If it falls 40% against the yen sometime in the next ten years, US long-term interest rates should be four percentage points higher than Japanese rates. If it falls 60% against China’s currency, the yuan, sometime in the next ten years, US long-term interest rates should be six percentage points higher than Chinese rates.
如果在未来十年的某一天，美元与欧元的汇率再下跌20%，美国的长期利率就会比欧元高出2个百分点。如果在未来十年的某一天，美元与日元之比下跌40%，美国的长期利率就会比日本高出4个百分点。如果在未来十年的某一天，美元与人民币之比下跌60%，美国的长期利率就会比中国高出6个百分点。但是，现在我们却看不到一点这样的迹象。