A devaluation leads to a real depreciation in the short run but has no effect on the real exchange rate in the long run.

贬值导致了短期内真实的跌价，但是它对长期实际汇率并无影响。

youdao

Exports, however, are expected to grow, sustained by a strong real effective depreciation and excess capacity in the us economy caused by sluggish domestic demand.

但受实际有效汇率大幅度贬值和内需疲软造成的经济产出过剩的支持，美国的出口有望取得增长。

youdao

Face the risk of depreciation outside the reserve, we must find the real cause, the right medicine, to take reasonable and effective management of a variety of ways foreign exchange reserves.

面对外储贬值风险，我们必须找出真正的病因，对症下药，采取多种方式合理有效的管理外汇储备。

youdao

The only solution, Roubini believes, is for countries like Greece to leave the Eurozone and engage in a real depreciation, ala Argentina, to restore productivity, as I reported a few months ago. (Read Greece Should Default, Leave The Eurozone, And Reinstate The Drachma).

FORBES: Roubini On Steroids: Zombie Economy In A G-Zero World

Even a 10% depreciation of the real is not enough to turn investors away from Brazilian bonds.

FORBES: Brazil Draws Line in the Sand on Currency; More Taxes Likely

Both landlords and REIT shareholders benefit from tax laws that permit a depreciation writeoff for investment real estate, which shelters some of the income.

FORBES: I, Landlord