Let me talk about it;

1, first of all, no matter how the RMB appreciates, it is not a foreign exchange reserve, but a domestic currency.

2. Foreign exchange, that is, foreign currency. Our foreign exchange reserves are mainly US dollars.

3. RMB appreciation, dollar depreciation, that is to say, our dollar-> foreign exchange reserves have depreciated.

4. It is said to be an exchange. In fact, these dollars have not been exchanged for our RMB, but we can use the credit of dollars. It's gone when it's used up. It is impossible to exchange RMB. It is only the exchange rate difference between countries through foreign trade transactions, and the credit accumulated in dollars, not things and currencies.

In other words, the credit purchasing power of our foreign exchange reserves has decreased because of the depreciation of the US dollar.