A falling exchange rate pushes up the prices of imports and can produce inflation even while unemployment remains high.

本币汇率下跌会推高进口产品价格，并会在失业率依然居高不下的时候引发通货膨胀。

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In general, China can keep its exchange rate even with the dollar only by creating new money at as fast of a rate as the Federal Reserve creates dollars.

大体而言，中国要保持人民币同美元的汇率，可以按美联储印发美元相同的速度印发人民币。

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If the exchange rate is supplied, it can even adjust the currency to the base value automatically.

如果提供汇率，他还能自动调整货币到基值。

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Even big exchange-rate shifts can be absorbed if they occur slowly. (The 8% drop in the dollar since early 2002, for instance, has not caused any problems.) But if they happen quickly, financial markets are roiled, and at worst financial institutions are unable to cope with the strain.

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Quantitative easing, for instance, need not work only, or even mainly, through the exchange rate: early in the Fed's first bout of quantitative easing, the dollar rose.

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But it might take three to five years for a misaligned exchange rate to move even halfway back into line.

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