Domestic RMB depreciation pushes up prices, and high prices push up GDP and tax base, so social wealth and fiscal revenue increase substantially, that is, "national wealth" is realized. It stands to reason that residents' income should also maintain synchronous growth, so as to achieve "strong people." However, due to the weak position of ordinary people in the distribution relationship, the new cake that should have been shared has not been shared, so "strengthening the people" has become an empty talk. In addition, in the case that the RMB cannot be devalued externally, the inflation bubble can only be diluted at home, that is, it is digested by the wallets of ordinary people through the overall price increase of food, clothing, housing and transportation. In short, the devaluation of the renminbi did not let the people share the new cake, but bit off a corner of the original cake on the people's plate.

Of course, not all the meat in ordinary people's bowls flew into the national treasury, but a considerable part was swept into the pockets of businessmen and speculators. Because the key factor of the price increase of social consumer goods is often the layer-by-layer price increase in circulation. According to statistics, in the first three quarters, the total retail sales of consumer goods in China increased by 18.3% year-on-year, much higher than the growth of GDP and residents' income. Does this mean that people now dare to spend money or have more money to spend than before the financial crisis? That was not the case. Usually, when the economy is in recession, people are unlikely to have the impulse to spend. On the contrary, it will maintain a psychology of living within our means and holding money for purchase. Then why is the total retail sales of consumer goods in the first three quarters more than twice the per capita disposable income (7.5%) of residents in the same period? There is only one reason, that is, the change of direction and price increase of consumer goods such as beans, ginger and garlic forced the people to open their wallets, so some of the meat in their bowls was taken away by those merchants and speculators.

However, in this case, all people are "losing meat", while in another case, only certain groups will "slim down" because of the depreciation of the RMB.

For example, a "house slave" who bought a high-priced house. It has to be admitted that the soaring housing prices in recent years have actually absorbed a lot of inflation bubbles, and also adjusted the price index to a certain extent (usually, housing prices are not considered when calculating CPI and PPI values, but are calculated in investment), but this is at the expense of the "happiness" of the majority of "house slaves". At the end of September this year, after the central government issued the "National Five Articles", house prices have stabilized, which is a good thing for ordinary people. However, the stabilization of housing prices means that inflation will be less than exports in the future. On the contrary, industries and fields other than real estate will be under greater pressure. Because the inflation bubble has to go somewhere after all. If it cannot be reasonably induced to transfer to certain industries, it will flock to the fields of people's livelihood such as clothing, food, housing (rent) and transportation, and gather in the rice bowls of ordinary people. In other words, in the first half of the year, farce like "garlic is cruel", "ginger is your army" and "beans are your play" will intensify, and the jobs of ordinary people will become heavier and heavier. On the contrary, the pockets of many merchants and speculators are getting bigger and bigger.

Just like the original intention of the consultation draft of electricity price ladder charges issued by the National Development and Reform Commission earlier this month, this oil price increase has both the suspicion of changing charges and the intention of shifting inflation. At present, M 1 has reached 2.44 billion yuan, up more than 20% year-on-year, and the inflation bubble needs to be guided and transferred urgently. Instead of letting the meat in the bowl of ordinary people be robbed, it is better to let specific people in specific fields take the lead and bear more inflationary pressures. So the NDRC compared it with its fingers and came up with the idea of electricity price and oil price. Of course, this will also benefit monopoly central enterprises such as "Petrochemical Double Heroes" intentionally or unintentionally.

Regrettably, in recent years, while the RMB has depreciated internally, it has also greatly appreciated externally, especially against the US dollar. Since the exchange rate reform on July 2, 2005, the exchange rate of RMB against the US dollar has risen from 8.27∶ 1 to 6.67∶ 1 at present, with an appreciation rate exceeding 19%. Even since the exchange rate flexibility adjustment of 19 and 20 10 in June, its appreciation against the US dollar has exceeded 2%. It can be seen that the anger of RMB abroad is far better than that at home, and the wealth sent abroad because of anger is no less than the cake swept away by anger.

First, after the appreciation of the RMB, the country's foreign exchange reserves of more than $2 trillion will be greatly reduced. The appreciation of the RMB against the US dollar means that the US dollar depreciates against the RMB, which is followed by a sharp decline in the assets of the US dollar. Take the US Treasury bonds in China's foreign exchange reserves as an example. By the end of August this year, China held US$ 868.4 billion in US Treasury bonds. Even if the average depreciation is 10%, the national wealth will shrink by hundreds of billions of RMB.

Both, after the appreciation of RMB, foreign capital will take away huge wealth when it returns. For example, a foreign investor invested $ 1 billion in China before the exchange rate reform in 2005, and at that time it could be converted into RMB 827 million. Even if business income and bank interest are not considered, if a foreign investor withdraws his capital now, he can get $654.38+24 billion at the current exchange rate of 827 million yuan, which is $24 million more than his initial investment, and the arbitrage yield is as high as 24%. Why have foreign hot money been pouring into China in recent years? That's why. As long as foreign hot money can enter China, even if it stays in the bank, it can also benefit from RMB appreciation.

Third, after the appreciation of RMB, foreigners' consumption in China will erode huge wealth. For example, before the exchange reform in 2005, a foreigner traveled to China with US$ 6,543,800+,converted US$ 6,543,800+into RMB 8,270,000 at the exchange rate at that time, and then traveled around. If it spent a total of 6.5438+0.6 million in the past five years, it will bring back the remaining 6.67 million dollars when it is tired of playing. According to the current exchange rate (6.67∶ 1), 6.67 million RMB can be converted into 1 ten thousand dollars. This fellow spent nothing and spent five years in China for free. So, it is no wonder that the subway in Beijing and Shanghai is crowded with foreigners.

Fourth, after the appreciation of RMB, the state's "subsidy" to export enterprises, that is, export tax rebate, will lose huge wealth. Since the exchange rate reform in 2005, the cumulative appreciation of RMB against the US dollar has exceeded 19%, which means that the profit margin of export enterprises has been compressed by nearly 20%. For those coastal processing enterprises whose profit margin is only a few points, this is tantamount to a fatal blow. In order to ensure that these enterprises will not go bankrupt and their employees will not be unemployed on a large scale, the state has to raise the export tax rebate. In the past two years, the Ministry of Finance of China and State Taxation Administration of The People's Republic of China have repeatedly raised the export tax rebate rate for light industrial and mechanical and electrical products, and some even raised it to 17%. Although the export tax rebate is for domestic enterprises, the vast majority of consumers of their products are foreigners, so this is tantamount to giving foreigners a "red envelope". According to the statistics of the Ministry of Finance, from June 5438 to September this year, China's export value-added tax and consumption tax totaled 53 1.207 billion yuan, an increase of 44.954 billion yuan over the same period last year. It can be seen that this "red envelope" is not small.

In recent years, the value of RMB has declined internally and increased externally. This abnormal situation not only creates the appearance of "two highs and one low" (high prices, high exchange rate and low interest rate), but also hides a huge transfer of wealth.

On the one hand, some folk wealth has been transferred to the government treasury and the pockets of some monopoly enterprises, businessmen and speculators;

On the other hand, a part of national wealth has been transferred to foreigners' wallets. Fortunately, a few days ago, the central bank began to raise interest rates. After raising interest rates, the trend of RMB's internal depreciation and external appreciation has changed. It is expected that this interest rate increase measure will continue or introduce new measures in the future, and it is believed that the problem of wealth transfer will be alleviated.