?以美元计价

Nevertheless, two offsetting points must be made. The first is that global payments are significantly out of balance, with a huge US current account deficit offset by surpluses elsewhere. A real appreciation of the renminbi must be a necessary element in global adjustment. The second point is that the prices of China's exports are falling, in dollars. If many of the world's currencies appreciate against the dollar (and so also the renminbi), prices of a wide range of manufactures must fall in their domestic currencies. That would strengthen the charge that China is exporting deflation. It would be better if, instead, the dollar prices of China's exports were rising.