First, the roughly 30% real exchange-rate appreciation since 2005 must have had a serious impact on exporters, reflected in the bankruptcy – as well as the upgrading – of many enterprises in coastal areas. Though the market shares of Chinese exports seem to have held up quite well, this is attributable to price-cutting in foreign markets, which is not sustainable.
首先，自2005年以来约30%的实际汇率升值率无疑对出口商造成了严重影响，沿海城市很多企业破产（或是升级）的情况都反映了这点。尽管中国出口商品的市场份额似乎保持得不错，但其原因——在外国市场的降价行动——并没有可持续性。久而久之，实际汇率升值会使支出发生转变，让中国的经济再平衡更加明显。