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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.

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。

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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.

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。

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India also needs to keep rates high enough to attract foreign capital and offset the current account deficit, in order to keep the rupee from weakening and making inflation worse.

WSJ: India Central Bank Cuts Lending Rate

India also needs to keep rates high enough to attract foreign capital and offset the current-account deficit, in order to keep the rupee from weakening and making inflation worse.

WSJ: India Central Bank Cuts Lending Rate

In economics it is axiomatic that positive and negative current account balances will ultimately be offset by changes in relative currency valuations.

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