求大神翻译下面这篇英文摘要

求大神翻译下面这篇英文摘要Although the Renminbi (RMB) appreciated by more than 25% against the US dollarin nominal terms between 2005 and 2011, China’s exports continued to grow, leadingto a surplus, representing approximately for 10% of its GDP. This paper assesses themajor explanations for the surge of China’s exports and trade surplus and tackles theissue of whether an appreciation of the RMB would help the US to reduce its tradedeficits. After conducting simulation exercises on the multi-country macro-econometricFair model, this paper offers some new explanations for the unexpected surge in China’strade surplus, namely a low overall price elasticity and a high domestic income elasticityfor the tradable goods in both countries, and a consequential sluggish price pass-throughprocess of the RMB appreciation on the US market. It thus questions the effectivenessof RMB appreciation as an instrument to restore the trade balance between China andthe US.Keywords: China; RMB; exchange rate; revaluation; appreciation