China's Banks were hit by the fast pace of yuan appreciation against major currencies last year.

去年，中国银行业受到了人民币对主要货币快速升值的打击。

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If sellers do not cut their prices in perfect tandem with the gradual appreciation of the yuan, then department stores will be the main benefactors, rather than consumers.

如果卖方不随着人民币的逐渐升值同步降价，百货公司而不是消费者将是主要的受益者。

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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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"The price of the yuan appreciation so far has been just too moderate and the trade surplus is related to structural problems, " said Xiao Minjie, an economist with Daiwa Institute of Research.

BBC: NEWS | Business | China trade surplus at new high

How can the premise that Yuan appreciation will reduce the bilateral deficit still hold?

FORBES: Economists Ignore the Facts in Supporting Chinese Currency Legislation

In other words, the impact on the trade deficit of Yuan appreciation in the period 2005-2008 would not be fully manifest until the period 2007-2010.

FORBES: Economists Ignore the Facts in Supporting Chinese Currency Legislation