新加坡和泰国的经常项目盈余尤其高。
Singapore and Thailand have especially high current-account surpluses.
不管怎样，减少经常项目盈余还有其他好处。
There are, in any case, other benefits to reducing current-account surpluses than just satisfying miffed trading partners.
传统智慧认为，人民币升值会削弱中国经常项目盈余。
Conventional wisdom says that a stronger yuan would reduce China's current-account surplus.
平均来看，经常项目盈余会减少GDP 5.1个百分点。
On average, the surplus narrowed by 5.1 percentage points of GDP.
2008年中国的经常项目盈余占所有盈余国家总和的21%。
The Chinese current-account surplus in 2008 was 21% of the combined total for surplus countries.
日本和德国这两个长期维持经常项目盈余的国家便很好体现了这一点。
Japan and Germany — two countries with perennial current account surpluses — illustrate the point.
由于出口增长，拉脱维亚获得了经常项目盈余，因而这一行为也许会有一定效果。
It may work: Latvia now has a current-account surplus as its exports rise.
报告还强调，近几个月中国经常项目盈余下滑，这可能表示人民币汇率处于合理水平。
The report also highlighted that China's current-account surplus had fallen in recent months--which could be an indication that the currency is properly valued.
不过，对于当前这种经常项目盈余和赤字状况进行进一步的再平衡，显然会有所帮助。
Yet a further rebalancing of today's pattern of current account surpluses and deficits would certainly help.
因此，中国的弱势人民币政策不仅会阻碍其纠正巨额经常项目盈余，也会使欧洲减少出口。
China's weak renminbi policy therefore not only prevents remedying China's large current account surplus but also reduces Europe's exports.
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。”
Second, as Pettis again reminds us, "you cannot run a current account surplus unless you are also a net exporter of capital."
其缺陷在于可能造成国内储蓄激增，从而进一步扩大经常项目盈余——这和美国的期望背道而驰。
The snag is that it would boost domestic saving and hence lead to larger current-account surpluses—the opposite of what America requires.
凭借充足的外汇储备和庞大的经常项目盈余，许多新兴经济体有充分的准备来应对投资者外逃。
Thanks to fat foreign-exchange reserves and current-account surpluses, many emerging economies are well placed to withstand an exodus of investors.
今年第一财季，经常项目盈余是282亿美元，且出口仍然是中国整体经济增长的关键驱动因素。
It was $28.2 billion in the first quarter of this year, and exports continue to be a key driver of China's overall economic growth.
在这种情况下，那些依靠庞大经常项目盈余来吸收他们过剩产能的国家将被迫减少他们的盈余和产能。
In that case countries that rely on large current account surpluses to absorb their excess capacity would be forced into reducing their surpluses and reducing their capacity.
1973年和1979年许多OPEC成员国已有经常项目盈余，而且其大部分额外石油收入被存起来。
In 1973 and 1979 many OPEC countries already had current-account surpluses, and most of their extra oil revenues were saved.
《今日印度》上的一篇文章责问本刊的“重商主义思想最糟糕”是认为经常项目盈余就好，赤字就糟。
An article in the Times of India accused the Economist of 'mercantilist thinking at its worst' by treating a current-account surplus as good, a deficit bad.
目前，日本公司存款的强势增长能够抵消这种下滑趋势，这也是日本能够持续稳当地维持经常项目盈余的原因。
For now this decline is offset by the strong rise in corporate savings, which is why Japan continues to run a comfortable current-account surplus.
经济学的教科书上讲，经常项目高额赤字的经济体的货币，应该相对于那些经常项目盈余的经济体的货币贬值。
ACCORDING to economic textbooks, the currencies of economies with large current-account deficits should depreciate relative to those of countries with surpluses.
在账目的另一侧，到2010年，中国的经常项目盈余预计要比2007年顶峰时减少一半，占到GDP的11%。
On the other side of the ledger, China's surplus is on course to fall by half from its 2007 peak, of 11% of GDP, by 2010.
但是这幅漫画意义不大，因为像德国这样品行端正的国家也陷入了困境。该国经常项目盈余，且房市没出现过热现象。
But this caricature tells us little, for it is already apparent that supposedly virtuous countries such as Germany, which had current-account surpluses and avoided housing booms, are also in trouble.
过去十年间，全球经济出现大范围的不平衡，最突出的是美国经常项目赤字和中国经常项目盈余---两者都创下全球之最。
OVER the past decade, the world economy has been plagued by widening imbalances, most notably America’s current-account deficit and China’s surplus—both the largest in the world.
其他推动日圆走强的因素还包括日本持续的经常项目盈余，6月份为123亿美元，日本强劲的出口业拉动了经常项目盈余。
Other factors adding to the yen's strength include the country's persistent current-account surplus, $12.3 billion in June, which is driven by a strong export sector.
过去十年间，全球经济出现大范围的不平衡，最突出的是美国经常项目赤字和中国经常项目盈余- - -两者都创下全球之最。
OVER the past decade, the world economy has been plagued by widening imbalances, most notably America's current-account deficit and China's surplus-both the largest in the world.
首先，巨额经常项目盈余未必意味着一种货币的价值被不公平地低估，这种盈余可能只是反映了该国的储蓄率和投资率存在差异。
First, a large current-account surplus does not necessarily prove that a currency is unfairly cheap; it may just reflect countries' different savings and investment rates.
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%。
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.
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%。
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.
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%。
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%。
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.
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