A devaluation leads to a realdepreciation in the short run but has no effect on the real exchange rate in the long run.
贬值导致了短期内真实的跌价，但是它对长期实际汇率并无影响。
2
There has been little or no real appreciation of the RMB and there may actually have been some depreciation.
人民币升值很小，或者说实质上没有升值，可能还有一些贬值。
3
Exports, however, are expected to grow, sustained by a strong real effective depreciation and excess capacity in the us economy caused by sluggish domestic demand.