With the BOP account moving closer to equilibrium, the basis for large-scale appreciation of the RMB exchange rate does not exist.
因为国际收支平衡表趋于平衡，人民币汇率大幅升值的理论基础并不存在。
As of August, the latest data available, the BIS index of the dollar's effective exchange rate was less than 92, or roughly 8% below what some might consider fair, or equilibrium, value.
最近一份数据显示，8月份时BIS的美元实际有效汇率指数不足92，较指数均衡价值低了8%左右。
Therefore to achieve a sound balance of payment is to seekequilibrium exchange rate of a currency and then to adjust nominal exchange rateto a stable equilibrium level by all means.
所以，要实现国际收支均衡的核心就是寻找货币的均衡汇率，再通过各种手段调节、干预名义汇率稳定在均衡汇率的水平上。
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