From Wikipedia, the free encyclopedia

Foreign exchange reserves, also called Forex reserves, are, in a strict sense, only foreign-currency deposits held by nationals and monetary authorities. However, in popular usage and in the list below, it also includes gold reserves, special drawing rights (SDRs) and IMF reserve position because this total figure, which is usually more accurately termed as official reserves or international reserves or official international reserves, is more readily available and also arguably more meaningful. [1]

These foreign-currency deposits are the financial assets of the central banks and monetary authorities that are held in different reserve currencies (e.g. the U.S. Dollar, the Euro, the Japanese Yen, the Indian Rupee, the Pound Sterling, and the Chinese Yuan) and which are used to back its liabilities (e.g. the local currency issued and the various bank reserves deposited with the Central bank by the government or financial institutions). Before the end of the gold standard, gold was the preferred reserve currency.

List

The list below is mostly based on the latest available IMF data, and while most nations report in U.S. dollars, a few nations in Eastern Europe report solely in Euros and some others report in their respective currencies. And since all the figures below are in U.S dollar equivalents, exchange rate fluctuations can have a significant impact on these figures.

Timeline of the top 5 countries

The five countries with the largest foreign exchange reserves almost all have reserves of at least 500 billion USD and higher and have maintained such an amount for at least a week. At present there are only six countries whose reserves are at such a figure; this includes China, Japan, Switzerland, India, Russia and Taiwan. Saudi Arabia formerly included on the list until March 2020; its reserves were severely depleted by the low oil price during the economic fallout of from the global outbreak of coronavirus disease, its ongoing oil price war with Russia and competition from US shale oil. [197]

  • China - The foreign-exchange reserves of China are the greatest of all countries and have been so for more than 14 years. [198] [199] The main composition of Chinese forex reserves is approximately two-thirds USD and one-fifth Euros with the rest made up of Japanese Yen and the British Pound. China was the second country to reach $500 billion and the first to reach $1 trillion in reserves. China is also the only country that reached net reserves of $2 trillion and $3 trillion. Chinese forex reserve reached over $3.993 trillion and possibly reached $4 trillion before July 2014 but there was no official figures to confirm it.
  • Japan - Japanese forex reserves are the second largest in the world. Japan was the first country to reach $500 billion in reserves and had the highest forex reserves in the world until they were surpassed by China in 2006. They have remained in second place since 2006 and above $1 trillion since 2008, being the second country to surpass $1 trillion. [200]
  • Switzerland - Swiss forex reserves are the third largest in the world. Switzerland became the fifth country to reach $500 Billion in 2014 after Saudi Arabia and the third country to reach $1 trillion at the end of 2020. Swiss reserves are compiled in Swiss francs. Since the Financial crisis of 2007-2008, the Swiss franc has significantly appreciated against other currencies due to Switzerland's traditional perceived safety which has attracted speculative foreign capital; due to the inflows of investment income by Swiss firms, and due to the large surplus in the trade of goods. In order to protect the real economy from the sudden speculative appreciation of the currency, the Swiss National Bank began intervening in the currency markets, first with an explicit target of a maximum exchange rate against the euro of 1.20CHF/EUR until 2015, [201] and then through implicit interventions. However, the resilience of the export sector and the continued inflows of capital, has meant that the Swiss Franc has kept appreciating. [202] As a result of this, the SNB has been unable to dispose of its large accumulated foreign exchange reserves since their sale would lead to an even greater appreciation of the currency.
  • Russia - Russian reserves are the world's fifth largest; They have reached a level of $600 billion on 21 May 2021. They were the third country to reach $500 billion. [205] The first fall in reserves was due to the Great Recession, the second fall in 2015 was due to falling oil prices.


Here is the combined foreign reserves timeline for China, Japan, Switzerland, India, Russia. [206]

Combined Foreign Reserves Timeline for China, Japan, Switzerland, India, Russia
Combined Foreign Reserves Timeline for China, Japan, Switzerland, India, Russia

Currency composition of foreign exchange reserves

IMF releases the quarterly data on the currency composition of official foreign exchange reserves. The data are reported to the IMF on a voluntary and confidential basis. As of Q4 2016, there are 146 reporters, consisting of IMF member countries, a number of non-member countries/economies, and other entities holding foreign exchange reserves. From Q4 2016, the data was expanded to include renminbi (RMB). [207] Monetary gold is not covered in COFER but included in reserved assets, a broader scope than that of COFER. [208]

