The world's most populous economy has been boosted by a surge of capital expenditure and strong export growth.

急剧攀升的资本支出和强劲的出口需求提振了这个世界上人口最多的经济体。

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Investment from abroad creates a strong capital account and a resulting high demand for dollars.

外国投资会创造出一个庞大的资本项目，随之产生对美元的高需求。

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We have a sound capital base, strong liquidity, unmatched global experience with worldwide reach, and extraordinary people.

我们拥有雄厚的资本基础、宽裕的流动性、无可比拟的广泛国际经验、杰出的人才。

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Morningstar analyst Marisa Thompson, who follows the company, says more prudent cost management and improved capital discipline is driving higher returns on capital and strong free cash flow.

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Interestingly, historically there was usually a premium built into high-quality company valuations, as investors are willing to pay more for their high returns on capital, strong balance sheets, lower risk, and the certainty of their cash flows.

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Such is the political capital invested in the exchange-rate peg that Mr Cardoso might opt instead for default, or strong capital controls, or some mixture of the two.

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