀。
Two weeks ago, we unveiled a measure of the Chinese real exchange rate based on unit labour costs.
我们两周前发表报道，建立在单位劳工成本基础上对中国实际汇率进行了衡量。
The price that balances the supply and demand for foreign-currency is the real exchange rate.
平衡外汇市场供求的价格是实际汇率。
But even this massive collective punishment has had little impact on the country's real exchange rate.
但就算这样大规模的集体性惩罚也没对它本国的汇率产生什么影响。
In normal circumstances, powerful economic forces work against an increasingly undervalued real exchange rate.
在正常情况下，强大的经济力量会纠正日趋低估的实际汇率。
The real exchange rate was significantly increased with assurance that the new level would be maintained.
由于对维护新的汇率水平很有把握，实际汇率大大提高了。
While the mismatch level of RMB real exchange rate brings dramatic negative effect on Sino-US export trade.
而实际汇率错位水平对中美出口贸易则产生了显著的负向影响。
That depends on the size of a country’s economy, its growth rate and the appreciation of its real exchange rate.
这取决于一个国家的经济（规模）、增长率以及实际汇率的升值情况。
It would be more efficient to implement policies that would change the equilibrium real exchange rate itself.
实施改变均衡实际汇率本身的政策可能会更为有效。
A devaluation leads to a real depreciation in the short run but has no effect on the real exchange rate in the long run.
贬值导致了短期内真实的跌价，但是它对长期实际汇率并无影响。
Is there a way of achieving the effects of a fall in the real exchange rate without going to the extremes of ditching the euro?
如果不采取抛弃欧元的极端手段，有没有一种方式能达到实际兑换率下降的效果呢？
My conclusion is that the case for an appreciation of the Chinese real exchange rate has merit, from a global perspective.
我的结论是，要求中国实际汇率升值，从全球的视野来看，是有道理的。
IMF: But your real exchange rate has barely strengthened since the late 1990s, despite all the progress you've made since then.
IMF：尽管90年代后期你取得了巨大成就，但你的实际汇率自此几乎没有巩固。
Moreover, decisions about exchange rate policy should take into account the interlink between FDI and the real exchange rate.
此外也告诉我们，汇率政策的决定也应考虑到二者之间的相互联系。
Capital inflows from abroad and sharp increases in the world prices of key exports also cause the real exchange rate to appreciate.
资本从国外流入以及主要出口品的国际价格猛烈上升，也造成实际汇率提高。
In adjusting current accounts, what matters is the real exchange rate (which takes account of relative inflation rates at home and abroad).
在调整经常账户方面，实际汇率的调整才是最重要的(因为实际汇率将国内外的相对通胀率都考虑进去了)。
But China's real exchange rate with America has strengthened by almost 50% since2005, according to calculations by the Economist (see chart).
但是，根据经济学人的计算(见图表)，自2005年以来，中国对美国的实际汇率已经上升了大约50%。
But China's real exchange rate with America has strengthened by almost 50% since2005, according to calculations by the Economist (see chart).
但是，根据经济学人的计算(见图表)，自2005年以来，中国对美国的实际汇率已经上升了大约50%。
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