A recent study investigated the effects of real exchange rate misalignment and instability on economic performance.

最近的一项研究调查了实际汇率失调和动荡对经济实绩的影响.

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The undervalued real exchange rate is at the heart of the problem.

问题的核心是实际汇率水平被低估.

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Neither nominal exchange rate nor real exchange rate has great influence on China's foreign trade.

无论是名义汇率还是实际汇率,都不是对外贸易的重要影响因素.

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Yet China seems to meet all the conditions for real exchange rate appreciation.

然而,中国似乎满足实际汇率上涨所需的一切条件.

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Moreover , supply shocks have a small but significant explanatory real exchange rate variations only in France.

生产力的冲击只有在法国存在微小但显著的解释力.

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