Second, China’s foreign assets are denominated almost exclusively in US dollars, while its foreign liabilities are denominated mostly in renminbi. As a result, whenever the US dollar declines, China’s net international-investment position (the difference between its external financial assets and liabilities) deteriorates – and so does its investment-income balance.
其二，中国的国外资产基本上全部是以美元计价，而其国外债务则大多以人民币结算。因此只要美元出现贬值，中国的净国际投资头寸（其外部金融资产和债务之间的差额）就会恶化——其投资收入收支也会如此。目前中国推动人民币国际化的举措甚至令到其资产负债表上的数字更加难看。