Currency reserve

Reserve assets (including foreign exchange reserves or foreign currency reserves ) are those of a central bank on the asset side of its balance sheet in foreign currency , precious metals , special drawing rights and reserve positions in the International Monetary Fund held funds to foreign exchange intervention and financing of external deficits .

General

Currency reserves are recorded in the balance of payments (sub- account : capital account , foreign exchange balance ) of a country or a single currency area . They are mostly in the form of short-term credit or cash . They arise from the current account surpluses of a state or economic area. In principle, these are net currency reserves if the foreign currency debts of the own currency authority have been subtracted from the total currency reserves, i.e. gross currency reserves.

International currency reserves from 1957 to 2007 in billion US dollars

development

The history of currency reserves is closely linked to the development of the money and foreign exchange markets and the various currency systems. Currency reserves are used to shape currency policy .

history

The late 19th and early 20th centuries are mainly characterized by the classic gold standard with gold currency in circulation / gold currency (gold, banknotes and coins in circulation) and the associated gold parity . In Germany, for example, the so-called “third coverage” was introduced in 1875, according to which one third of the amount of banknotes in circulation had to be covered by gold reserves . After the First World War , free flexible exchange rates prevailed for a short time in the form of the gold bullion currency / gold core currency (only banknotes circulate). From 1924, most countries returned to fixed exchange rates. They now followed a gold exchange standard, which means that their central banks held gold or foreign exchange worth part of the amount of money in circulation. This system collapsed in the Great Depression. The time after the Second World War , on the other hand, was shaped by the 1944 agreement in Bretton Woods , America, on the establishment of the International Monetary Fund (IMF) and the introduction of convertibility for all currencies. The US dollar advanced to become the leading international currency, and the US central bank committed itself to exchanging dollars for gold at a fixed rate. At the beginning of the 1970s, this obligation could no longer be met due to the enormous current account deficit in the USA. The US then released the dollar exchange rate and suspended the dollar's gold convertibility. The fixed rate system had finally failed. Gold as the most important reserve asset was replaced by the special drawing rights and has gradually lost its importance until today.

present

In the 21st century, the security of money is mainly guaranteed by other currencies and the function of the International Monetary Fund and the central banks in the individual member countries.

According to the IMF, the global currency reserves amounted to around 6.5 trillion US dollars in January 2008. Asian countries hold around two thirds of the reserves. World currency reserves have risen sharply in recent years. At the beginning of 2003 this was around 2.3 trillion US dollars. In December 2007, world currency reserves reached US $ 6.561 trillion. If the world currency reserves increase significantly faster than the performance of the world economy, this can be an indicator of global inflation .

Share of currencies in currency reserves

Traditionally, the US dollar has played a key role as the former reserve currency . In the meantime, however, the euro has increasingly established itself as an alternative “on an equal footing”. In 2007, Deutsche Bank forecast that the euro share of currency reserves would gradually increase to 30 to 40 percent by 2010. She justifies this with the great exchange rate uncertainties to which the US dollar is exposed (among other things due to the enormous current account deficit of the USA). The bank suspects that the uncertainty could lead central banks seeking stability to greater diversification of their reserves. In addition, a gradual change in currency policy (moving away from a pure dollar peg to a peg to a currency basket ) can be observed in several countries . A third reason can be seen in the rise in currency reserves themselves; Central banks are under political pressure to invest the reserves at interest rates. For this reason, a diversification strategy seems worthwhile.

Components

currency

In connection with the currency reserve, foreign currencies are basically divided into three different claims of a country or uniform economic area against non- residents: Bank deposits , securities and deposits at the Bank for International Settlements (BIS). In the case of bank balances in foreign currencies , a distinction is mainly made between overnight and time deposits . The securitized money market investments outside one's own currency area mostly consist of relatively safe bonds from foreign countries and increasingly of other interest-bearing investments in economic areas or countries in foreign currencies , since a higher return can be achieved here. The currencies also include effective stocks of foreign banknotes and coins , the so-called sorts .

