Net asset value is $ 3 trillion, since China also has an external debt of $ 1 trillion.
Add up the net FDI into china for last 30 years .. if all those foreigners start selling the underlying assets purchased in China, in exchange of the FDI dollars ... you begin to have to either draw down the net $ 3 trillion, or devalue CNY to force foreigners to exit at losses. Btw.. much of the FDI was at 8.2 USDCNY rate. So, those foreigners gave up 1 USD to get 8.2 CNY. Even with zero return in CNY, they can now demand 1.32 USD when they take their money back at 6.2 USDCNY.
When bad things come, they come all together. Foreigners run out with their FDI .... when you have inflation / no growth / excess capacity / no buyers. Or you could have bankruptcies / no bailout / deflation.
Hard choice between a stick and a kick !