It is divided into the impact of balance of payments deficit and the impact of surplus. Deficit: 1. The balance of payments deficit causes the exchange rate to fall. After the exchange rate falls, the foreign exchange market intervenes, resulting in a reduction in a country's foreign exchange reserves. 2. The balance of payments deficit causes the exchange rate to fall, and the government adopts tightening monetary policies, which will cause interest rates to rise, affecting economic growth, increasing unemployment, and reducing national income. Surplus: 1. Balance of payments surplus will cause the exchange rate to rise, exports to fall, and then unemployment to increase. 2. The surplus leads to an increase in money supply and serious inflation. 3. Surplus makes other countries run deficits, exacerbating trade frictions. 4. Surplus will lead to excessive exports and a reduction in available domestic resources.