International gold reserves from 1845 to 2012 in tons

gold

Gold is a physical good that is held in the form of bars or coins. Its amount can be clearly determined by weighing. As a rule, the gold stocks of the individual countries are held by the central or central banks. Changes in the gold stock as a currency reserve can result from changes in price and quantity. The share of international gold reserves in total currency reserves has decreased in the last three decades due to less importance for currency hedging through gold (compared to that through foreign currencies) and to a lesser extent also through sales from 60% in 1980 to 9% per year Declined in 2005.

International currency reserves from 1957 to 2007 in millions of special drawing rights

Special Drawing Rights (SDR)

→ Main article : Special drawing right

This artificial currency, which only exists as book money , was created in 1969 by the countries represented in the IMF in order to counteract the "slowdown in reserve growth and absolute reduction in gold reserves" and to ensure liquidity for international trade. Their exchange rate is tied to a basket of currencies (today: US dollars , euros , yen , yuan and pound sterling ) and they can be claimed by the individual members depending on the respective quotas (maximum amount of funding made available by the IMF) be taken.

Reserve positions in the International Monetary Fund (drawing rights)

These are interest-bearing liquid claims based on a member's credit towards the International Monetary Fund, which are redeemed when requested. The interest rate is based on the weighted interest rate for short-term financial investments in the member states of France, Germany, Japan, the United Kingdom and the United States.

Meaning and application example

Simplified example for supporting the exchange rate:

Requirements:

• The current account is only influenced by the trade balance ; the trade balance is initially balanced.
• The “balance of asset transfers” is not reflected.
• The financial account consists only of the positions of securities transactions, direct investments and foreign exchange account .
• The balance of payments is always balanced with the alternative chosen.
• The fact that long-term trade deficits are problematic is not taken into account.

If the price of imported goods with inelastic demand is increased, then domestic current account deficits arise. Since the imported goods have to be paid for in foreign currency, there is an excess demand for the foreign currency of the exporting country. With flexible exchange rates and otherwise constant conditions, this excess demand leads to a devaluation of one's own currency. This devaluation of one's own currency can be prevented by capital movements by the monetary authorities . On the one hand, foreign countries could be induced - for example by a higher level of interest rates or incentives for direct investments in Germany - to invest the increased income domestically (securities transactions and direct investments) due to the price increase. Or the foreign currency authorities could increase their share of the domestic currency reserves (foreign exchange balance sheet). In all three cases the excess demand for foreign currency would be eliminated.

Special role of the export-strong Asian countries

Currency reserves from 1999 to 2008 in comparison

Asian countries with strong exports have seen a rapid growth in currency reserves for about a decade. This becomes particularly clear in the example of the People's Republic of China . After several years of an extremely successful trade balance, this country even overtook Japan in terms of total currency reserves in 2006 and since then has the highest currency reserves in the world. As of March 31, 2008, these were $ 1.682 trillion. In April 2011, China's foreign exchange reserves exceeded three trillion US dollars for the first time, and at the beginning of 2014, 3.82 trillion US dollars.

This is partly due to the fact that China exports around 40% of the goods it produces and has an exceptionally high savings rate of 35%. Philip D. Wooldridge defined the role of China in relation to world reserve assets as follows: "China's reserve assets are so large that even small changes in their composition can have a significant impact on conclusions about trends in aggregated data." Japan had 1.015 trillion US dollar as of March 31, 2008 over the second highest reserves in the world and therefore no less significant. Saudi Arabia had the third highest currency reserves (approx. 700 billion US dollars). Asia had a total of around 2 trillion US dollars (excluding Japan) in March 2008 and thus de facto over a third of the world's currency reserves. One reason for the "hoarding" of US dollars can be seen in the Asian crisis .

