Transactions recorded on a countrys BOP reflect its economic activities with the rest of the world. Of the three major BOP accounts, the current count usually receives special attention. Based on our lecture discussions, which of the following statements is (are) correct? (Select all that apply) (2 marks) A) Higher commodity prices, especially that of iron ores, is the main reason that turned Australias persistent current account deficit into surplus since 2019, and further pushed it to a record high of A$18.3 billion recently as reported by the ABS. B) Appreciation of the CNY within a band against major currencies, traditionally high national savings rate, and tightening of Chinas capital control policies are factors that contribute to keeping Chinas current account in surplus. C) The effective exchange rate for Germany is undervalued relative to other 18 eurozone countries, thanks to Germanys higher productivity, high national savings rate, as well as tight fiscal policy. This has led to Germanys persistent current account surplus since 2004. D) Japan ranks top 3 in the world based on the size of its current account surplus. Unlike the cases of China and Germany, however, the reason for Japans persistent surplus is due to its notoriously protective policies of domestic companies, while Japan does not have a high domestic savings rate.