The article compares how China's current account behaves under different exchange rate systems. The researchers used data from 1994 to 2016 to analyze the relationship between current account, exchange rates, GDP, and interest rates. They found that under a fixed exchange rate, the terms of trade and exchange rate have little impact on the current account. However, under a floating exchange rate, these factors have a greater effect. Overall, the study suggests that blaming the current account deficit solely on the exchange rate regime is not reliable.