It also assumes a modest appreciation of the yuan against the dollar.

人民币兑美元适度升值也是假定的条件之一。

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In April Singapore's Monetary Authority said it would allow a "gradual and modest" appreciation of its currency.

4月份，新加坡金融局称它会允许一个“渐进和温和”的货币升值。

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The best guess is that he is pandering to critics in Washington, and that all he really wants is for China to widen the band within which the yuan is allowed to trade, which might produce a modest appreciation.

ECONOMIST: Asian currencies

That means that, even with China allowing only a modest nominal appreciation of the yuan against the dollar, American firms are looking a lot more competitive than they were a few years ago.

BBC: Could the US economy go the way of Japan?