On the surface, the situation certainly appears worrisome – especially when viewed through the currency lens, which captures shifts in Chinese prices relative to those in the rest of the world. According to the Bank for International Settlements (BIS), China's real effective exchange rate – an inflation-adjusted trade-weighted average of the renminbi's value relative to the currencies of a cross-section of China's trading partners – has increased by 26% over the last four years.
表面上，当前的局面颇可忧虑——特别是从货币角度，即中国价格相对世界其他地区价格的变化看。根据国际清算银行（BIS）的数据，中国实际有效汇率——经通胀调整的、贸易加权的人民币相对中国贸易伙伴的横截面价值——在过去四年中升值了26%。