人民币实际有效汇率是指两国商品和劳务的相对价格，即是相对于本国的商品和劳务而言，外国商品和劳务以本币表示的价格。若实际汇率上升，意味着外国商品和劳务的本币价格相对上涨，本币在外国的购买力相对下降，本币实际贬值，外币实际升值；若实际汇率下降，意味着外国商品和劳务的本币价格相对下降，本币在外国的购买力相对上升，本币实际升值，外币实际贬值。
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而人民币实际有效汇率从那时起几乎没有起伏；只有小幅升值，幅度不大。
And you can see that China's real effective exchange rate has scarcely moved since that time; there has been a little appreciation, but nothing dramatic.
人民币实际有效汇率贬值的经济增长效应显著存在，且有提高趋势。
The depreciation of RMB' real effective exchange rate significantly promotes economic growth and its effect tends to be higher.
因此，人民币实际有效汇率的波动率对就业量仅存在微弱的负面影响。
The variability of the RMB real effective exchange rates has just slightly negative effects on employment.
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