Currency reserves in millions of US dollars

See also : List of Countries by Foreign Exchange Reserves

The euro countries were recorded separately because the different member states maintain their own currency reserves, which are recorded in the balance sheet of the national central bank of the respective euro country. For example, the Deutsche Bundesbank is the central bank of the Federal Republic of Germany and also a member of the European Central Bank (ECB). Due to the contractually fixed, uniform currency and economic area of ​​the European Union , the Deutsche Bundesbank largely submits to the currency policy of the ECB.

List of countries by foreign exchange reserves (in millions of US dollars )

country	1999	2000	2001	2002	2003	2004	2005	2006	2007	2008	2009	2010	2011	2012	2013	2014	2015	2016	2017
People's Republic of China	154,675	165,574	212.165	286,407	403.251	609.932	818.872	1,066,344	1,528,249	1,946,030	2,399,152	2,454,275	3,201,680	...	...	...	3,406,111	3,097,845	3,235,895
Japan	...	361,638	401,959	469.728	673,529	844,543	846.897	895.320	973.365	1,030,647	1,049,397	1,096,185	1,295,841	1,268,125	1,266,815	1,260,548	1,233,214	1,216,903	1,264,283
Switzerland	...	53,724	51,860	61,526	69,618	74,620	57,630	64,470	75,404	74,017	135.001	270,661	332.047	531.275	535.883	545,400	602.494	679.359	811.197
Saudi Arabia	...	...	...	...	...	...	...	...	...	...	...	...	502.190	...	...	732.353	616.418	535.797	...
Hong Kong	...	107,545	111.174	111,921	118,387	123,569	124,280	133.210	152.702	182,539	255.816	268,731	285,408	317,336	311.185	328.510	358.823	386.241	...
Russia	...	...	...	...	...	124,541	182,240	303.732	477,890	427.080	439,450	479.379	498,649	537.618	509,595	385,460	368.399	377.741	432,742
South Korea	...	...	...	...	...	...	210.391	238,956	262.224	201.223	269.995	291,571	306,402	326,968	346,460	363,593	367,962	371.102	...
Brazil	...	33,011	35,866	37,823	49,296	52,935	53,799	85,839	180.334	193,783	238,520	288,575	352.012	373.147	358,808	363,551	356.464	365.016	373.972
India	...	...	...	...	...	...	131.192	170.071	275,316	255.968	283,470	297,334	296,688	295,638	293,877	320,649	350.381	358,898	...
Singapore	...	80.170	75,677	82,219	96.244	112,575	116.173	136.261	162,957	174.196	187,809	225,754	237.737	259.307	273.065	256,860	247,747	246,575	279,900
Germany	93,467	87,295	82,150	89,142	96,847	97.165	101,668	111,636	136,235	138,036	180.854	216,598	238.858	248,878	198,250	192.732	173,682	185.274	200.094
Mexico	...	35,585	44,814	50,674	59,028	64,198	74.110	76,330	87.211	95,302	99,893	120,587	149.209	167.050	180,200	195,682	177,597	178.025	...
Thailand	...	32,661	33,048	38,924	42,148	49,832	52,066	66,985	87,455	111.008	138,418	172.129	175.124	181,608	167.289	157.108	156,514	171,853	...
United Kingdom	...	57,701	51,146	59,072	67.507	76,671	79.160	85,647	97.255	65,494	83.264	106,567	121,926	134.261	132,929	135,589	155,879	158,548	184.192
