Keep the RMB exchange rate basically stable at an adaptive and equilibrium level.

央行的中文版原文是：使人民币汇率在合理均衡的水平上保持基本稳定。

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It may attempt to correct the situation by fixing a new exchange rate at (what it guesses to be) the equilibrium level.

它会在其所估测的均衡水平上，确定一个新的汇率，用以扭转这一局面。

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What, one wonders, does the PBOC mean by its pledge to keep the "RMB exchange rate basically stable at an adaptive and equilibrium level"?

人们疑惑的是，PBOC许诺保持“人民币汇率基本上稳定在一个合理且平衡的水平”意味着什么。

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To the extent that this happens gradually over a period, inflation may be reduced, but only until prices reach their new, lower equilibrium level.

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This does not, however, reduce the structural surplus of savings over domestic investment, since private investment is also above its equilibrium level to a similar degree.

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The supply of real estate is fixed in the short term, so increased demand from a few optimistic investors will push prices above their equilibrium level.

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