Necessary adjustments in global imbalances are under way. China's current account surplus is down from a peak of 11 per cent to about 6 per cent in 2009, while the US current account deficit is well down from its peak of 6 per cent. Estimates of future surpluses in China are being revised down. Yet the contours of the next imbalance are becoming clear and China's exchange rate is central.
全球失衡的必要調整正在進行中。中國的經常賬戶盈余從11%的峰值降至2009年的6%左右，同時美國的經常賬戶赤字也遠低于6%的峰值水平。人們正在調低對中國未來盈余的預期。然而，下一個失衡的輪廓正變得清晰起來，而中國的匯率是其中的核心因素。
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