China's current account surplus and export growth have, indeed, fallen.

The US current account deficit and the Asian surplus will shrink.

Similarly, Russia s current account balance has been mostly in surplus in recent years.

SINGAPORE These days everyone seems to want to run a current account surplus.

As the national saving rate has come down, so has the current account surplus.

Given China s massive current account surplus (12 of GDP), the renminbi is still undervalued.

(iii) 25,395,513 dollars, being the balance in the surplus account as at 31 December 1999

(iii) 15,671,000 dollars, being the balance in the surplus account as at 31 December 2003

Its current account surplus peaked, before the financial crisis of 2008, at around 11 of GDP.

The smaller current account surplus in northern Europe that might result from this should itself be welcome.

Sweden accumulated a current account surplus of 53 of GDP, in contrast to America s 48 of GDP deficit.

On the other hand, foreign criticism of Germany for running a current account surplus similar to China s is unfounded.

SINGAPORE These days everyone seems to want to run a current account surplus. China has long run large surpluses.

Latin America will finish 2007 with a current account surplus and growing foreign currency reserves, insulating them from financial crisis.

But the ongoing weakness of the euro fed by such policies is fueling growth in the eurozone s current account surplus.

The US has complained about China s current account (trade) surpluses but, as a percentage of GDP, Germany s surplus is even greater.

America s current account balance the surplus of imports over exports is now in deficit to the tune of 3 of GDP.

But the reverse is also true as soon as the current account swings to surplus, the pressure from financial markets abates.

Saudi Arabia also has a bilateral and multilateral surplus Americans want its oil, and Saudis want fewer US products. Even in absolute value, Saudi Arabia s multilateral merchandise surplus of 212 billion in 2008 dwarfs China s 175 billion surplus as a percentage of GDP, Saudi Arabia s current account surplus, at 11.5 of GDP, is more than twice that of China.

It is running a current account surplus that is now larger than China s indeed, the largest in the world in absolute value.

When Congress pressed China for a large currency revaluation in 2004 2005, China s current account surplus was rising at an accelerating pace.

The current account surplus, which was supposed to decline sharply, has actually increased, as savings have remained higher and investment lower than expected.

Thus, China s continued reinvestment of its current account surplus in US government securities is of utmost important for US growth and financial stability.

Now it has a surplus.

Countries like Germany that are running a current account surplus would also help themselves by helping to stimulate the European economy as a whole.

This time, China s current account surplus has been shrinking significantly, owing to the global recession caused by the collapse of the US financial bubble.

Consider China, where the saving and investment rates are near 40 , where the current account is in surplus and there is no public debt.

For Chinese policy makers, today's market pressures are not high enough to force them to take action, as China still enjoys a decent surplus in its balance of payments, both on current account and capital account.

a reversal of the country s now rising income inequality lowering the very high savings level relative to investment and thus reducing the current account surplus

China, the world s growth superstar, has a huge current account surplus, which means that it is a net lender to the rest of the world.

A sizeable reduction in aggregate demand through RMB appreciation is achievable without being imprudent, because the current account surplus in 2007 was 9.5 of GDP.

But the euro weakness triggered by quantitative easing has further boosted Germany s current account surplus, which was already a whopping 8 of GDP last year.

China, the world s growth superstar, has a huge current account surplus, which means that it is a net lender to the rest of the world.

With a modest fiscal deficit, record low borrowing costs, and a huge current account surplus, Germany has the financial firepower to unleash a significant stimulus.

Japan s past predilection toward saving has long implied a large trade and current account surplus, but now these surpluses are starting to swing the other way.

Unlike the US and the UK, the eurozone in aggregate is running a current account surplus (it is, as policymakers like to say, living within its means ).

That's the second half of cognitive surplus.

Who gets to pocket this team surplus ?

Russia s budget surplus has stood at more than 7 of GDP in the last two years, public debt has dwindled to only 8 of GDP, from 100 in 1999, and the current account surplus has averaged at 10 of GDP for the last eight years.

But China s current account surplus is actually less than the combined figure for Japan and Germany as a percentage of GDP, it is 5 , compared to Germany s 5.2 .

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President Bush's tax cut, however, squandered the surplus.