不过，一些经济学家认为，中国应该欢迎较高的通胀率，它可以比货币升值更有效地使中国经济实现再平衡。
Some economists, however, believe that China should welcome higher inflation as a more effective way to rebalance its economy than a currency appreciation.
为了使需求实现平稳转变，他们必须允许本国货币升值。
For the shift in demand to take place smoothly, they have to allow their currencies to appreciate.
今年的市场震动使投资者对美元如饥似渴，但在此之前已经有一些货币升值的步伐超过了美元。
A handful had comfortably outpaced the dollar this year before the latest market tremors had investors grasping for greenbacks.
这在当前显得尤为重要，因为欧美正不断对亚洲国家施压，要求亚洲货币升值，使亚洲的出口增长受到威胁。
This is particularly important when export growth is threatened by increasing US and European pressure to let Asian currencies appreciate.
2016年，货币升值使日本的财富值增长了19%。
Currency appreciation boosted Japan's wealth by 19% in 2016.
日本货币升值降低了出口商的利润，使日本商品在国外市场的价格升高。
A rise in the Japanese currency reduces the value of exporters' profits overseas and makes Japanese goods pricier in foreign markets.
随著外币资产累积，对升值的预期也将提高，甚至使将货币汇率压低的成本更高。
As the stock of foreign currency accumulates, speculation on an appreciation rises, making it ever more costly to hold the currency down.
最终，中国的高速增长要么使货币大幅升值，要么使国内价格水平大幅升高，要么使两者同时升高。
Eventually, China's rapid growth will have to be reflected in a significant rise in its currency, its domestic price level, or in both.
最终，中国的高速增长要么使货币大幅升值，要么使国内价格水平大幅升高，要么使两者同时升高。
Eventually, China's rapid growth will have to be reflected in a significant rise in its currency, its domestic price level, or in both.
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