First of all, you should know how foreign exchange comes in, mainly through the surplus under the current account. In other words, we get a lot of dollars through trade, and these dollars are in the hands of enterprises, and enterprises finally get RMB, so the government must exchange RMB (this process is naturally completed by banks), and the government uses RMB to exchange these dollars in the hands of enterprises, which is called foreign exchange. These so-called foreign exchange accounts for more flows into the market, the base currency in the market increases, and the pressure of RMB appreciation increases.