France	...	63,552	58,756	61,715	70,789	77,371	74,373	98,251	115,726	102.930	133,090	166.319	172.206	184,551	144,950	143,456	138.169	146.781	156,425
Italy	...	46,865	46.212	55,622	63.263	60,934	65,954	75,773	94,325	105.272	132,797	158.926	173.302	181,683	145,516	142.223	130,770	136.043	151.199
Czech Republic	...	13,139	14,464	23,709	26,955	28,448	29,555	31,454	34,905	37.013	41,611	42,493	40.291	44,883	56,217	54,493	64,491	85,726	148.020
Indonesia	...	...	...	...	...	...	33,140	42,586	56,920	51,639	66.105	96.207	110.123	112,781	99,387	111,862	105.931	116,362	130.196
United States	...	66,930	68,621	78,635	87,246	87,104	64,473	66.053	70,684	78,334	131.174	132,737	146,665	151.372	145.740	132.221	118,457	114,671	122.178
Poland	...	27,464	26,565	29,794	33,975	36,783	42,571	48,484	65,745	62,180	79,591	93,514	97,866	108,915	106.219	100,438	94,921	114.392	113.279
Israel	...	...	23,326	23,975	26,147	27,019	27,931	29.006	28,564	42,722	60,616	71.284	74,736	75,878	81,615	85,696	90.506	98,447	113.251
Turkey	...	23,369	19,961	28.094	35,169	37,612	52,378	63.186	76,415	74,254	74,829	85,968	88,340	119.167	131.035	127,308	110,533	106.111	107,635
Malaysia	...	28,708	29,896	33,741	44.208	66.209	70.183	82,457	101,345	91,536	96,678	106,498	133,642	139.724	134,911	115.937	95,290	94,525	102,446
Canada	...	32,424	34,248	37,169	36,268	34,466	33,018	35,063	41,081	43,872	54,357	57,151	65,819	68,546	71,937	74,700	79,753	82,718	...
Philippines	...	15,063	15,692	16,365	17,063	16,228	18,494	22,967	33,751	37,551	44,243	62,373	75,302	83,831	83.187	79,541	80,667	80,692	...
Denmark	22,869	15,218	18,128	27,896	38,245	40.167	34,027	31,084	34,323	42,319	76,643	76,529	85.054	89,704	88,722	75,375	65,188	64,250	75,245
European Central Bank	49,485	42,157	43,386	47,728	46,655	47,796	48,912	52,606	58,335	65,904	68,817	75,887	79.122	81,643	73,896	73,458	71,387	72,821	74,401
Spain	...	35,577	34,252	40,303	26,812	19,758	17,225	19,340	19,057	20,244	28.204	31,942	47.101	50,595	46,320	50,347	53,970	63.143	69,412
Peru	...	...	8,633	9,459	9,919	12.301	13,736	16,894	27,372	30,864	32,803	43,765	48,367	63,471	65,128	61,775	60,962	61,146	63,067
Norway	...	27,864	23,547	32,412	37,720	44,308	46,987	56,845	60,865	51,028	48,737	52,839	48,786	51,860	58,288	64,794	57,452	60,443	...
Sweden	...	17,706	15,640	19,340	22,410	24,759	24,880	28.008	31,062	29,718	47,267	48,295	50,362	52,262	65,379	62,533	58.164	59,395	...
Australia	...	18,815	18,662	21,560	33,250	36,920	43,257	55,078	26,909	32,927	41,721	42,268	46,804	49,222	52,733	53,891	49,272	55.054	...
Argentina	...	25,148	14,945	10,496	13,935	19,646	28,087	32,037	46.166	46,386	47,967	52,190	46,376	43,290	30,600	31,408	25,563	39,308	55,055
South Africa	...	11,297	12,551	15,530	25,077	32,958	20,650	25,612	32,979	34,100	39,705	43,834	48,861	50,736	49,588	49.102	45,787	47,356	50,722
Colombia	...	9.006	10,245	10,844	10,921	13,539	14,957	15,440	20,955	23,670	24,991	28,078	31,911	36,998	43,158	46,807	46.223	46.177	47,132
Romania	...	...	...	...	...	...	21,538	30,243	40,022	39,343	44,455	48,037	48,200	46,724	48,868	43.107	38,633	39,956	44.502
