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？
During the same period , the reers for other asian currencies had appreciated by various degrees , reflecting both a rebound in nominal exchange rates as well as high domestic inflation 同期，其他货币的实质汇率则有所升值，升幅各有不同，反映名义汇率回升及当地物价上涨。
During the same period , the reers for other asian currencies have appreciated by various degrees , reflecting both a rebound in nominal exchange rates as well as higher domestic inflation 。同期，其他货币的实质汇率则有所升值，升幅各有不同，反映名义汇率回升及当地物价上涨。
Prices on the mainland may go up faster than those in the rest of the world or the nominal exchange rate of the renminbi may appreciate . these two processes may also happen in combination 这个过程可以透过两个方式出现：内地物价上升速度较全球其他地方快，或人民币名义汇率上升两者亦可同时出现。
But it is to be hoped that , with a weaker us dollar , and so a weaker nominal exchange rate for the hong kong dollar against foreign currencies other than the us dollar , we might be affected less than our competitors 不过，我们期望随美元转弱，港元兑其他外币的名义汇率亦会转弱，因此本港所受的影响会比其竞争对手轻微。
Given that inflation can be quite destabilising , appreciation of the exchange rate , if managed smoothly , can be a less risky adjustment vehicle - hence the need for flexibility in the nominal exchange rate 由于通胀可造成颇大的不稳定影响，汇率上升如管理得宜将可成为风险较小的调节手段，因此有需要保持名义汇率较大的弹性。
This causes excess monetary growth , domestic asset price bubbles , overheating , inflation and the loss in competitiveness that governments had tried to prevent by suppressing the rises in nominal exchange rates 这将导致货币供应增长过快、国内资产价格泡沫、经济过热、通胀和竞争力丧失? ?而这些国家的政府本来压制名义汇率的上升，就是为了防范这些问题。
Among the various pressures requiring rmb to revalue , the adjustment of dollar policy is a main external pressure , and the internal pressure may be a mid - long term revalue trend of rmb ' s balancing exchange rate 摘要在要求人民币升值的种种压力中，强势美元政策的调整是人民币升值的主要外部压力，人民币实际均衡汇率在中长期的升值趋势是人民币名义汇率升值的内部压力。
The resolution to international payment over - surplus with adjustment of nominal exchange rate is limited by overall price threshold because the labor price gap with developed economies , as one overall price level influence , would not be bridged in the short term 通过调整名义汇率来解决顺差过大的思路受制于价格总水平调整幅度的局限，因为在影响我国商品和劳务的价格因素中，劳动力价格水平与发达国家相比悬殊过大既是影响商品价格水平的一个主导性因素又是一个长期性因素，在短期内不可能大幅度的缩小这一差距。
This is an obvious choice because the alternative of high domestic inflation , notwithstanding the current benign global inflation environment itself partly the result of the integration of the mainlands economy with that of the rest of the world , may result in much greater dislocation in the economy than the temporary overshooting in the exchange rate that would inevitably occur in any flexible exchange rate system 内地选择了增加名义汇率的弹性来配合其与全球经济融合的重要过程尽管过程不一定畅顺，这是很容易理解的。因为提高通胀尽管现时全球通胀温和，部分是由于内地与全球经济融合的结果对内地经济造成的冲击，可能较诸在浮动汇率制度下无可避免出现的短暂汇率过度波动大得多。
