A somewhat more sensible concern might be that the dollar’s reserve-currency status causes it to be “over-valued” with respect to every currency, not just the renminbi. That could create additional pressure on the tradable part of the US economy, and thus might help to explain why the US tradable sector has not generated net employment for two decades.
更加合理的判断是，美元的储备货币地位使得它对所有货币（不光是人民币）都“高估”了。这给美国经济的可贸易部分带来了更大的压力，也有助于解释为何美国可贸易部门在过去20年里根本没有净创造出就业岗位。但是，如果要解释日本和德国的相对表现，也有人会说欧元 和日元被低估了，这是毫无道理的。