In other words, these countries lend not only the money they earned through current-account surpluses, but also the money they borrowed through capital-account surpluses – mainly to the United States. As a result, East Asian countries are now sitting on a huge pile of foreign-exchange reserves in the form of US government securities.
更奇怪的是，尽管它们是资本净出口国，却有着金融（资本）项目盈余。换句话说，这些国家不仅借出了自己从经常项目盈余中赚得的钱，还把它们从资本项目盈余中借来的钱也借出去了——主要是借给美国。结果，东亚国家现在积累了巨大的以美国国债为形式的外汇储备。