Question

哪位高手能帮我翻译一下这段关于金融方面的英文?小妹不胜感激!!

四、人民币的相对购买力水平及其基期选择
由于当购买力平价成立时，实际汇率相对于基期汇率保持不变。反过来，若实际汇率和基期汇率有差别，则可得出购买力评价不成立。因此只要确定基期水平!并认为基期水平上的实际汇率保持在均衡汇水平上，然后通过相对价格变化对基期名义汇率的调整，得出各期实际汇率。最后将每一期的实际汇率和基期实际汇率相比较，可以判断实际汇率是否还维持在均衡汇率水平上。但关键就在于基期的选择上。由于相对购买力平价认为在基期绝对购买力平价是成立的，因此基期的现实实际汇率就是均衡汇率。如果在研究中选取的基期不同，例如有人以高通胀年为基期，有人以低通胀年为基期，有以名义汇率大调整前为基期，有以本币贬值后的年份为基期，最后得到的均衡实际汇率差异就非常大，导致一人有一个判断汇率失调的标准，这样就失去了均衡汇率研究的意义。同样在利用购买力平价计算人民币均衡汇率时，汇率基期的选择就显得非常重要。而这些缺陷是相对购买力平价自身的缺陷。
基于相对汇率基期选择的缺陷，也就可以部分地解释为什么针对美元的低估程度，相对购买力平价和绝对购买力平价的低估程度不同。如表1所示，W表示相对购买力平价，E/S表示绝对购买力平价（S/E的倒数），其1990到1998的数据分别为
对比以上这列数据，可以看出针对美元的低估程度,相对购买力和绝对购买力的低估程度不同。一部分原因就在基期的选择，见如下公式:

经比较,两者的差别之一便是后一公式多了一个基期汇率的系数。当然绝对购买力平价本身也存在着某些因素,如运输成本,定价歧视等也将导致这些低估差异的区别,这里就不再赘述。
若在衡量相对购买力平价时能有效地避免基期选择，则其测出来的结果就有一定的可靠性了。现在为止，有许多专家学者依据计量分析法如单位根检验和协整检验两种方法对人民币兑美元的汇率进行购买力平价检验, 结果表明人民币与美元之间的相对购买力平价是成立的。人民币汇率的变动对应于中美两国之间物价水平的变化。

Answer 1

Fourth, Renminbi relative purchasing power level and base period choice when because the purchasing had been established, the actual exchange rate is opposite in the base period exchange rate maintenance is invariable. In turn, if the actual exchange rate and the base period exchange rate have the difference, then may obtain the purchasing power appraisal not to be untenable. So long as therefore definite base period level! And thought in base period level the actual exchange rate maintains is collecting in balanced the level, then through the relative price change to the base period nominal exchange rate adjustment, obtains various issue of actual exchange rate. Finally compares each issue of actual exchange rate and the base period actual exchange rate, may judge the actual exchange rate whether also maintains in the balanced exchange rate level. But the key lies in the base period in the choice. Because the relative purchasing thought in the base period absolute purchasing is tenable, therefore the base period reality actual exchange rate is the balanced exchange rate. If selects in the research the base period is different, for example some people take the high bloating year as the base periods, some people take the low bloating year as the base periods, has take the nominal exchange rate big adjustment before as the base period, has depreciates after year take the standard currency as the base period, finally obtains the balanced actual exchange rate difference extremely is big, causes one person to have a judgment exchange rate detuning standard, has like this lost the balanced exchange rate research significance. Similarly when use purchasing computation Renminbi balanced exchange rate, the exchange rate base period choice appears extremely importantly. But these flaws are relative purchasing own flaws.
Based on relative exchange rate base period choice flaw, also may explain partially why aims at US dollar to underestimate the degree, the relative purchasing and the absolute purchasing underestimated the degree is different. As shown in Table 1, W expressed the relative purchasing, E/S above expressed the absolute purchasing (S/E's reciprocal), its respectively be contrasts this row data 1990 to 1998 data, may see in view of US dollar underestimates the degree, the relative purchasing power and the absolute purchasing power underestimated the degree is different. Part of reasons on in the base period choice, see the following formula:

After the comparison, one of both differences then was a latter formula many base period exchange rate coefficient. Certainly absolute purchasing itself also has certain factors, like the transportation cost, the fixed price discrimination and so on will also cause these to underestimate the difference the difference, here no longer will give unnecessary detail.
If in weight relative purchasing time can avoid the base period choice effectively, then it measured the result had certain reliability. Now up to, some many experts entire examines two methods based on the measurement analytic method like unit root examination harmonious cooperation to exchange US dollar exchange rate to the Renminbi to carry on the purchasing examination, finally indicated the Renminbi and US dollar between relative purchasing are tenable. The Renminbi exchange rate change corresponds between China and America the price level change.

Answer 2

这么大段不给分，不给番，大家抵制

Answer 3

就是就是 机器翻译的 不算不算