So far, the foreign exchange reserves are 3.84 trillion, or 23.8 trillion (calculated at the exchange rate of 6.2). However, the total deposits of enterprises are 59 trillion, and the total deposits of residents are 49 trillion. Is the appreciation of these deposits less important than foreign exchange reserves? Which of stocks, bonds and overseas financing does not benefit from the appreciation of RMB?
As the relevant person in charge of SAFE answered in an interview a few years ago: "The book loss of foreign exchange reserves caused by RMB appreciation is far less than the book surplus of my financial assets. The book losses and surpluses generated by reporting currency are just like the two sides of a coin (called duality in economics). Corresponding to the book loss after the reserves denominated in US dollars are converted into RMB, the book surplus of RMB financial assets held by China nationals is denominated in US dollars. By the end of March of 20 1 1, the balance of China's foreign exchange reserves was US$ 3.04 trillion. At the end of March, the total scale of RMB financial assets such as RMB deposits, stocks, government bonds and insurance assets of enterprises and residents in the same period was more than five times that of China's foreign exchange reserve assets. This means that when the RMB appreciates, the book gain of RMB assets is more than five times the book loss of foreign exchange reserve assets. If we consider the scale of other financial assets and real estate assets held by residents in the form of stocks and bonds, the book income of RMB assets will be even greater. "
Therefore, it is not advisable to just think about the foreign exchange money in hand.