China has run a capital-account surplus for most of the last 30 years, and a trade surplus every year since 1993. The PBOC keeps the exchange rate stable by intervening heavily in the foreign-exchange market, creating so much liquidity that the authorities must engage in massive sterilization to avoid overshooting the targeted increase in the monetary base.
中国在过去30年间绝大多数时候都拥有资本帐户顺差，并自1993年以来一直保持着贸易顺差。中国人民银行大力干预外汇市场以维持汇率稳定，并以此创造了巨额流动性，迫使当局采取大规模冲销措施以避免增量超出货币基础的设定目标。