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)。

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But the move seems to recognize that at 4.14% for a one-year deposit, such rates are already low relative to China's inflation.

但本轮降息举措似乎是认为相对于中国的通胀，一年期存款利率4.14%的水平已经很低了。

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Inflation might also be expected to significantly affect relative interest rates between countries.

通胀可能也将有望显着影响国家之间的相对利率。

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Then there are all the transactions that take place because investors are trying to ensure the best return on their money relative interest rates, inflation, and the scope for future currency appreciation and depreciation are all factors which influence such decisions.

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Normally countries with higher inflation-adjusted interest rates tend to attract capital to their currency, raising its relative value.

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