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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It is also a synthetic unit of account, a monetary basket with the following weights: US dollar 44%, euro 34%, yen and sterling 11% each.
But if the world's biggest economy stagnates and the second-biggest keeps its currency cheap and its capital account closed, a rigid monetary system will eventually buckle.