It's very simple, because foreign exchange reserves are intended to control the devaluation of the domestic currency, and China is intended to prevent the devaluation of the RMB. At present, the appreciation space of foreign exchange reserves is not as fast as that of RMB, and some of them are still seriously depreciating, which is equivalent to the loss of foreign currency saved, while the appreciation of RMB is equivalent to negligible. That is, the high foreign exchange reserves have increased the pressure of RMB appreciation.