The change can be measured by real exchange-rate appreciation, which consists partly in nominal renminbi appreciation against the dollar, and partly in Chinese inflation. China’s government should have let more of the real appreciation take the form of nominal appreciation (dollars per renminbi).
这一改变可以用实际汇率升值来衡量。实际汇率升值部分由名义人民币对美元升值决定，部分由中国通货膨胀决定。中国政府本应让名义升值（按每人民币可兑换的美元数量衡量）占实际汇率升值的大头，但事实上并非如此，结果，通货膨胀起了主要作用。