The trade balance went briefly into surplus for the first time in years.

ECONOMIST: Ukraine's troubles

One reason why Chinese officials have not felt the need to devalue earlier is that foreign trade has remained in balance, or, better, in surplus.

ECONOMIST: China��s currency: The final throw | The

However, this capital surplus does not count in the balance of trade and leaves a massive trade deficit with Wakanda.

FORBES: Is 95% of the Trade Imbalance Legal Tax Evasion?

The current account is in surplus, but at some point a falling trade balance could send the current account into deficit, creating huge dangers and risk of macro financial market disruption.

FORBES: Mounting Japan Trade Deficits Raise Urgency of TPP, Japan-China-Korea, and Asean+6 Trade Talks