Exchange rate appreciation is not the most important factor.

汇率增值不是最重要的因素。

youdao

Exchange rate appreciation by itself will not get rid of the surplus.

汇率升值本身并不能消除盈余。

youdao

He says domestic forces, not exchange rate appreciation, drive growth.

他说，国内压力不能拿人民币升值与拉动经济增长作交换。

youdao

The region is forced to acquire dollar assets in order to avoid exchange-rate appreciation and deflation.

ECONOMIST: Economics focus

But the economists find that, all else being equal, a 10% appreciation in the exchange rate reduces GDP growth by around one percentage point.

ECONOMIST: Economics focus

Mr Svensson argues that the yen needs to be pushed to an undervalued level, from which the public would then expect an appreciation of the real exchange rate.

ECONOMIST: The yen