As on date, China’s current account surplus (in relation to its GDP) has declined from the pre-crisis peak, and China’s real effective exchange rate has also appreciated since 2005, even though it is widely believed that it needs to appreciate further.
In the meanwhile, however, the cumulative surpluses of oil producing countries (mostly OPEC, Russia and Norway) have increased and now account for the lion’s share of global current account surpluses. While global imbalances  4  BIS central bankers’ speeches  have declined in the post-crisis period, their nature and composition continue to evolve.