As a result, when the dollar depreciates against the renminbi, the value of China’s foreign liabilities increases in dollar terms, while that of its foreign assets remains unchanged. As a result, China’s net international investment position (NIIP), which is the difference between China’s gross assets and its gross liabilities, automatically worsens.
但是，尽管中国对外资产以美元计价，其债务，比如FDI，却是用人民币计价的。结果，当美元对人民币贬值时，中国的对外债务的美元价值就会上升，而其对外资产并不发生变化。结果，中国的净国际投资头寸（NIIP），即中国总资产与总负债之差，会自动减少。中国NIIP的恶化反映了财富从中国向美国的转移。