汇率调整

The economist Menzie Chinn, using purchasing power parity exchange rates, reckoned the renminbi's undervaluation to be 40%. But, after the World Bank revised China's GDP in PPP terms downward by 40%, that undervaluation disappeared. Nick Lardy and Morris Goldstein suggest that the renminbi was probably undervalued only by 12-16% at the end of 2008. And Yang Yao of Beijing University has put the misalignment at less than 10%.

经济学家陈庚辛基于购买力平价的计算显示，人民币汇率被低估40%，但如果考虑世行用购买力平价对中国GDP的调整，高估的40%几乎全部抹平；拉迪和戈德斯坦的结论是人民币被低估12%~16%（截至2008年底）；北京大学姚洋的计算显示只有不到10%。

An alternative way of defining the "fair" value of a currency is purchasing-power parity: the idea that, in the long run, exchange rates should equalise prices across countries.

另一种定义货币的&公平值&的办法是采用购买力平价理论。即长远看来，国家间可以通过汇率的调整实现商品的价格平等。

The uninitiated could come away from Krugman's piece thinking China has never touched its exchange rate - his recap elides the three-year-period where Beijing let the yuan rise against the dollar.

照克鲁格曼的说法，有人可能会认为中国从未调整过其汇率──克鲁格曼的话忽略了中国政府让人民币兑美元上涨的三年。

Adjusting China's exchange rate, while moving things in the right direction, is not going to solve the immediate challenge of jump-starting growth during this round of global recession.

中国汇率的调整正朝着正确的方向，但是并不能立即解决这一轮危机过后经济复苏的挑战。

Who will check the stores and spare pares delivered on board ship?

37谁都会检查商店，船上提供的备件价格调整汇率？

China has revalued its currency, the yuan, and linked it to a basket of currencies—though it is not yet clear how far it will be allowed to rise.

中国调整了人民币汇率，并将其与一篮子货币挂钩，但人民币升值能走多远目前尚不明晰。

At the time, the government had conducted ample studies before revaluing the currency.

他说，那时政府在调整汇率之前进行了充分的研究。

China reportedly has 70% of the world's tolled roads and its tolls are the highest in the world (using exchange rates adjusted according to currencies' purchasing power).

据报道，全世界收费公路有70%在中国，而中国的公路收费当然也是世界最高的（以根据货币购买力调整的汇率计算）。

As a result, exchange rates can fall without upending their balance-sheets.

事实上用不着调整资产负债表汇率就会下降。

Since China and some other Asian countries track the dollar, the burden of exchange-rate adjustment falls on the euro.

由于中国和亚洲其他一些国家的轨道美元，汇率负担率调整对欧元下跌。

The split between the two groups can hardly be papered over.

这两个团体间的分歧难以掩饰。

This approach not only encourages a greater number of responses, but minimizes the likelihood of stale groupthink.

这种做法不仅鼓励了更多的反应，而且减少跟风的可能性。