There is no reason, they conclude, why a change in the renminbi-dollar exchange rate should have a first-order impact on savings or investment in China, much less in the US. There is no reason, therefore, why it should have a first-order impact on the bilateral current-account balance, or, for that matter, on unemployment, which depends on the same saving and investment behavior.
他们从而得出结论说，人民币对美元汇率上的调整没有理由对中国的储蓄与投资产生重大影响，更别提对美国的储蓄与投资有什么影响了。因此，看不出这个调整能对双方经常账户的平衡起到什么显著作用，换言之，对美国的失业也不会有什么作用，因为后者也是储蓄和投资行为的一种反映。