With the BOP account moving closer to equilibrium, the basis for large-scale appreciation of the RMB exchangerate does not exist.
因为国际收支平衡表趋于平衡，人民币汇率大幅升值的理论基础并不存在。
2
As of August, the latest data available, the BIS index of the dollar's effective exchangerate was less than 92, or roughly 8% below what some might consider fair, or equilibrium, value.
最近一份数据显示，8月份时BIS的美元实际有效汇率指数不足92，较指数均衡价值低了8%左右。
3
Therefore to achieve a sound balance of payment is to seekequilibrium exchangerateof a currency and then to adjust nominal exchange rateto a stable equilibrium level by all means.