Seen against this background, US officials’ handwringing over the recent modest reversal in the renminbi’s exchange rate appears absurd. With China’s external position much closer to balance, there is good reason to argue that the renminbi, having appreciated by nearly one-third since mid-2005, is now within a reasonable proximity of “fair value.”
照此看，美国官员对人民币最近略有贬值大惊小怪显得殊为可笑。中国的外部收支已相当接近于平衡，因此我们大有理由认为人民币在自2005年中以来升值近三分之一后，已经相当接近“公允价值”了。IMF在其最新中国经济深度报告中也肯定了这一点，人民币“略微低估”了5—10%。这与其早先“严重低估”的论断形成了鲜明对比。