This adjustment is far better achieved through a decline in the nominal exchange rate than through the years of "competitive disinflation" that Spain, to take one example, is likely to suffer. 这种调整最好是通过名义汇率下跌而实现,而不是通过像西班牙那样可能遭受多年的“竞争性通缩”(competitivedisinflation)。
Since then the nominal exchange rate has behaved more normally, fluctuating in response to capital flows, while higher inflation has driven the real rate higher. 此后,名义汇率表现得更加正常,随着资本流动状况的变化而上下浮动,同时通胀上升也推高了实际汇率。
I think it is up to the Chinese to decide whether appreciation of the nominal exchange rate is part of this solution. 我认为,不妨让中国人自己去决定:人民币名义汇率的上升,是否这种解决方案的一部分。
A far higher nominal exchange rate would surely be a better way to achieving such a real appreciation than higher inflation. 相比于更高的通胀率,名义汇率大幅提升无疑是实现实际升值的更好途径。
This means that the likelihood of internal price inflation is also higher, while the future value of the nominal exchange rate is likely to be lower with the chance that creditors might not get their money back in the form and at the time they had envisioned. 这表明国内物价上涨的可能性也有所加大,同时名义汇率的远期价值有可能降低债权人有可能无法以先前预想的形式、在预计的时间拿回自己的钱。
But in the short run, China could keep a relatively rigid nominal exchange rate and accept higher prices. 在短期内,中国可以保持相对固定的名义汇率,而接受更高价格。
The Study of the Deviation of Nominal Exchange Rate from Equilibrium Exchange Rate of RMB A mismatch in real power results in a frequency deviation. 人民币名义汇率与均衡汇率偏离研究有功的不平衡将会引起频率的偏移。
This puts priority on creating employment, increasing wages and productivity, and price liberalization rather than addressing trade imbalances through adjustments of the nominal exchange rate. 这就要求把创造就业机会、提高工资及生产力水平、价格自由化放在经济政策首位,而非像美国想的那样,通过调节现汇汇率消解贸易逆差。
It was the combination of a virtually fixed nominal exchange rate with a depreciating real exchange rate that made it so. 是近乎固定的名义汇率与不断下降的实际汇率的结合,才造成了这种结果。
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?
An appreciation of the real exchange rate, ideally via a rise in the nominal exchange rate, would help. 实际汇率的升值(理想情况下可通过名义汇率升值实现)将有所帮助。
Real appreciation of the renminbi is almost inevitable, if not through adjustment of the nominal exchange rate then through inflation, as it will become increasingly difficult in the future to sterilise, or offset, the monetary effect of foreign reserve accumulations. 如果不通过名义汇率,而后通过通胀进行调整,人民币实际升值几乎是不可避免的,因为要冲销或抵消外汇储备的货币效应在未来将会越来越难。
Indeed, claims the currency is too strong rest in large part on the nominal exchange rate a largely misleading indicator. 实际上,所谓日元过于强势的说法,主要是基于名义汇率很大程度上,这是一个有误导性的指标。
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。
At most, therefore, an adjustment in the nominal exchange rate is a facilitator of a wider set of desired adjustments. 所以,调整名义汇率充其量只是一套更广泛必要调整的助推因素之一。
Andrew Smithers: I agree with Martin that China is unlikely to accelerate the rise in its nominal exchange rate because of external pressure. 我同意马丁的观点,即中国不大可能在外部压力下加速其名义汇率的上升。
China is, I think, bound to have a rising real exchange rate, what is in doubt is the relative contribution that will come from increased inflation in China and an accelerated change in the nominal exchange rate. 我认为,中国的实际汇率肯定要不断上升,存在疑问的,是其国内通胀的加剧与名义汇率的加速变化两者,在实际汇率上升中产生的相对影响。
The result indicates that the change and fluctuation of RMB's nominal exchange rate has no big short-run impact on China's exports. 研究结果表明,人民币名义汇率变动及波动对中国出口贸易的短期影响效果不显著。
Through vector auto-regression ( VAR), this paper studies the impacts of nominal exchange rate and import price fluctuations on domestic inflation. 本文运用向量自回归(VAR)的方法研究了名义汇率和国际市场价格波动对中国国内价格水平的影响。
Relationship between RMB Nominal Exchange Rate and Chinese Export to Euro Region 人民币名义汇率与中国对欧元区国家出口的关系
Nominal exchange rate is neither the main reason nor powerful in causing the domestic price fluctuation. 名义汇率对进口价格和国内价格水平波动影响力有限,也不是导致国内价格波动的主要原因。
First, according to the price theory of elasticity and the resources disposition theory: The RMB actual exchange rate change mainly the export commodity through the nominal exchange rate and the inflation two way influence the demand and the supplies and element of production resources redeploying. 首先根据价格弹性理论和资源配置理论:人民币实际汇率变化主要通过名义汇率和通货膨胀两种途径影响出口商品的需求和供给及生产要素资源的重新配置。
The result is that the nominal exchange rate of RMB has been undervalued for a long time. 计算的结果是人民币名义汇率长期被低估。
Based on the previous research, the paper adopts gravity model, and the factors are GDP per capita from gravity model as well as the nominal exchange rate, green barrier and trade agreement and organization which are studied a lot. 基于前人的研究,论文模型采用引力模型,影响因素选择了引力模型中代表经济总量的人均GDP和研究较多的名义汇率、绿色壁垒及贸易协定和组织。
Comparing to nominal exchange rate, RMB is indeed undervalued to certain extend. 与名义汇率相比,目前人民币汇率水平确实存在一定程度的低估。
The main reasons of appreciation pressures which RMB nominal exchange rate are facing are from both abroad and domestic. 人民币名义汇率面临升值压力的原因主要来自国外和国内两个方面。