When the last bubble burst in Japan, said Rogers, stock prices went down 85 percent despite the country's high savings rate and huge balance of payment surplus.
罗杰斯描述上一次泡沫破裂出现在日本,其股价下跌85%,并没有受国内高存款利率和国际收支巨大顺差的影响。
The disequilibrium phenomenon of double surplus of the international payment balance has gone on for years in China. It operates against the traditional economic equilibrium theory.
我国国际收支“双顺差”的非均衡现象已经持续数年,这与传统均衡经济理论的初衷相违背。
China had surplus in the international balance of payment, and kept stable exchange rate policy, the finance central bank's charging against reserve made more money supply.
中国国际收支持续顺差,在汇率稳定的制度前提下,央行冲销导致基础货币大量投放,货币供应量也随之增加。
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