中国政府本应让名义升值（按每人民币可兑换的美元数量衡量）占实际汇率升值的大头，但事实上并非如此，结果，通货膨胀起了主要作用。
China’s government should have let more of the real appreciation take the form of nominal appreciation (dollars per renminbi). But, because it did not, it has shown up as inflation instead.