The variability of the RMB real effective exchange rates has just slightly negative effects on employment.

因此，人民币实际有效汇率的波动率对就业量仅存在微弱的负面影响。

youdao

And here's a picture of real effective exchange rates for two countries, starting from January 2007 - roughly the point where the bubbles began to deflate in earnest.

下图是两个国家的真实有效汇率图表，起始日期为2007年一月——大概就是资产泡沫开始真正被压缩的时间。

youdao

And here's a picture of real effective exchange rates for two countries, starting from January 2007 - roughly the point where the bubbles began to deflate in earnest.

下图是两个国家的真实有效汇率图表，起始日期为2007年一月——大概就是资产泡沫开始真正被压缩的时间。

youdao