Chile	...	14,741	14,226	15,351	15,851	16,016	16,963	19,429	16,910	23,162	25,373	27,864	41,979	41,649	41.094	40,447	38,643	40,494	38,982
Netherlands	...	17,636	16,926	19,016	21,567	21,612	20,463	23,903	26,890	28,508	39,610	46.241	51,266	54,816	46,352	42,921	38,259	36,300	38,497
Kazakhstan	...	...	...	...	4,962	9,280	7,070	19,113	17,392	19,401	23.091	28,275	29,328	28,289	24,703	28,873	27,876	29,530	...
Bulgaria	...	...	...	...	6,827	9,336	8,695	11,756	17,572	17,693	18,611	17,339	17,272	20,520	19,895	20,074	22,085	25.192	28,378
Hungary	...	11,229	10,748	10,404	12,809	15,940	18,546	21,595	24,121	33,457	44.192	44.996	48,876	44,703	46,589	41,982	33,012	25,703	28,026
Morocco	...	...	...	...	...	...	16,503	20,670	24,730	22,786	23,603	23,959	20,449	17,390	19,049	20,522	23.008	25,366	...
Belgium	...	12,256	13,566	14,699	14,453	13,987	11,994	13,435	16,505	15,644	23,985	26,850	29,434	30,776	26,939	25,388	24,098	23,562	26,160
Portugal	...	14,227	15,081	17,701	12,820	11,684	10,364	9,882	11,546	11,947	15,985	21.002	21,337	22,660	17,555	19,616	19,396	25,132	26,111
Egypt	...	...	...	...	...	...	21,915	26,073	31,717	32,225	34,137	36,194	18,313	14,851	16,565	14,877	15,886	23,614	...
Austria	...	17,563	15,608	13,044	12,640	12,061	11,891	12,841	18,219	16,698	18,055	22,299	25.161	27.214	23,297	24,940	22,236	23,357	21,576
New Zealand	...	3,954	3,566	4,964	6,086	6,945	8,897	14,058	17,236	11,154	15,582	16,725	17,012	17,582	16,321	15,860	14,701	17,809	20,682
Jordan	...	...	...	...	...	...	6,593	6,979	7,929	8,919	12,139	13,637	12,107	8,814	13,824	16,044	16.303	15,540	...
Ukraine	...	...	...	4,469	6,943	9,715	19,391	22,358	32,479	31,543	26,505	34,576	31,795	24,546	20,416	7,533	13,300	15,539	18.808
Venezuela	...	...	...	...	...	...	29,636	36,672	33,477	33,057	...	30,300	...	...	...	...	...	...	...
Croatia	...	3,432	4,704	5,886	8,191	8,759	8,801	11,489	13,675	12,958	14,896	14,139	14,485	14,804	17,766	15,424	14,968	14,248	...
Uruguay	...	...	...	...	2,087	2,512	3,071	3,091	4.121	6.329	8,037	7,744	10.302	13,566	16,275	17,810	15,634	13,436	...
Finland	...	8,407	8,420	9,825	11,175	12,911	11,330	7,496	8,384	8,342	11,451	9,561	10,340	11,079	11,269	10,662	10,013	10,479	10,505
Bangladesh	...	...	...	...	...	...	2,820	3,900	5,580	...	...	...	10,400	...	...	...	...	...	...
Bolivia	...	...	...	...	...	...	...	...	...	...	...	...	...	...	...	...	13,056	10,081	...
Guatemala	...	...	...	...	...	...	...	...	...	4,653	5,209	5,950	6,184	6,690	7,269	7,329	7,746	9,156	...
Sri Lanka	...	...	...	...	...	...	2,458	2,532	3,064	3,190	...	...	...	...	...	...	7,304	6,019	7,959
Belarus	...	...	...	...	...	770	1,297	1,383	4,182	3,061	5,653	5,031	7,916	8,095	6,651	5,059	4.176	4,927	7,315
Costa Rica	...	...	...	...	...	...	...	...	...	...	4,066	4,627	4,756	6,857	7,331	7.211	7,834	7,574	7.150
Tunisia	...	...	1.994	2,322	2,972	4.034	4,439	6,777	7,955	8,957	10,647	9,549	7,552	8,645	7,719	7,662	7,477	...	...
