The variability of the RMB real effective exchange rates has just slightly negative effects on employment.

因此，人民币实际有效汇率的波动率对就业量仅存在微弱的负面影响。

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And here's a picture of real effective exchange rates for two countries, starting from January 2007 - roughly the point where the bubbles began to deflate in earnest.

下图是两个国家的真实有效汇率图表，起始日期为2007年一月——大概就是资产泡沫开始真正被压缩的时间。

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"In emerging economies with large and growing current account surpluses, especially China, it is desirable that their effective exchange rates move so that necessary adjustments can occur, " the finance chiefs said.

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Thus the price of a Big Mac, a good that is (somewhat) identical across countries, would be an effective barometer of what exchange rates between countries should look like.

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The tax cuts he wants in exchange hinge on a sharp reduction in the effective tax rates paid by Japanese corporations, along with cuts in the inheritance, gift and property taxes that combine to distort the property market.

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