If we use the rise in labor costs as the DE facto inflation index - instead of the CPI - to compute the real effective exchange rate, the yuan has appreciated 50 percent already since 2005.
代替消费者价格指数，如果我们使用劳动力成本的涨幅作为实际通胀指数，来计算实际有效汇率，那么自2005年起人民币已经升值了50%。
Years of falling prices in Japan combinedwith modest inflation elsewhere mean the real effective exchange rate is belowits average since 1990 (see chart 2).
自1990年以来（见表2），日元连年贬值加上其国内温和的通货膨胀使得日元实际汇率低于平均值。
The real effective exchange rate is the weighted average of a country's currency relative to a basket of other major currencies adjusted for the effects of inflation.
实际有效汇率是指剔除通货膨胀的影响，一国货币与一篮子其他主要货币的加权平均值。
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