但迄今为止，中国和大多数东亚国家(不包括日本)都几乎没有出现允许本国货币大幅升值的迹象。

But as yet, there is little sign of either China or most east Asian countries (except Japan) allowing their currencies to appreciate substantially.

youdao

所以一定会出现朝向新兴市场的资本流动过程，（造成目标国）真实货币升值以及经常账户出现赤字——当然这是在资本流入国允许的情况下。

So there should be capital inflows to emerging markets, real appreciation, and a move toward current account deficits — that is, if the countries allow it.

youdao