葛先生并不期望人民币获得足够高的升值，这样会使得出口贸易商受到大规模的损害。

Mr. Kroeber does not expect the RMB to gain enough value to cause “large-scale havoc” for exporters.

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以往出口商对于日元也曾大肆抱怨，但是他们仍然源源不断的从海外获得大规模的利润，而把在外国的收益转回国内，也推动了日元升值。

Though exporters have complained noisily about the currency, they continue to reap solid profits abroad and the repatriated earnings may help lift the yen.

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此外，如果不采取大规模货币宽松政策以防止英镑升值35%，我们就会看到英国陷入通货紧缩，这将使还债变得更加困难。

Moreover in the absence of massive monetary easing to prevent sterling from rising by upwards of 35%, we see the UK slipping into deflation, which would make servicing its debt even harder.

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