Currency Composition of Foreign Exchange Reserves (COFER)
(US Dollars, billions) [207]
Currency→
↓Quarter
United StatesUSD European UnionEUR JapanJPY United KingdomGBP CanadaCAD ChinaRMB AustraliaAUD SwitzerlandCHF Other
Currencies
Unallocated
Reserves
Total
Q1 2019 6727.09 2208.79 584.63 495.70 208.64 212.26 181.95 15.27 263.50 712.93 11610.77
Q2 2019 6752.28 2264.88 611.87 497.41 209.85 212.80 186.71 15.53 270.56 715.88 11737.76
Q3 2019 6728.85 2212.74 612.75 492.22 205.44 213.83 182.48 16.20 262.92 729.40 11656.82
Q4 2019 6674.83 2279.30 631 511.51 206.71 215.81 187.18 17.36 281.50 749.55 11824.74
Q1 2020 6794.91 2197.30 624.97 486.08 195.13 221.48 170.16 16.05 255.53 770.32 11731.94
Q2 2020 6902.01 2272.44 643.70 504.36 215.47 233.68 190.34 17.22 278.67 754.11 12011.98
Q3 2020 6927.16 2359.61 668.19 523.64 231.10 247.44 199.51 19.30 283.16 787.44 12246.56
Q4 2020 6990.97 2526.41 715.35 561.39 246.57 271.60 216.87 20.74 314.63 841.14 12705.67
Q1 2021 6971.79 2404.80 686.30 554.28 250.01 293.32 214.89 19.44 335.82 851.50 12582.14
Q2 2021 7070.33 2458.88 672.20 560.90 270.01 314.81 218.44 23.13 357.57 865.83 12812.12
Q3 2021 7087.77 2462.44 681.42 561.66 264.29 320.15 214.26 23.77 354.77 860.67 12831.20
Q4 2021 7087.14 2486.88 671.77 576.22 286.93 336.10 218.02 24.51 362.96 886.73 12937.27
Q1 2022 6868.97 2328.35 626.44 569.45 286.02 330.03 221.91 29.48 387.80 858.65 12507.09
Q2 2022 6645.02 2187.63 572.65 538.73 275.75 308.22 209.14 27.63 358.62 858.26 11981.65
Q3 2022 6426.89 2086.40 560.11 489.95 260.92 281.12 204.78 24.78 358.59 841.74 11535.29
Q4 2022 6460.21 2252.06 608.17 543.11 262.62 287.81 217.08 25.31 383.64 877.79 11917.81
Q1 2023 6630.89 2186.33 610.39 605.02 270.60 287.12 221.62 28.26 389.07 877.53 12029.03
Q2 2023 6641.89 2207.25 597.15 533.64 278.51 272.99 219.70 21.26 403.72 887.06 12055.26
Q3 2023 6497.94 2150.47 598.73 530.36 274.36 260.12 222.35 20.30 426.63 920.27 11901.53

See also

Notes

References

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External links

From Wikipedia, the free encyclopedia

Foreign exchange reserves, also called Forex reserves, are, in a strict sense, only foreign-currency deposits held by nationals and monetary authorities. However, in popular usage and in the list below, it also includes gold reserves, special drawing rights (SDRs) and IMF reserve position because this total figure, which is usually more accurately termed as official reserves or international reserves or official international reserves, is more readily available and also arguably more meaningful. [1]

These foreign-currency deposits are the financial assets of the central banks and monetary authorities that are held in different reserve currencies (e.g. the U.S. Dollar, the Euro, the Japanese Yen, the Indian Rupee, the Pound Sterling, and the Chinese Yuan) and which are used to back its liabilities (e.g. the local currency issued and the various bank reserves deposited with the Central bank by the government or financial institutions). Before the end of the gold standard, gold was the preferred reserve currency.

List

The list below is mostly based on the latest available IMF data, and while most nations report in U.S. dollars, a few nations in Eastern Europe report solely in Euros and some others report in their respective currencies. And since all the figures below are in U.S dollar equivalents, exchange rate fluctuations can have a significant impact on these figures.

Timeline of the top 5 countries

The five countries with the largest foreign exchange reserves almost all have reserves of at least 500 billion USD and higher and have maintained such an amount for at least a week. At present there are only six countries whose reserves are at such a figure; this includes China, Japan, Switzerland, India, Russia and Taiwan. Saudi Arabia formerly included on the list until March 2020; its reserves were severely depleted by the low oil price during the economic fallout of from the global outbreak of coronavirus disease, its ongoing oil price war with Russia and competition from US shale oil. [197]