Iceland	...	404	353	462	819	1,074	1,069	2,342	2,632	3,560	3,883	5,798	8,550	4.184	4,218	4.177	5,042	7,227	...
Greece	...	...	...	...	5,816	2,716	2,295	2,857	3,667	3,508	5,556	6,383	6,899	7,257	5,754	6.213	6,026	6,893	...
Dominican Republic	...	...	...	...	...	...	...	...	...	...	...	...	...	...	4,701	4,862	5,266	6,047	...
Kenya	...	...	...	...	...	...	1,470	1,780	2,440	2,060	...	4,585	...	...	...	...	...	...	...
Mauritius	...	...	...	...	...	...	1,365	1,300	1,822	1,780	2,302	2,601	2,778	3,046	3,491	3,919	4,260	4,967	...
Honduras	...	...	...	...	...	...	...	...	...	...	...	2,699	2,793	2,533	3,008	3,458	3,755	3.814	4,708
Latvia	...	919	1,218	1,327	1,535	2,022	2,361	4,509	5,758	5,248	6,905	7,605	6,386	7,523	7,892	3,228	3,446	3,514	4,619
Lithuania	...	...	...	...	...	3,594	3.816	5,773	7,712	6,442	6,627	6,598	8.211	8,530	8,073	8,728	1,697	2,602	4,451
Ireland	...	...	5,640	5,482	4.161	2,916	878	843	940	1,038	2,155	2.120	1,704	1,709	1,638	1,792	2,203	3,591	4,414
Jamaica	...	...	...	...	...	...	...	...	...	...	...	...	...	...	1,818	2,474	2,914	3,291	...
El Salvador	...	1,893	1,712	1,591	1.910	1,893	1,833	1,908	2,198	2,545	2,987	2,883	2,504	3.143	2,692	2,693	2,787	3,238	3,567
Albania	...	...	...	...	...	...	...	...	...	...	...	...	...	...	...	2,665	3.139	3,109	...
Slovakia	3,425	4,077	4.189	9,196	12,149	14,913	15,480	13,364	18,976	18,830	1,820	2,166	2,419	2,508	2.153	2,634	2,874	2,892	3,414
Georgia	...	...	...	...	...	...	...	...	1,361	1,480	2.110	2,264	2,818	2,873	2,823	2,699	2,521	2,757	3,039
Moldova	...	...	...	...	...	...	...	775	1,334	1,672	1,480	1,718	1.965	2,515	2,821	2.157	1,757	2,206	2,803
North Macedonia	...	...	...	...	...	...	...	...	...	...	...	...	2,677	2,891	2,729	2,963	2,471	2,755	2,802
Ecuador	...	...	...	...	...	...	2.146	2.023	3,520	3,511	...	...	2,600	...	...	...	...	...	...
Nicaragua	...	...	...	...	...	...	...	...	...	...	...	1,799	1,892	1,887	1.993	2,276	2,492	2,448	...
Armenia	...	...	...	...	506	549	674	1,072	1,657	1.405	2.003	1,859	1,959	1,799	2,253	1,489	1,771	2,200	2,314
Kyrgyzstan	...	...	...	...	...	565	608	814	1,173	1,221	1,584	1,717	1,831	2,062	2,235	1,855	1,683	1,883	2,087
Slovenia	...	3,196	4,397	7,063	8,598	8,899	8,160	7.139	1,066	956	1,079	1,073	992	953	923	1,017	857	744	891
Cyprus	...	...	...	...	...	...	4,327	5,871	6.206	1,128	...	1,141	1,206	1,201	919	890	806	817	888
Luxembourg	...	...	...	...	...	...	279	266	206	399	811	851	1.014	991	964	863	771	974	879
Malta	...	...	...	...	...	...	2,536	2,915	3,694	...	538	541	512	704	600	619	572	677	833
Seychelles	...	...	...	...	...	...	...	...	...	...	...	...	279	308	425	464	536	523	545
Estonia	...	923	823	1.003	1,385	1,796	1,949	2,791	3,295	3,972	3,981	2,568	208	301	316	437	415	352	...
Palestine	...	...	...	...	...	...	...	...	...	...	...	...	...	664	685	672	581	313	...
Eurozone	373,804	351.712	346,069	383.906	387,331	382,692	377.617	429.119	511.088	520.778	666.087	789.963	863.136	909.532	747,587	743,395	701.385	745.917	802.828

