If they should decide to reduce the current account surplus, should they allow faster appreciation of the nominal exchange rate or overheating and faster inflation?

如果他们决定减少经常账户盈余，那么他们是否应该允许名义汇率更快上升，或是经济过热和通胀加速？

youdao

The Economist put together an analysis of the real yuan-dollar rate and found that real appreciation has been significantly greater than nominal appreciation.

本刊将实际的人民币与美元兑换汇率放在一起进行分析，发现人民币实际的增值幅度要远高于名义上的增值幅度。

youdao

The simplest way to do that is for the currency to strengthen, but the peg prevents nominal appreciation.

ECONOMIST: The dollar

After that we expect several years of nominal appreciation but probably no real appreciation in home values (after adjusting for inflation, which is likely to rise).

FORBES

That means that, even with China allowing only a modest nominal appreciation of the yuan against the dollar, American firms are looking a lot more competitive than they were a few years ago.

BBC: Could the US economy go the way of Japan?