Since the recent economic crisis, the undervaluation of China＇s exchange rate has been a focus in the debate on the global policy mix. Using a non-competitive input-output table, we establish a comparative-static general equilibrium model to simulate the impact of real exchange rate changes on Sino-US trade and labor markets. The simulation shows that the impacts of a lO-percent RMB revaluation on the trade surplus of China and the labor market of the USA are more modest than is generally perceived, and the negative impact on the output of the non-processing industry in China is more significant than that on the processing industry. The Sino--US trade imbalance will continue to deteriorate, China ＇s non-processing trade surplus will decline and the processing trade will increase, with the combined effect being small. For the USA, labor-intensive goods imported from China will shift to different Asian countries instead of transferring back to the US market. The simulation results indicate that the impacts of an RMB revaluation on both Chinese and US labor markets would be limited.
The microstructures of Mg-2Nd-4Zn-1Zr alloy in the as-cast state and after heat treatment were investigated. Several kinds of secondary phases were found and characterized by transmission electron microscopy （TEM）, scanning electron microscopy （SEM） and X-ray diffraction （XRD）. In the as-cast alloy, the existing eutectic compounds are Mg-Nd-Zn ternary phases： T phases and W phases. After the heat treatment, with increasing the temperature or time, it was found that T phase almost dissolved into the α-Mg matrix, while a large amount of W phase remained in the matrix. On the other hand, with prolonging the time, the morphology of the phase changed from continuous network to the spherical shape along the grain boundary. The density of the W phase gradually decreased and finally it was coarsened and stabilized in the treatment process.
