Then, the paper analyzes the concrete reasons and the effects on economy of exchange rate misalignment.
然后，本文结合我国的国情和模型参数分析了汇率失调的具体原因。
The third is how to reconstruct the exchange rate system if it exists the misalignment of real exchange rate and real equilibrium exchange rate.
第三，一旦实际汇率与实际均衡汇率错配，将如何进行制度重构与政策修正。
Then, the paper analyzes the harm of RMB exchange rate misalignment, the reason of long-run undervaluation, and sustainability.
然后，本文分析了汇率失调的危害、长期低估的原因和可持续性。
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