Is There a Relationship Between Domestic Financial Conditions and International Balance of Payments?

In the 1920s system, there was a direct connection between your domestic monetary financial conditions and your international balance of payments. And if you were importing way more than you're exporting, then there'd be an automatic corresponding change in your domestic financial conditions that would essentially tighten policy. But on the flip side as any society that was exporting a lot more for whatever reason, their financial conditions would change so they would spend more - but it meant everyone was worse off. The same thing is happening now with China's government trying to have a mix of stable exchange rate at the same time as preventing inflation.