“The Chinese and Japanese current account surpluses have fallen noticeably, and the US current account deficit has narrowed too. However, the euro area (EA) has a growing surplus, and several major EM economies and the UK have seen worsening deficits. Rather than global rebalancing, we are experiencing global re-imbalancing,” says a research note on forex strategy from SocGen analyst Alvin T. Tan.
Current accounts and the big picture
Recent shifts in global current account balances reveal an interesting trend.
Current account balances in the US and Europe are on an uptrend, though the US is still to turn the corner into a surplus.
Current accounts of China...
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