The Great Rebalancing will experience many wobbles. Data yesterday showed an unexpected 8 per cent narrowing in the US trade deficit. Much of the gap closed because of lower oil imports. But a weaker dollar also pushed exports to their highest level in a year, suggesting a 1 per cent contribution to growth in the fourth quarter, according to Capital Economics. Such a boost is welcome, but this is still no bonanza: imports and exports remain almost 20 per cent below last year's peaks.
全球經濟的宏大再平衡過程，必然會經歷許多搖擺。昨日數據顯示，美國貿易赤字令人意外地收窄8%。赤字收窄在很大程度上是因爲石油進口量降低。但是，美元走軟也推動美國出口達到一年來最高水準。據資本經濟(Capital Economics)估計，這將給第四季度成長帶來1%的貢獻。這種提振是可喜的，但還算不上形勢大好：美國進出口仍低於去年峯值水準近20%。
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