For China’s, the income effect of global demand is significantly larger than the price effect of the exchange rate. The fall in China’s trade surplus since late 2008 is attributable mainly to the global slowdown and the stimulus package introduced by the Chinese government, rather than to changes in the RMB’s exchange rate.
影响贸易平衡的因素很多，而汇率只是其中一个。对中国来说，全球需求所带来的收入效应比汇率所带来的价格效应要大得多。中国贸易顺差自2008年年末开始的下降主要来自于全球增长的放缓以及政府的经济刺激计划，而不是人民币汇率的变化。