The currency reserves of the Federal Republic of Germany, excluding gold reserves, amounted to around 58 billion US dollars in the summer of 1991.

literature

• Olivier Blanchard, Gerhard Illing: Macroeconomics. 4th edition. Munich 2006. ISBN 3-8273-7209-7 .
• Francois Bochud: Balance of payments and currency reserves. 1st edition. Tübingen 1970. ISBN 3-16-330152-5 .
• Peter Bofinger: Fundamentals of Economics. An Introduction to the Science of Markets. 2nd Edition. Munich 2006. ISBN 3-8273-7076-0 .
• Manfred Borchert: Foreign trade. 7th edition. Wiesbaden 2001. ISBN 3-409-63907-1 .
• Barry Eichengreen: From Gold Standard to EURO - The History of the International Monetary System. 1st edition. Berlin 1996. ISBN 3-8031-3603-2 .
• Hans-Joachim Jarchow , Peter Rühmann: Monetary Foreign Trade II - International Economic Policy. 5th edition. Göttingen 2002. ISBN 3-525-03174-2 .
• Paul Krugman, Maurice Obstfeld: International Economy - Theory and Politics of Foreign Trade. 7th edition. Munich 2006. ISBN 3-8273-7199-6 .

Web links

• German Bundesbank
• European Central Bank
• Federal Reserve Bank
• International Monetary Fund
• US Department of Treasury: Major Foreign Holders of US Treasury Securities
• Graphic: Currency reserves and foreign exchange turnover , from: Figures and facts: Globalization , Federal Agency for Civic Education / bpb

