There is huge room to maneuver between the extremes of targeting a specific level of the real exchange rate and disowning any interest in the real exchange rate. The central bank does need to have a view, updated over time, about the exchange rate’s appropriate range, and it should signal when it thinks the currency is moving in the wrong direction.
这样做还无需宣布一个具体的目标汇率水平。在锁定一个具体的目标汇率水平和否认实际汇率中的任何利益的两个极端之间有极大的发挥余地。关于汇率的适宜范围，央行的确需要建立一个与时俱进的立场。并且当它认为货币朝着错误的方向行进时，还应该发出信号。