但有一些经济学家否认这一点，提出了四个反对理由：首先，尽管中国干预的规模很大，但汇率扭曲的程度并不严重；

Yet some economists deny this, offering four counter-arguments: first, while the intervention is huge, the distortion is small;

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我不明白为什么中国要否认这一点？

I can't understand why does China want to deny it?

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在过去的几年里，中国货币的实际汇率和它的长期平衡水平（与保持外界均衡一致）之间的差距巳经加大了，很少有人会否认这一点。

There is little doubt that during the past few years the gap between China's real exchange rate and its long-run equilibrium level (consistent with maintaining external balance) has increased.

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