Asia is a land of saving gluts: the flipside to US and European deficits. China's current account surplus this year is forecast to reach almost 10 per cent of GDP. The “manipulated” renminbi is one cause of this huge surplus. Asia's less open capital accounts, younger populations and rudimentary social safety nets also help drive savings higher. Furthermore, the experience of the Asian financial crisis of 1997-8, when the region ran current account deficits with modest foreign reserves, spooked governments. Hence today's nearly $4,000bn of reserves held by countries in the region, excluding Japan, Australia and New Zealand.
亚洲是一个储蓄过剩之地，与美国和欧洲的储蓄不足刚好相反。预计今年manbetx3.0 的经常账户盈余将接近国内生产总值的10%。“被操纵的”人民币汇率是造成这一巨额盈余的一个原因。亚洲的资本账户不那么开放，人口比较年轻，社会保障网络刚刚起步等因素，也帮助推高了储蓄率。此外，1997-98年的亚洲金融危机也是各国政府挥之不去的噩梦——当时该地区处于经常账户赤字，外汇储备不足。于是乎，如今该地区国家（不包括日本、澳大利亚和新西兰）持有了近4万亿美元的外汇储备。