China and most other emerging economies are likely to see continued demand deflation in the next 12-18 months and further nominal currency depreciation.
中国及其他多数新兴经济体在未来12至18个月可能会看到持续的由需求方面引发的通缩，同时名义汇率将进一步贬值。
The economic collapse, when inflows of capital halt, can be very painful - even more so if a fixed exchange rate (or currency union) demands a period of falling nominal wages and prices.
当资本流入停滞的时候，经济崩溃可能是非常痛苦的——如果固定汇率(或货币联盟)要求名义工资和价格在一定时期内下降，情况就更加糟糕。
On a nominal basis, for example, it is clear that the currency is appreciating, interest rates are rising, and wages are soaring, but it is not the nominal change that matters.
例如，基于名义上，很明显，货币在升值，利息在提高并且工资在增长，但是这些不只是名义变化的事情。
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