That's not really the same as you don't really spend CNH except use it to exchange currencies outside of China. That is, non of the locals or expats in China sp

That's not really the same as you don't really spend CNH except use it to exchange currencies outside of China. That is, non of the locals or expats in China spend CNH - and their value is almost exactly the same because there is not an oversupply of either and both is anchored on the massive USD reserve China has.