A resurgent trade surplus will clearly strengthen the argument for rapid appreciation of the renminbi.
复苏的贸易顺差明显地加强了人民币快速升值的论据。
If they should decide to reduce the current account surplus, should they allow faster appreciation of the nominal exchange rate or overheating and faster inflation?
如果他们决定减少经常账户盈余，那么他们是否应该允许名义汇率更快上升，或是经济过热和通胀加速？
n appreciation of 25-40% is needed just to cut China’s global surplus to 3-4% of its GDP.
25%-40%的增长是需要的，以削减中国的全球过剩至其GDP的3%-4%。
Yet Japan’s current-account surplus remains big because that appreciation has been largely offset by a fall in domestic Japanese wholesale prices, so exporters remain competitive.
然而，日本的经常账户盈余仍然高企，因为货币升值被日本国内批发价格的下跌抵消的差不多了，所以出口仍然具有竞争力。
Exchange rate appreciation by itself will not get rid of the surplus.
汇率升值本身并不能消除盈余。
According to the traditional finance theory, continuous surplus of current account and sustained increase of foreign exchange reserves will result in the appreciation of Chinese RMB Yuan.
根据传统的金融理论，经常项目持续顺差与外汇储备的持续增长应该使人民币升值。
Trade surplus will lead to exchange rate appreciation, which is the understanding many people get from the Western economic theory.
贸易顺差会导致汇率升值，这是许多人从西方经济学理论中得到的认识。
Trade surplus will lead to exchange rate appreciation, which is the understanding many people get from the Western economic theory.
贸易顺差会导致汇率升值，这是许多人从西方经济学理论中得到的认识。
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