Individual evidence

1. ↑ Comparison Blanchard, Olivier / Illing, Gerhard: Makroökonomie , 4th edition, Munich, 2006, p. 527 ff.
2. ↑ cf. Jarchow, Hans Joachim / Rühmann, Peter: Monetäre Außenwirtschaft II - International Economic Policy , 5th Edition, Göttingen, 2002, p. 117 ff.
3. ↑ ^{a b} Thomson Financial Datastream - International Financial Statistics of the International Monetary Fund of March 31, 2008, own illustration
4. ↑ Comparison Jarchow, Hans Joachim / Rühmann, Peter: Monetäre Außenwirtschaft II - International Economic Policy , 5th edition, Göttingen, 2002, p. 17 ff.
5. ^ Comparison Bochud, Francois: Balance of payments and currency reserves , 1st edition, Tübingen, 1970, pp. 1 ff.
6. ↑ Compare Borchert, Manfred: Außenwirtschaftslehre , 7th edition, Wiesbaden, 2001, p. 423 ff.
7. ↑ Comparison Eichengreen, Barry: From Gold Standard to EURO - The History of the International Monetary System , 1st edition, Berlin, 1996, p. 21 ff.
8. ^ Based on the International Monetary Fund, imf.org Annual Report, 2007, Appendix, p. 3 of March 28, 2008, own illustration
9. ↑ Deutsche Bank AG : Dollar remains number one , author Norbert Walter, January 17, 2008, URL: dbresearch.de of April 5, 2008
10. ↑ Deutsche Bank AG : International reserve currency, the euro, on the rise , EU Monitor 46, April 24, 2007, URL: dbresearch.de (PDF) of April 8, 2008
11. ↑ Comparison Bank for International Settlements: Wooldridge, Philip D .: Changed composition of currency reserves - BIS Quarterly Report September 2006 , URL: bis.org (PDF) of March 29, 2008, p. 35 ff.
12. ↑ World Gold Council: ( Page no longer available , search in web archives: Annual time series on World Official Gold Reserves since 1845. )
13. ↑ Comparison Bank for International Settlements: Wooldridge, Philip D .: Changed composition of currency reserves - BIS Quarterly Report September 2006 , URL: bis.org (PDF) of March 29, 2008, p. 36.
14. ↑ Thomson Financial Datastream - International Financial Statistics of the International Monetary Fund of April 3, 2008, own illustration
15. ^ Hans Joachim Jarchow, Peter Rühmann: Monetary Foreign Trade II - International Economic Policy. 5th edition, Göttingen, 2002, pp. 140-141.
16. ↑ International Monetary Fund: The IMF's Lending Information Sheet. March 29, 2008 ( imf.org ).
17. ^ Hans Joachim Jarchow, Peter Rühmann: Monetary Foreign Trade II - International Economic Policy. 5th edition, Göttingen, 2002, pp. 199 ff.
18. ↑ Olivier Blanchard, Gerhard Illing: Macroeconomics. 4th edition, Munich, 2006, p. 526 ff.
19. ↑ ^{a b c} Thomson Financial Datastream - International Financial Statistics of the International Monetary Fund dated April 30, 2008
20. ↑ Financial Times Deutschland: China's foreign exchange reserve over $ 3,000 billion for the first time. ( Memento from April 15, 2011 in the Internet Archive )
21. ↑ Trade surplus: China's reserves grow by $ 500 billion. Spiegel Online January 14, 2014
22. ↑ Jim Rogers: Investing in China - How you benefit from the world's largest market. 1st edition. Munich 2008, p. 93.
23. ↑ Bank for International Settlements: Philip D. Wooldridge: Changed composition of currency reserves - BIS Quarterly Report September 2006. (PDF; 101 kB) of March 29, 2008, p. 40.
24. ↑ The Time: Oil in Saudi Arabia.
25. ↑ International Monetary Fund : Data Template on International Reserves and Foreign Currency Liquidity (IRFCL) - Section I and IV of the Reserves Data Templates - Accessed February 7, 2018
26. ↑ ^{a b c d e f g h i j k l} www.safe.gov.cn >> Data and Statistics >> Forex Reserves >> Foreign Exchange Reserves . State Administration of Foreign Exchange, China. Archived from the original on February 9, 2018. Retrieved February 9, 2018. - Retrieved February 9, 2018
27. ↑ ^{a b} BLZ Galanty: Source Bloomberg. Taken from: Berliner Zeitung of October 26, 2011 (as of 09/2011)
28. ↑ www.safe.gov.cn >> Data and Statistics >> Forex Reserves >> Official Reserve Assets . State Administration of Foreign Exchange, China. Archived from the original on February 9, 2018. Retrieved February 9, 2018. - Retrieved February 9, 2018
29. ↑ ^{a b c d e f g h i j k l m n o p q r s t u v w x y z aa ab ac ad ae af ag ah ai aj ak al am} Thomson Financial Datastream - International Financial Statistics des International Monetary Find from March 31, 2008, own presentation (status: December 30, 2005, December 29, 2006, December 31, 2007 and January 31, 2008)
30. ↑ ^{a b c d} WKO country profiles worldwide (Kenya + Venezuela: status 12/2010; Bangladesh: status 01/2011; Ecuador: status 04/2011) - accessed on November 12, 2011

This version was added to the list of articles worth reading on May 14, 2008 .