undervalued currency

For instance, China will complain about the role of the dollar and will promote the role of Special Drawing Rights but it is unlikely to allow the renminbi to become freely convertible because that would destroy the mechanism that has allowed the state to harvest the fruits of cheap Chinese labor through an undervalued currency.

例如，中国会不满于美元的作用，并将促进“特别提款权”的作用，但它不太可能允许人民币自由兑换，因为这样会破坏现有机制。在目前的机制下，中国可以通过货币贬值从廉价劳动力中获利。

Why, then, given huge global investor demand for exposure to China and the almost universal belief the renminbi is substantially undervalued, is the currency trading at virtually the same rate against the dollar in Hong Kong as it is on the mainland?

那么，鉴于全球投资者对人民币需求庞大，加上人们几乎普遍认为人民币被严重低估了，为何现在香港的人民币兑美元汇率与内地的汇率几乎没有什么差别呢？

China's growth currently relies on an undervalued currency and a huge trade surplus.

中国目前的增长,有赖于被低估的货币以及巨额的贸易顺差.

On the contrary, the U.S. reporters reinforce the misconception of RMB as artificially undervalued and China is designated as a currency manipulator.

然而美方记者却试图强化人民币汇率被人为低估以及中国是汇率操纵国的误解，并以此为据，试图将美国施压人民币合理化。

In other words, the Philippine peso is the world's most undervalued currency, the Swiss franc its most overvalued.

换句话说，菲律宾比索是世界上最被低估的货币，瑞士法郎是最被高估的。

They're right about that: an undervalued currency promotes inflation, erodes the real wages of Chinese workers and squanders Chinese resources.

他们在这一点上也是有道理的：定值低的货币将会促进通货膨胀，侵蚀中国工人的实际工资，浪费中国的资源。

Among rich economies, the most undervalued currency is the Australian dollar.

在富有的经济体中, 最被低估的货币是澳元.

Post-WTO, an undervalued currency is a tariff barrier by other means.

在后WTO时代，汇率低估就是另一种方式的关税壁垒。