The long-run equilibrium exchange rate of developed countries is the purchasing power parity.

对于发达的经济体而言，其长期均衡汇率就是货币的购买力。

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The RMB is now included in the IMF SDR basket of currencies and the RMB exchange rate will remain basically stable at an adaptive and equilibrium level for the long run.

人民币已经加入国际货币基金组织特别提款权货币篮子，人民币汇率将长期在合理均衡水平上保持基本稳定。

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There is little doubt that during the past few years the gap between China's real exchange rate and its long-run equilibrium level (consistent with maintaining external balance) has increased.

在过去的几年里，中国货币的实际汇率和它的长期平衡水平（与保持外界均衡一致）之间的差距巳经加大了，很少有人会否认这一点。

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