The Balance of Payments · 国际收支
| English | 中文 | Pinyin · 拼音 |
|---|---|---|
| balance of payments/ˈbæləns ɒv ˈpeɪmənts/ | 国际收支 | guó jì shōu zhī |
| current account/ˈkʌrənt əˈkaʊnt/ | 经常账户 | jīng cháng zhàng hù |
| financial account/faɪˈnænʃl əˈkaʊnt/ | 金融账户 | jīn róng zhàng hù |
| capital account/ˈkæpɪtl əˈkaʊnt/ | 资本账户 | zī běn zhàng hù |
Recording a country's trade with the world
- Every cross-border transaction is written down in the balance of payments 国际收支.
- It is a full record of money flowing in and out of a country.
- It splits into two main accounts that, together, tell the whole story.
- The trick is seeing how the two accounts fit together.
记录一国与世界的贸易
- 每一笔跨境交易都被记进国际收支(balance of payments)。
- 它是一个国家资金流入和流出的完整记录。
- 它分成两个主要账户,合起来讲述完整的故事。
- 关键是看清两个账户如何拼在一起。
The balance of payments records: · 国际收支记录:
It is the full record of cross-border money flows. · 它是跨境资金流动的完整记录。
Importing more goods than you export gives a current account . · 进口的商品多于出口,会带来经常账户。
More money leaves for imports than arrives from exports. · 为进口流出的钱多于出口带来的钱。
The current account: goods and income
- The current account 经常账户 records trade in goods and services, plus income and transfers.
- Import more than you export? You run a current account deficit.
- Export more than you import? A current account surplus.
- It is the "buying and selling stuff" account.
经常账户:商品与收入
- 经常账户(current account)记录商品和服务的贸易,加上收入和转移。
- 进口多于出口?你有经常账户赤字。
- 出口多于进口?经常账户盈余。
- 它是"买卖东西"的账户。
A foreigner buying a country's government bonds is recorded in the: · 外国人购买一国的政府债券,记录在:
Buying an asset (a bond) is a financial account entry. · 购买资产(债券)是金融账户的条目。
Match each transaction to its account. · 把每笔交易与其账户配对。
Goods and services → current; assets → financial. · 商品和服务 → 经常;资产 → 金融。
The financial account: assets
- The financial account 金融账户 (older books say capital account 资本账户) records buying and selling assets.
- Foreigners buying a country's shares, bonds, or property all count here.
- It is the "buying and selling ownership" account.
- Money entering to buy assets is a financial account surplus.
金融账户:资产
- 金融账户(financial account,旧书叫资本账户 capital account)记录资产的买卖。
- 外国人购买一国的股票、债券或房产都算在这里。
- 它是"买卖所有权"的账户。
- 资金进来购买资产,是金融账户盈余。
Current account or financial account? · 经常账户还是金融账户?
The current account records trade in goods, services, and income; the financial account records the buying and selling of assets. · 经常账户记录商品、服务和收入的贸易;金融账户记录资产的买卖。
A current account deficit is broadly offset by a financial account surplus. · 经常账户赤字大体上被金融账户盈余抵消。
The dollars sent abroad return to buy the country's assets. · 送到国外的美元回来购买这个国家的资产。
A US current account deficit of 100 is matched by a financial account surplus of 100. What do the two accounts sum to? · 美国经常账户赤字 100 被金融账户盈余 100 匹配。两个账户相加是多少?
−100 + 100 = 0. Money that left as imports returned as investment. · −100 + 100 = 0。作为进口流出的钱作为投资流回来了。
Why the two accounts offset
- Key idea: the two accounts broadly offset each other. The dollars that leave must return.
- A current account deficit (money sent abroad for goods) comes back as foreigners buy your assets — a financial account surplus.
- Worked idea. Americans buy $100 of Chinese goods → a US current account deficit of$100. China uses those dollars to buy $100 of US bonds → a US financial account surplus of$100.
- The two sum to zero: money that left as imports returned as investment.
为什么两个账户相互抵消
- 关键思想:两个账户大体上相互抵消(offset)。流出的美元必须流回来。
- 经常账户赤字(为买商品把钱送出国)会作为外国人购买你的资产而流回来——金融账户盈余。
- 例题。 美国人买 100 美元的中国商品 → 美国经常账户赤字 100 美元。中国用这些美元买 100 美元的美国债券 → 美国金融账户盈余 100 美元。
- 两者相加为零:作为进口流出的钱作为投资流回来了。
The balance of payments records all money in and out. The current account (goods, services, income) and the financial account (assets) broadly offset: a current account deficit is matched by a financial account surplus, because the dollars that leave return as investment ($-100$ and $+100$ sum to zero).
国际收支记录所有进出的钱。经常账户(商品、服务、收入)和金融账户(资产)大体相互抵消:经常账户赤字被金融账户盈余匹配,因为流出的美元作为投资流回来($-100$ 和 $+100$ 相加为零)。