估计结果显示，人民币有效汇率对我国进口价格和消费者价格的影响虽然具有统计显著性，但影响程度非常低。

The result is that the pass-through of RMB nominal exchange rate into China 's import price and consumer price is statistically significant, but the degree is highly incomplete.

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代替消费者价格指数，如果我们使用劳动力成本的涨幅作为实际通胀指数，来计算实际有效汇率，那么自2005年起人民币已经升值了50%。

If we use the rise in labor costs as the DE facto inflation index - instead of the CPI - to compute the real effective exchange rate, the yuan has appreciated 50 percent already since 2005.

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而人民币实际有效汇率从那时起几乎没有起伏；只有小幅升值，幅度不大。

And you can see that China's real effective exchange rate has scarcely moved since that time; there has been a little appreciation, but nothing dramatic.

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