The short-term effect is an appreciation of real exchange rates and soaring current account deficits in destination countries.

其短期影响是，目的国实际汇率上升，经常账户赤字大幅增长。

youdao

In adjusting current accounts, what matters is the real exchange rate (which takes account of relative inflation rates at home and abroad).

在调整经常账户方面，实际汇率的调整才是最重要的(因为实际汇率将国内外的相对通胀率都考虑进去了)。

youdao

If they should decide to reduce the current account surplus, should they allow faster appreciation of the nominal exchange rate or overheating and faster inflation?

如果他们决定减少经常账户盈余，那么他们是否应该允许名义汇率更快上升，或是经济过热和通胀加速？

youdao

Another way of looking at China's current-account surplus with America is that in exchange for selling lots of cheap shoes and fridges to American consumers, China receives little by way of return except IOUs in the form of American Treasuries.

ECONOMIST: Will China float the yuan, revalue it up a bit, or neither?

In a little-noticed comment during the weekend's meetings, Yi Gang, a deputy governor of China's central bank and head of the country's foreign-exchange reserves, said that China aimed to bring its current-account surplus below 4% of GDP within 3-5 years.

ECONOMIST: Currency wars

Both the current account and the exchange rate (painfully strong for much of 1997) have been under pressure since September.

ECONOMIST: Chile