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.

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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.

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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.

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