摩根·斯坦利只用了4个模型来评估人民币的公平价值，其中间估值显示人民币相对于美元的低估水平只有1%——这可不是国会想要的答案。

Morgan Stanley USES only four models to estimate the yuan's fair value, of which the median valuation suggests it is only 1% undervalued against the dollar-not the answer Congress wants.

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运用一个更复杂的模型，摩根斯·坦里的Stephen Jen认为日元对美元低估了12%，而人民币则仅是7%。

Using a more sophisticated model, Stephen Jen, of Morgan Stanley, reckons that the yen is 12% undervalued against the dollar, whereas the yuan is only 7% too weak.

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文章结合实际，提出人民币同业存款定价模型的基本框架及其运用。

Based on actual banking operations, this article introduces the basic framework of the pricing model and its applications.

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