作业帮求大神翻译下面这篇英文摘要
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求大神翻译下面这篇英文摘要
Although the Renminbi (RMB) appreciated by more than 25% against the US dollar
in nominal terms between 2005 and 2011, China’s exports continued to grow, leading
to a surplus, representing approximately for 10% of its GDP. This paper assesses the
major explanations for the surge of China’s exports and trade surplus and tackles the
issue of whether an appreciation of the RMB would help the US to reduce its trade
deficits. After conducting simulation exercises on the multi-country macro-econometric
Fair model, this paper offers some new explanations for the unexpected surge in China’s
trade surplus, namely a low overall price elasticity and a high domestic income elasticity
for the tradable goods in both countries, and a consequential sluggish price pass-through
process of the RMB appreciation on the US market. It thus questions the effectiveness
of RMB appreciation as an instrument to restore the trade balance between China and
the US.
Keywords: China; RMB; exchange rate; revaluation; appreciation
Although the Renminbi (RMB) appreciated by more than 25% against the US dollar
in nominal terms between 2005 and 2011, China’s exports continued to grow, leading
to a surplus, representing approximately for 10% of its GDP. This paper assesses the
major explanations for the surge of China’s exports and trade surplus and tackles the
issue of whether an appreciation of the RMB would help the US to reduce its trade
deficits. After conducting simulation exercises on the multi-country macro-econometric
Fair model, this paper offers some new explanations for the unexpected surge in China’s
trade surplus, namely a low overall price elasticity and a high domestic income elasticity
for the tradable goods in both countries, and a consequential sluggish price pass-through
process of the RMB appreciation on the US market. It thus questions the effectiveness
of RMB appreciation as an instrument to restore the trade balance between China and
the US.
Keywords: China; RMB; exchange rate; revaluation; appreciation
虽然人民币在2005年到2011年间按名义值计算相对美元升值了25%,中国的出口仍在增长,造成贸易顺差,它约占中国GDP的10%.本文评价了对中国出口猛增和贸易顺差的主要理论解释,并分析了人民币升值是否会帮助美国减少贸易逆差的问题.在完成了多国宏观经济计量模型的模拟实验后,文章针对中国难以预料的贸易顺差增长提出了新的见解,即两个国家里可交易商品的较低的总价格弹性和较高的国内收入弹性,以及它所导致在美国市场人民币升值的价格传递过程缓慢.因此我们质疑人民币升值对中美贸易平衡作用的有效性.
关键词：中国；人民币；汇率；货币再估价；升值
关键词：中国；人民币；汇率；货币再估价；升值