If you're asking about the money reserve fund. The money reserve fund is essentially formed in the form of explicit invisible seigniorage. Like gold and foreign exchange, it is an important part of the central bank's asset currency and a special currency reserve strictly controlled by the state and subject to total control. The money reserve fund belongs to social assets and is managed by the government. It should be managed by the National Monetary Reserve Fund Management Committee composed of the People's Bank of China, the National Development and Reform Commission, the Ministry of Finance, the State-owned Assets Supervision and Administration Commission and the Ministry of Labor and Social Security, with the central bank as the competent business unit.

The money reserve fund is issued when the real economy is deflationary. If there is surplus social funds (as is the case in China at present), they will be distributed to the society. If social funds are insufficient (that is, the real economy and the virtual economy are tightening at the same time), increase the number of money issued. The raised money reserve fund is used for specific social projects that must be undertaken by the society and to purchase some non-performing assets, thus increasing the money supply and alleviating the deflation problem. At this time, the money reserve fund mainly exists in the form of assets.

When the real economy is in inflation, we will issue a money reserve fund to recover money, and at the same time sell the bad assets we have to recover money. While reducing the money supply, increase the supply of social assets. At this time, the money reserve fund mainly exists in the form of money.