underevaluation

1. The leading theory to explain this phenomenon is divided into four main faction They are: theory of RMB exchange underevaluation, theory of orientation of international division of labor, two-gap theory and global imbalance theory.
   对导致这一现象的理论解释主要分成四派，他们分别是：人民币汇率低估论、基于要素禀赋的国际分工定位论、储蓄&投资缺口论、和全球经济失衡引致论。

noun

1. an appraisal that underestimates the value of something