English to Italian Bus/Financial Finance (general) financial markets

China's foreign-exchange reserves now stand at 38% of GDP, and look likely to have another very strong year in 2005. The $60 billion current-account surplus for 2004 suggests that the yuan's peg to the falling dollar has allowed it to become more competitive. Exports into Euroland are booming. If, as seems likely, the current consolidation in the dollar is only temporary, the probable prognosis for 2005 is a yet more competitive yuan, a wider current-account surplus (exacerbated by showing imports of capital goods imports), and more unofficial capital flows. That means foreign-exchange reserves could easily grow by another $200 billion or more in 2005.