Exchange rate appreciation is not the most important factor.
汇率增值不是最重要的因素。
Yet China seems to meet all the conditions for real exchange rate appreciation.
然而，中国似乎满足实际汇率上涨所需的一切条件。
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。
The last thing it now needs is a further appreciation of the real exchange rate.
中国现在最不需要的就是人民币实际汇率的进一步升值。
This leads to an appreciation of the real exchange rate.
这就导致了实际汇率的升值。
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。
Exchange rate appreciation cannot, on its own, bring about the desired outcome.
汇率升值本身并不能带来理想的结果。
Exchange rate appreciation cannot, on its own, bring about the desired outcome.
汇率升值本身并不能带来理想的结果。
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