根据世界贸易组织(WTO)的规则，货币低估通常不被看作是非法补贴。
The rules of the World Trade Organisation (WTO) generally do not recognise undervalued currencies as an illegal subsidy.
在情况恶化时，亚洲持续的经常账户盈余和货币低估，可能会加大在美国、欧洲遭遇贸易壁垒的压力。
Asia's persistent current account surpluses and undervalued currencies could add to pressures to erect barriers in the us and Europe if things turn bad.
如果美联储行动后北京决心保持货币低估，北京将不得不购买几十亿美元的美国国债和其他资产，甚至在美元下跌情形下。
If Beijing is determined to keep its currency down after the Fed ACTS, it will have to buy billions of dollars of Treasury bonds and other assets - even as the dollar falls.
这要求财政部来确认严重低估的货币，如果罪犯不采取行动，那么就允许美国公司提出保护性反倾销关税的要求。
It would require the Treasury to identify seriously undervalued currencies, and then, if the culprits do not take action, would allow American firms to ask for protective anti-dumping duties.
相对于美元，欧元和其它欧洲货币的汇率可能仍略有低估，但它们兑美元所需的大部分涨幅都已经在过去五年间实现。
The euro and other European monies may still be modestly undervalued against the dollar but most of their needed rise against it has already taken place over the past five years.
低利率和低估的货币一样都有总体影响。
Low interest rates and an undervalued currency have the same aggregate impact.
在很多调整平衡的情况下，低估的汇率还会导致货币供应过度增长，增加平抑通货膨胀的难度。
In many cases of past rebalancing, an undervalued exchange rate also led to excessive growth in money supply, making it harder to tame inflation.
当一国货币被人为低估——比如中国——这个国家的出口就会大于进口。
A country whose currency is artificially undervalued -such as China -will artificially export more and import less.
因此，原始指数无法很好地预测汇率走势：被低估的货币通常会持续低估，而被高估的货币则持续高估。
As a result, the raw index did a poor job of predicting exchange rates: undervalued currencies remain too cheap and overvalued currencies remain too pricey.
国际货币基金组织(IMF)在给G20的一份报告中说，人民币汇价被明显低估。
The International Monetary Fund, in a report to the G-20, said the Chinese currency is 'significantly undervalued.'
自1971年以来我们完全处在了法定货币体系下，但是美联储的黄金储备却被美国法律武断的定在了42.22美元/盎司，如此低估的金价相当荒谬，考虑到近年来国际上的黄金价格已经达到了350美元到380美元/盎司。
Since 1971 we have been on a totally fiat money, but the gold stock of the Fed has been arbitrarily valued by U.S. statutes at $42.22 an ounce.
在英国，持欧盟怀疑论的专栏作家们已写下长篇大论以昭示欧元体系即将瓦解（他们总是低估维系这一货币构架的政治夙愿）。
In Britain Eurosceptic columnists have written much nonsense about the euro’s imminent break-up (they have always underestimated the political will holding the project together).
与过去不同的是，大部分的货币并未被显著高估，也就不会容易贬值；如果非要说什么的话，许多货币是被低估了。
Unlike so often in the past, most currencies do not appear to be notably overvalued and hence prone to collapse; if anything, many are undervalued.
不过，康礼贤指出，兑美元的亚洲货币中，人民币不是唯一被低估的。
But Konyn points out the yuan is not the only undervalued Asian currency against the US dollar.
在世界竞争中，日本制造商也有违反客观规律的价格优势，因为他们的货币，日圆，是被低估的。
Japanese manufacturers also have an unnatural price advantage in world competition because their currency, the yen, is undervalued.
上个月，众议院通过了一项法令，将被低估的货币视同非法出口补贴，美国公司有权要求征收抵消性关税。
A bill passed by the House of Representatives last month would treat undervalued currencies as an illegal export subsidy and allow American firms to request countervailing tariffs.
这使得人民币成为本周巨无霸指数——本刊的实用单一货币失调指标——中最被低估的货币（见图）。
That makes China’s yuan one of the most undervalued currencies in the Big Mac index, our gratifyingly simple guide to currency misalignments, updated this week (see chart).
最近的评估认为亚洲国家的货币世界上最被低估的。
Recent estimates suggest that Asian currencies are among the most undervalued in the world.
但伯南克表示，责任在于中国等为了追求出口导向型增长而低估本国货币的国家。
But Mr Bernanke says that the blame lies with countries such as China that have undervalued their currencies in pursuit of export-led growth.
这样做的效果是使人民币相对于其他货币的汇率低估，从而降低出口到海外的中国货物的相对价格；
This has the effect of undervaluing the Chinese yuan compared to other currencies, and lowering the relative cost of Chinese goods shipped abroad.
《经济学人》的巨无霸指数除了被设计为一种轻快的标准来衡量货币被低估或高估之外，还可以用来核对官方的通胀率。
The Economist's Big Mac index was devised as a lighthearted gauge to whether currencies are under - or overvalued, but it can also be used to cross-check official inflation rates.
瑞士法郎和日圆一样，对外汇赌客而言是低回报率的货币，其低估率为53%。
The Swiss franc, like the yen a source of low-yielding funds for foreign-exchange punters, is 53% overvalued.
像泰铢以及韩元等其他一些亚洲货币也被低估了。
Other Asian currencies such as the Thai baht and the South Korean won are also undervalued.
像泰铢以及韩元等其他一些亚洲货币也被低估了。
Other Asian currencies such as the Thai baht and the South Korean won are also undervalued.
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