在过去的几年里，中国货币的实际汇率和它的长期平衡水平（与保持外界均衡一致）之间的差距巳经加大了，很少有人会否认这一点。
There is little doubt that during the past few years the gap between China's real exchange rate and its long-run equilibrium level (consistent with maintaining external balance) has increased.
实施改变均衡实际汇率本身的政策可能会更为有效。
It would be more efficient to implement policies that would change the equilibrium real exchange rate itself.
第三，一旦实际汇率与实际均衡汇率错配，将如何进行制度重构与政策修正。
The third is how to reconstruct the exchange rate system if it exists the misalignment of real exchange rate and real equilibrium exchange rate.
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