The subprime mortgage crisis of the United States in 2007 has evolved into global gaming of sovereign currencies, and the appreciation of Chinese currency RMB has been one of the focuses. In this paper, we suggest that the appreciation expectation of RMB itself needs to be prudently managed as a crisis by the central government. In 1980s, the currency appreciation of Japanese Yen and New Taiwan Dollar leads to mass economic bubbles in stock and real estate market, and the consequent bust of the bubbles results in heavy losses of public wealth which in turn crippled the sustainable development in Japan and Taiwan Region. The formation and bust of currency appreciation bubbles is essentially social wealth redistributions in large scale, with past wealth accumulations and future revenues involved, and the central government's vision and resolve determines their extent. We propose that distributing the appreciation dividend-to citizens equally can be employed as an extra currency policy instrument of The People's Bank of China in current development stage of historical significance.
