According to the traditional finance theory, continuous surplus of current account and sustained increase of foreign exchange reserves will result in the appreciation of Chinese RMB Yuan.
根据传统的金融理论，经常项目持续顺差与外汇储备的持续增长应该使人民币升值。
If they should decide to reduce the current account surplus, should they allow faster appreciation of the nominal exchange rate or overheating and faster inflation?
如果他们决定减少经常账户盈余，那么他们是否应该允许名义汇率更快上升，或是经济过热和通胀加速？
Sadly, none of these has worked. With large capital inflows and a current account surplus, China's foreign exchange reserves have continued to rise rapidly.
遗憾的是，由于巨额资金流入以及经常账户盈余，这些政策无法遏制中国外汇储备的持续迅速增长。
That requires a reduction in the current account surpluses of surplus countries (or, much less probably, increases in deficits elsewhere).
这就要求盈余国家降低其经常账户上的盈余（或者，某个地方的赤字增加，这几乎是不可能的）。
Like the us, it, too, has a large imbalance with the rest of the world - namely, an outsize current account surplus.
就像与美国一样，它也与世界其余国家也存在大规模的失衡——即巨额经常账户盈余。
And unlike America, Germany is a supplier of global credit: its current-account surplus was a hefty 7.7% of GDP last year, according to the OECD.
不同于美国，德国是全球信贷的供应商：据经合组织称，去年其经常账户盈余是达到了惊人的7.7%。
The Chinese current-account surplus in 2008 was 21% of the combined total for surplus countries.
2008年中国的经常项目盈余占所有盈余国家总和的21%。
Russia is running a huge current-account surplus, it is paying off the last of its debt and the rouble has just been made fully convertible.
俄国保持着巨大的经常性帐户盈余，正在偿付最后的债务，并且刚刚使卢布可以自由的兑换。
Between 1880 and 1914, Britain ran an average current-account surplus of 5% of GDP. In contrast, America today has a deficit of 7% of GDP.
1880至1914年期间，英国的平均经常项目盈余占其GDP比重的5%，相对比，如今美国的经常项目赤字占其GDP比重的7%。
Slower export growth and stronger domestic spending will cause China's current-account surplus to shrink below 5% of GDP in 2010, less than half its peak in 2007.
出口增长放缓和国内消费增强将会使中国的经常帐户盈余在2010年缩至不足gdp的5%，这还不足2007年峰值的一半。
Masaaki Shirakawa of Japan, another surplus country, advises against getting too hung up on current-account imbalances.
另一个贸易顺差国家日本的央行行长白川方明不建议在经常项目失衡上太过急功近利。
The other reason for concern about China's external position is that the country is still running a huge current account surplus – near to 8 per cent of GDP.
对中国外部处境感到担心的另一个理由是，该国仍有巨额经常账户盈余，接近GDP的8%。
This implies a gradual shrinking of the relative size of its current-account surplus.
这也意味着它现金账户规模的逐渐减小。
France moved from a current-account surplus of 3.1% of GDP to a deficit of 2.2% in the space of a decade.
法国在十年间从经常账户盈余占GDP的3.1%转变成赤字占GDP的2.2%。
But that is mostly because Germany's current-account surplus, equivalent to 6% of GDP last year according to the OECD, has acted as a huge counterweight to deficits elsewhere.
但是，这主要是德国的经常项目盈余与其他国家的赤字相抵消的结果。根据OECD公布的数据，2007年德国的经常项目盈余相当于GDP的6%。
It pointed out that China's controversial current-account surplus has narrowed over recent years, from 11% of GDP in 2007 to 6.1% of GDP last year.
央行指出，近年来，中国颇受争议的经常项目顺差已大幅降低，从2007年占gdp的11%下降到2009年占gdp的6.1%。
On the contrary, in the fourth quarter of 2008, China's reserves barely rose, despite a record current-account surplus.
与此相反，在08年第四季度，尽管经常账户盈余达到历史最高值，中国的外汇储备几乎没有增长。
The region's rising current account surplus - up to over $300 billion in the year to the second quarter of 2006 - continues to finance the lion's share of reserves growth.
东亚地区不断上升的经常项目盈余在2006年第二季度超过3000亿美元，继续构成外汇储备增加的主要来源。 经常项目盈余比一年前上升了13.5％。
Second, as Pettis again reminds us, "you cannot run a current account surplus unless you are also a net exporter of capital."
其次，正如佩蒂斯再次提醒我们的：“除非是资本净输出国，否则不可能出现经常项目盈余。”
The IMF reckons the current-account balance will deteriorate sharply, from a surplus of 3.75% of GDP in 2010-11 to a deficit of 0.75% in 2011-12.
国际货币基金组织估计，经常账户差额将急剧扩大：从2010-2011年GDP盈余3.75%到2011-2012年GDP赤字0.75%。
For example, despite a current-account surplus of 4.9% of GDP last year, one of the biggest of any developed economy, Japan's trade-weighted exchange rate sank by 13% from the end of 2002 to mid-2007.
例如，作为最大的发达国家之一的日本，尽管去年其经常项目盈余占到了GDP的4.9%，外贸加权汇率自2002年末至2007年中期，贬值了13%。
An IMF study in 2009, by Marco Terrones and Thomas Helbling, concluded that the biggest cause of the switch from a global current-account deficit to a surplus was mismeasurement of services.
2009年Marco Terrones和Thomas Helbling完成的一个IF m的研究认为全球赤字到全球盈余最大的原因是服务的错误测算。
The evidence suggests that this is the case: look at both the astonishing growth of China's exports and the soaring current account surplus.
证据表明，情况确实如此：看看中国出口的惊人增长和经常账户盈余的不断飙升吧。
Malaysia's current account surplus is over 15% of GDP, and Singapore's over 25%.
马来西亚经常帐户盈余相当于GDP的15%以上，新加坡则超过了25%。
If more of the mismeasurement is in the emerging world, the total current-account surplus of emerging markets is probably much smaller than that officially recorded.
如果错误测量更多地发生在新兴世界，那新兴市场的总贸易顺差应该比官方报告的小得多。
If more of the mismeasurement is in the emerging world, the total current-account surplus of emerging markets is probably much smaller than that officially recorded.
如果错误测量更多地发生在新兴世界，那新兴市场的总贸易顺差应该比官方报告的小得多。
应用推荐