星期一发表申明过后，中国人民银行使人民币升值了逾0.4%，引起了不小的兴奋。
On the Monday after its statement, the PBOC let the currency appreciate by over 0.4%, generating quite a bit of excitement.
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。
With the BOP account moving closer to equilibrium, the basis for large-scale appreciation of the RMB exchange rate does not exist.
本文通过基于信息的银行挤兑模型，构建了一个本币升值冲击通过银行的资产负债表渠道引起银行危机的模型。
We constructed a banking crisis model based on asymmetric information. In this model, currency appreciation can trigger bank runs through balance sheet channel.
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