中文摘要：

2005年人民币汇率制度改革以来，人民币升值压力和预期始终没有消除，造成我国宏观经济困境。根据巴拉萨-萨缪尔森效应，随着我国经济的快速追赶，人民币实际汇率有长期升值趋势，而当我国可贸易品部门的单位劳动成本相对下降，这一趋势就通过名义汇率升值压力体现。巴拉萨-萨缪尔森效应提示我们可以通过一般物价水平调整缓解升值压力，即采用温和的结构性通胀策略降低升值预期。这对于稳定我国宏观经济，消除外汇储备泡沫，转变经济结构具有积极作用。

英文摘要：

Since the reform of RMB exchange rate system in 2005, the expected pressure of RMB appreciation has not been eliminated,which resulted in the difficulties in China＇s macro-economy. According to the Balassa-Sam- uelson effect,with the rapid economic catch-up, the real exchange rate of RMB will increase for a long time. When the unit labor cost of Chinese trade departments declines, this trend is reflected by the nominal exchange rate appreciation pressure. Balassa-Samuelson effect shows that we could adjust the general prices to relieve the appreciation pressure, which means adopting a moderate structural inflation strategy to reduce expected apprecia- tion. So it is of great importance for stabilizing our macro-economy, eliminating foreign exchange reserve bubble and transforming economic structure.