Thus, in aggregate, emerging countries are recycling current account surpluses, plus the net private capital inflow, into reserves.

因此，整体上新兴国家正把经常帐户盈馀和私人资本净流入投向外汇储备。

youdao

But it was also because Germany was recycling the surpluses produced by its export machine, financing their consumption.

ECONOMIST: The causes

Well the underlying cause of this mess is the same as it was in the banking crash and Great Recession of 2007-9 - which is the recycling of the great surpluses of the exporting nations, China, Germany and Japan, into the unsustainable debts of the great consuming nations, the US, UK, and much of the eurozone.

BBC: How to catch a falling knife

The irony is that Japan won't be recycling its savings and trade surpluses abroad into high-yield foreign currency assets as much as in the past.

FORBES: Asia's Credit Squeeze