| 1. | Looking forward , the pressure on the appreciation of the rmb will be reduced , and depreciation is quite unlikely
因此，人民币升值的压力将会减轻，但决不会贬值。 |
| 2. | First of all , i do not see the need for an appreciation of the rmb exchange rate
首先，我不认为人民币汇率有需要上调。目前内地国际收支经常帐盈馀少于国内生产总值的 |
| 3. | Recently , representatives of the international community in the united states and japan to demand appreciation of the rmb has been getting higher and higher
近来国际上以美国日本为代表的要求人民币升值的呼声越来越高。 |
| 4. | And there have been no rational economic arguments put forward to support the call for an appreciation of the rmb exchange rate
但可惜中美双边贸易失衡引起不少政治关注，至今也无人提出合理的经济理据，支持人民币汇率应该升值的说法。 |
| 5. | But there is considerable doubt in the first place as to whether the mainland economy would benefit from an appreciation of the rmb , even if an orderly one could be arranged
但有一点首先要考虑的是，即使能够让人民币有秩序地升值，到底内地经济是否能够从中获益，仍然很成疑问。 |
| 6. | In any case , any hypothetical appreciation of the rmb would be unlikely to cause economic difficulties to hong kong to the extent of bringing into question the appropriateness of our fixed exchange rate
无论如何，人民币的假设升值将不会对香港经济构成问题，以致令人质疑固定汇率是否适合香港。 |
| 7. | Its early completion is of course desirable . but the important question is whether a realignment of the exchange rate , brought about by whatever means - an appreciation of the rmb or a depreciation of the hong kong dollar - would necessarily be a benign one
调整过程可以及早结束当然是好事，但重要的问题是两个货币间的汇率的改变幅度无论以人民币升值或港元贬值的方式来达致是否一定温和？ |
| 8. | The risks of the exchange rate overshooting to the extent of sparking off a financial meltdown are quite real , although i would admit that the risks for hong kong are lower if the realignment is brought about by an orderly appreciation of the rmb than by an uncontrollable depreciation of the hong kong dollar
我恐怕答案是否定的，原因是汇率很可能会作出过度调整，以致触发金融危机。虽然我认为若是透过人民币有秩序地升值，而不是港元暴跌来重调汇率，香港在这方面的风险将会较小，但我们仍然不能忽略这些风险。 |
