And exchange rate adjustment has usually been a key policy tool to ensure this re-allocation.

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The US insisted the appreciation of the renminbi had not gone far enough, with Mr Lew, saying "the process of exchange rate adjustment in China remains incomplete and more progress is needed".

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More broadly, in the United States, for example, the dollar made artificially expensive by capital inflows related in part to its reserve currency status has prevented the exchange rate adjustment needed to balance our trade in goods and services.

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They recognized that this is important in China that the -- the exchange rate to absorb more of the adjustment.

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This is the value of an exchange-rate peg in an economy such as Hong Kong's: adjustment to external shocks takes place through changes to domestic prices, rather than through exchange-rate levels.

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The relationship between portfolio adjustment and the euro's exchange rate is complicated.

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As with an external deficit, adjustment to a related internal deficit is ultimately the same under any exchange rate regime.

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