To be fair, even if it had moved more it would have done little to subdue the trade surplus, given the high level of imported parts in Chinese-made goods and low land and labour costs.

• 客观地说，即使人民币升值得更高些对贸易逆差的改善的作用也是微乎其微的，考虑到中国商品的数量之多及其廉价的土地，劳动力。