Admittedly, the shrinking foreign exchange reserves are only $3 trillion. The foreign exchange reserves announced by the State Administration of Foreign Exchange every month are the amount of foreign exchange reserves announced according to the definition of the International Monetary Fund, that is, the freely convertible currency held by the government. In other words, $3 trillion is a freely convertible currency (including highly liquid foreign exchange assets) held by the government of China, excluding foreign exchange and foreign exchange assets held by financial institutions, enterprises and individuals, and excluding other reserve assets held by the government of China.