The appreciation of RMB refers to the appreciation of RMB against foreign currency (USD). Issuing RMB by the central bank will lead to inflation. RMB is not an international currency and cannot be freely exchanged. In other words, you are willing to exchange RMB for dollars, but the US government doesn't have to. There is no problem that the US dollar is not convertible enough. The American government just wants to control the world economy through dollars, so it desperately issues dollars. Former Secretary of State Henry Kissinger famously said that whoever owns the right to issue currency will own the world economy. Therefore, the United States will be willing to provide us with any amount of dollars we want. The problem is that people don't necessarily want RMB, because it will help the RMB become a potential rival to the international currency and the US dollar.