主题：人民币升值与外汇储备损失的一个逻辑 -- stpearl

China does not own these foreign reserves dollars, it is mostly multinationals' investment (FDI) in China. They brought dollars to the Chinese banks to exchange for RMB, so that they can use these RMB to buy equipments, plants, hire people etc. When they decide to leave China, they sell the plants/equipments for RMB, then go back to the Chinese bank to exchange for $s --- so China is just holding the $s for them.

Think about it: average FDI per year is $75B, so 75x 20 (years) = $1.5 T and these multinationals also have probably $1T worth of trade supluses.

If the US default, China should just nationalize these plants and screw all these multinationals, or charge them a HUGE fee if they want to exchange for $s.