Note that the above table lists China's and Hong Kong's reserves separately. China has by far the largest foreign currency reserves with over two and a half. A foreign reserve is the currency from another nation that is held by a nation's treasury. They are another set of assets in a country. Welcome to the Bank for International Settlements. Promoting global monetary and financial stability through international cooperation. CHISHOLM BETTING RULES BASEBALL

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Top 15 Countries by Foreign Exchange Reserves (1960-2021)

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It doesn't need to sell goods for it. But developing countries have a greater demand for foreign exchange. Developed countries may continue to do this because they build themselves around exporting in exchange for foreign exchange and don't know how to stop.

This explains countries like Japan and China. They haven't transitioned from developing to developed yet, at least not at the macrofinancial level. Switzerland has a long history as an international financial center. Hard to do that without foreign exchange reserves. You also might consider that China and India have about a third of the world population. Per capita, India has less foreign exchange than the United States does.

And China has less than Japan per capita. Part of this of course is that it is easier for small countries to have relatively large amounts of trade and foreign exchange. The US does most of its exchange internally. It takes a deliberately mercantilist policy like Japan and China have traditionally had to generate large amounts of foreign exchange. Mercantilism made a little sense in the days of gold-based currency. At least a collection of gold would have been a collection of gold.

But even then it wouldn't have scaled. Once the amount of gold stored starts getting larger than the amount of trade, there are diminishing returns. Because spending that much stored currency at once would induce inflation. Inflation makes the stored currency worth less. The central bank then uses the dollars to purchase U. A country might draw down its foreign reserves if it needs to sell them in order to stabilize its currency or prop up its economy, especially if the domestic currency falters.

The Bottom Line Maintaining foreign currency reserves is vital to the economic health of a nation. Article Sources Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in our editorial policy.

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List of Countries by Foreign Exchange Reserves 2020

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