2021
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Singapore
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Switzerland
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China
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Japan
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Detailed explanation-1: -China is the top country by foreign exchange reserves in the world. As of November 2022, foreign exchange reserves in China was 3, 180, 689 million US dollars that accounts for 37.92% of the world’s foreign exchange reserves.
Detailed explanation-2: -In a report last month, the Reserve Bank said the country’s foreign exchange reserves at $ 564.1 billion as on December 9, 2022, covered 9.2 months of imports projected for 2022-23. As of January 7, 2022, the foreign exchange reserves provided a cover equivalent to 13 months of import estimated for 2021-22.
Detailed explanation-3: -India’s foreign exchange reserves are mainly composed of US dollar in the forms of US government bonds and institutional bonds. with nearly 7.34% of forex reserves in gold. The FCAs also include investments in US Treasury bonds, bonds of other selected governments and deposits with foreign central and commercial banks.