At a fixed exchange rate, a current account surplus not offset by a corresponding voluntary capital outflow will generate an increase in the monetary base.

在汇率固定的情况下，如果没有相应的自愿资金外流，来抵消经常账户盈余，就会造成货币基础的增长。

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Until 2001, however, China also had a balancing outflow in the rest of its capital account.

但是，在2001年之前，中国的资本帐户各项保持进出平衡。

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Until 2001, however, China also had a balancing outflow in the rest of its capital account.

但是，在2001年之前，中国的资本帐户各项保持进出平衡。

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