1. Foreign exchange reserves are creditor's rights held by the monetary authorities of a country (or region) and are part of a country's international reserves, so 20 13 of foreign exchange reserves are not liquid.

2.20 13 reasons for the loss of foreign exchange reserves: foreign exchange reserves are mainly used to pay off the balance of payments deficit, intervene in the foreign exchange market, and maintain the exchange rate of the domestic currency. China's overseas investment is dominated by US Treasury bonds, only 2% to 3%, while its foreign financial liabilities are dominated by FDI, mainly investing in physical assets in China. The agency predicts that the return rate of FDI investment is about 18% ~ 20%, while the return rate of China's huge overseas assets is relatively low, but the cost of external liabilities is extremely high. So 20 13 of the foreign exchange reserves are lost.