  • China - The foreign-exchange reserves of China are the greatest of all countries and have been so for more than 14 years. [198] [199] The main composition of Chinese forex reserves is approximately two-thirds USD and one-fifth Euros with the rest made up of Japanese Yen and the British Pound. China was the second country to reach $500 billion and the first to reach $1 trillion in reserves. China is also the only country that reached net reserves of $2 trillion and $3 trillion. Chinese forex reserve reached over $3.993 trillion and possibly reached $4 trillion before July 2014 but there was no official figures to confirm it.
  • Japan - Japanese forex reserves are the second largest in the world. Japan was the first country to reach $500 billion in reserves and had the highest forex reserves in the world until they were surpassed by China in 2006. They have remained in second place since 2006 and above $1 trillion since 2008, being the second country to surpass $1 trillion. [200]
  • Switzerland - Swiss forex reserves are the third largest in the world. Switzerland became the fifth country to reach $500 Billion in 2014 after Saudi Arabia and the third country to reach $1 trillion at the end of 2020. Swiss reserves are compiled in Swiss francs. Since the Financial crisis of 2007-2008, the Swiss franc has significantly appreciated against other currencies due to Switzerland's traditional perceived safety which has attracted speculative foreign capital; due to the inflows of investment income by Swiss firms, and due to the large surplus in the trade of goods. In order to protect the real economy from the sudden speculative appreciation of the currency, the Swiss National Bank began intervening in the currency markets, first with an explicit target of a maximum exchange rate against the euro of 1.20CHF/EUR until 2015, [201] and then through implicit interventions. However, the resilience of the export sector and the continued inflows of capital, has meant that the Swiss Franc has kept appreciating. [202] As a result of this, the SNB has been unable to dispose of its large accumulated foreign exchange reserves since their sale would lead to an even greater appreciation of the currency.
  • Russia - Russian reserves are the world's fifth largest; They have reached a level of $600 billion on 21 May 2021. They were the third country to reach $500 billion. [205] The first fall in reserves was due to the Great Recession, the second fall in 2015 was due to falling oil prices.


Here is the combined foreign reserves timeline for China, Japan, Switzerland, India, Russia. [206]

Combined Foreign Reserves Timeline for China, Japan, Switzerland, India, Russia
Combined Foreign Reserves Timeline for China, Japan, Switzerland, India, Russia

Currency composition of foreign exchange reserves

IMF releases the quarterly data on the currency composition of official foreign exchange reserves. The data are reported to the IMF on a voluntary and confidential basis. As of Q4 2016, there are 146 reporters, consisting of IMF member countries, a number of non-member countries/economies, and other entities holding foreign exchange reserves. From Q4 2016, the data was expanded to include renminbi (RMB). [207] Monetary gold is not covered in COFER but included in reserved assets, a broader scope than that of COFER. [208]

Currency Composition of Foreign Exchange Reserves (COFER)
(US Dollars, billions) [207]
Currency→
↓Quarter
United StatesUSD European UnionEUR JapanJPY United KingdomGBP CanadaCAD ChinaRMB AustraliaAUD SwitzerlandCHF Other
Currencies
Unallocated
Reserves
Total
Q1 2019 6727.09 2208.79 584.63 495.70 208.64 212.26 181.95 15.27 263.50 712.93 11610.77
Q2 2019 6752.28 2264.88 611.87 497.41 209.85 212.80 186.71 15.53 270.56 715.88 11737.76
Q3 2019 6728.85 2212.74 612.75 492.22 205.44 213.83 182.48 16.20 262.92 729.40 11656.82
Q4 2019 6674.83 2279.30 631 511.51 206.71 215.81 187.18 17.36 281.50 749.55 11824.74
Q1 2020 6794.91 2197.30 624.97 486.08 195.13 221.48 170.16 16.05 255.53 770.32 11731.94
Q2 2020 6902.01 2272.44 643.70 504.36 215.47 233.68 190.34 17.22 278.67 754.11 12011.98
Q3 2020 6927.16 2359.61 668.19 523.64 231.10 247.44 199.51 19.30 283.16 787.44 12246.56
Q4 2020 6990.97 2526.41 715.35 561.39 246.57 271.60 216.87 20.74 314.63 841.14 12705.67
Q1 2021 6971.79 2404.80 686.30 554.28 250.01 293.32 214.89 19.44 335.82 851.50 12582.14
Q2 2021 7070.33 2458.88 672.20 560.90 270.01 314.81 218.44 23.13 357.57 865.83 12812.12
Q3 2021 7087.77 2462.44 681.42 561.66 264.29 320.15 214.26 23.77 354.77 860.67 12831.20
Q4 2021 7087.14 2486.88 671.77 576.22 286.93 336.10 218.02 24.51 362.96 886.73 12937.27
Q1 2022 6868.97 2328.35 626.44 569.45 286.02 330.03 221.91 29.48 387.80 858.65 12507.09
Q2 2022 6645.02 2187.63 572.65 538.73 275.75 308.22 209.14 27.63 358.62 858.26 11981.65
Q3 2022 6426.89 2086.40 560.11 489.95 260.92 281.12 204.78 24.78 358.59 841.74 11535.29
Q4 2022 6460.21 2252.06 608.17 543.11 262.62 287.81 217.08 25.31 383.64 877.79 11917.81
Q1 2023 6630.89 2186.33 610.39 605.02 270.60 287.12 221.62 28.26 389.07 877.53 12029.03
Q2 2023 6641.89 2207.25 597.15 533.64 278.51 272.99 219.70 21.26 403.72 887.06 12055.26
Q3 2023 6497.94 2150.47 598.73 530.36 274.36 260.12 222.35 20.30 426.63 920.27 11901.53

See also

Notes

References

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