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。
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.
然而，日本的经常账户盈余仍然高企，因为货币升值被日本国内批发价格的下跌抵消的差不多了，所以出口仍然具有竞争力。
Yet Japan’s current-account surplus remains big because that appreciation has been largely offset by a fall in domestic Japanese wholesale prices, so exporters remain competitive.
借记账户——应付债券折价是一个抵消负债账户。
The debit balance account, Discount on Bonds Payable, is a contra-liability account.
截止到2015年第一季度，该赤字超过了抵消现金账户的数目，这意味着中国近年来首次跨入国际收支赤字领域。
And by thefirst quarter of 2015, that deficit more than offset the current-accountsurplus, meaning that China registered its first internationalbalance-of-payments deficit in recent memory.
中国增长放慢不仅不利于中国，也不利于向中国出口的所有国家，因为这将抵消中国经常账户盈余下降的效果。
Lower Chinese growth would not only be bad for China, but also for all countries exporting to China, as it would swamp the effects of a reduction in China's current account surplus.
中国增长放慢不仅不利于中国，也不利于向中国出口的所有国家，因为这将抵消中国经常账户盈余下降的效果。
Lower Chinese growth would not only be bad for China, but also for all countries exporting to China, as it would swamp the effects of a reduction in China's current account surplus.
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