把注意力完全集中在汇率上面，似乎是基于以下假设：它是盈余的主要根源，也是消除盈余的主要政策工具。

The singular focus on the exchange rate appears based on the assumption that it is the key cause of the surplus and the main policy instrument for removing it.

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最有效的政策工具是汇率。

The best policy instrument is the exchange rate.

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中国央行在声明中承认，汇率调整“对解决对外失衡”有一定作用，但只是一系列同等重要的政策工具中的一个。

In its statement, the PBoC acknowledged exchange rates could help "ease external imbalances", but only as part of a much broader set of equally important policy tools.

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