Trade surplus, exports exceed imports, foreign exchange is earned, foreign investment is absorbed, and foreign exchange is not used at home, so it needs to be converted into local currency, so long-term surplus will accumulate and there will be a lot.

A long-term trade surplus is a trade imbalance. Those countries with deficits will definitely be dissatisfied, and there will be a saying that they want their currencies to appreciate, that is, they think that the country's export through the policy of undervalued exchange rate leads to its trade deficit, which must be changed through the appreciation of its own currency.

This is why when the foreign exchange reserves are large, the pressure of local currency appreciation is even greater.

Renminbi is not freely convertible, which means that any enterprise or individual who wants to exchange foreign exchange can go to the bank to exchange it, which is subject to the foreign exchange management regulations. In other words, free convertibility means that you can exchange it at any time and exchange as much as you want, without any proof or restrictions.