Global markets are volatile: the country's current-account surplus has fallen by more than half from a mighty 8% of GDP in just a year.
全球市场变化无常：该国经常账户的盈余一年之内就从足足GDP的8%减少了一半以上。They point to the fact that the current account surplus as a proportion of gross domestic product is likely to be much lower this year.
他们指出这样一个事实，即中国今年经常账户盈余占国内生产总值（GDP）的比例，很可能会大幅降低。But again, there seems to be no rationale to confront this by capping surpluses at a certain percentage of GDP.
但同样，靠把盈余限制在GDP的一定比例上来对抗这点似乎毫无道理。With large capital inflows and a current account surplus, China's foreign exchange reserves have continued to rise rapidly.
遗憾的是，由于巨额资金流入以及经常账户盈余，这些政策无法遏制中国外汇储备的持续迅速增长。What is not so clear, however, is how much difference any undervaluation has made to China's surpluses.
然而，汇率低估对中国盈余状况有多大影响，则不那么清晰。But it cannot be right for a country with such a huge surplus to resort to competitive devaluation.
但是，有如此庞大盈余的国家采取竞争性贬值手段，肯定是不对的。Restructuring is more likely to make sense in a year or so, assuming that the budget is definitively heading into surplus.
一年左右的时间以后，重组更可能行得通，前提是，预算可以确定将进入盈余状态。FOR more than a decade, Australia had enjoyed one of the biggest booms in its history, and a robust series of budget surpluses.
十多年前，澳大利亚为自己历史上最大的繁荣，以及一系列财政预算盈余而沾沾自喜。But that would have made next to no difference to the outcome, unless it had been able to generate a large surplus in net assets.
但那几乎对结局没有什么影响——除非它能够产生巨额的净资产盈余。