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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A rate rise last week from the US central bank, and signal of more to come, places China in a bind by adding to capital outflow pressure that is weighing on the renminbi exchange rate.