But there is a more fundamental point: From an economic viewpoint, currency manipulation or unfair undervaluation are exceedingly hard to pin down conceptually. The renminbi's slight depreciation against the dollar in 2014 is not evidence of it; many other currencies, most notably the yen and the euro, depreciated by far more last year.
但还有一个更加基本的问题：从经济学角度讲，货币操纵或不公平贬值的概念很难界定。2014年人民币兑美元的略微贬值并非货币操纵的证据；其他许多货币——最值得关注的包括日元和欧元——去年贬值幅度大得多。因此，平均而言人民币总体价值实际略有上升。