If they should decide to reduce the current account surplus, should they allow faster appreciation of the nominal exchange rate or overheating and faster inflation?

如果他们决定减少经常账户盈余，那么他们是否应该允许名义汇率更快上升，或是经济过热和通胀加速？

youdao

The real exchange rate adjusts the nominal exchange rate-the one you normally see quoted-by taking into account changes in the price levels in the two countries involved.

实际汇率是把两国的物价水平考虑在内经过调整的名义汇率，你通常看到引用的是名义汇率。

youdao

In an emerging economy with rapid productivity growth the real exchange rate should rise over time, through either higher inflation or a rise in the nominal exchange rate.

在一个生产率迅速增长的新兴经济体国内，其实际汇率也会随着时间的推移而上升，方式则可能要么通过高通货膨胀率，要么就是名义汇率的上升。

youdao

With the nominal exchange rate held down by intervention, this could only come about through a rise in prices, creating expectations of future inflation and so reducing real interest rates.

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