It will by no means follow, however, that the real exchange was against it.

然而，这绝不意味着真正的交易是反对它的。

Since 2010 China's real exchange rate, weighted by trade, has risen faster than any other, with the sole exception of Venezuela's.

自2010年以来，中国在对外贸易上，人民币的实际加权汇率早已超过了除委内瑞拉之外的任何国家。

The Bank for International Settlements calculates a “real” exchange rate for 61 economies that takes account of inflation differences between them.

国际清算银行在考虑了各自不同的通货膨胀率后，计算出全球61个经济实体的实际汇率。

By this measure, China's real exchange rate has strengthened by almost 50% since Messrs Snow and Schumer began their currency-bashing ten years ago.

在该方法下，中国实际汇率在10年前迪诺和舒默对人民币的“发难”后，实际汇率几乎增长了50%。

This long-term strengthening of China's real exchange rate reflects deep historical forces, such as China's rapid economic growth, stronger labour laws, and shrinking working-age population.

长期以来，中国的实际汇率的不断走高反映了其深厚的历史力量，例如中国高速发展的经济增长，不断加强的劳动法律，适龄劳动力的减少。

If less than this was paid, the real exchange might be in favour of England, while the computed was in favour of France.

如果支付的少于这个数额，实际的交换可能有利于英国，而计算的有利于法国。

Changes in the level of the real exchange rate occur when exchange rate movements are inconsistent with the relative inflation rates of the two countries.

当汇率变动与两国的相对通货膨胀率不一致时，才会引起实际汇率水平的变化。

The Economist has calculated an alternative “real” exchange rate, weighted by trade with America, the euro area and Japan, which takes account of unit labour costs in all four economies.

《经济学人》杂志通过与美国，欧元区以及日本的贸易的加权，并把四个经济地区的单位劳动力成本考虑在内，计算出可供参考的中国“实际”汇率。

Due to the influence of the relative inflation rate of the two countries, the nominal change of exchange rate often does not reflect the change of the real exchange rate level of the two countries ' currencies.

由于两国相对通货膨胀率的影响，汇率名义上的变动往往并不能反映两国货币实际汇率水平的变动。