But if the US fails to narrow its savings gap, its current-account deficit will not disappear, regardless of where the dollar goes. Whether America can achieve decent growth while keeping its current-account deficit in check depends on whether it can reinvigorate its ability to innovate and create, thereby restoring competitiveness and creating demand at the same time.
毫无疑问，人民币升值会使美国市场上的中国商品数量减少，但如果美国无法收窄其储蓄缺口的话，无论美元汇率如何变化，经常账户逆差都不会消失。美国是否能够在实现合理增长的同时继续保持这种危险的经常账户逆差状态，这取决于是否能重振其创新能力，并在重建竞争力的同时创造新的需求。