It funded the investment imperatives of economic development and boosted the cushion of foreign exchange reserves that has shielded China from external shocks.

Since 2005, US budget deficits have increased by another 6 of GDP, while China s external reserves have increased by 2 trillion.

After emerging from the crisis, indicators show a sustained growth in the economy, and a surplus in the fiscal external accounts, together with a recovery in national reserves.

Reserves

(l) Other reserves

(j) Operating reserves

Covering this drop in reserves more than half of gas reserves and a fifth of oil reserves have been consumed with imports implies an annual cost of more than 300 billion.

Africa s natural gas reserves amount to about 8 of global reserves.

Then there is the destruction of Venezuelan industry, the spectacular increase in violence, the explosion of foreign debt, and the depletion of foreign currency reserves that has accompanied Chávez s so called Bolivarian socialism of the twenty first century.

Table 6 Comparison of reserves and staff liabilities

Other reserves comprise the following

(g) Transfers to reserves

They reduced inflation, floated their currencies, ran external surpluses or small deficits, and, most importantly, accumulated mountains of foreign reserves (which now comfortably exceed their short term external debts).

The activities on all reserves are shown as follows

At the end of 2011, China s Treasury bond debt stood at 7.2 trillion, and its ratio of foreign debt to foreign exchange reserves reached 21.8 , having grown by 27 since 2010.

Africa is estimated to hold more than 10 of global oil reserves and one third of reserves of cobalt and base metals.

These countries need to allow greater exchange rate flexibility and currency appreciation to reduce their external surpluses and thus the need to accumulate huge foreign reserves in the first place.

a Including earmarked reserves, the total reserves are 70 million for 2002, 93 million for 2003 and 68 million for 2004.

Meanwhile, the fraction of international reserves held in euros grew from 18 to 24 , and the dollar s share dropped from 71 to 66 .

With China running a seemingly perpetual external surplus, foreign currency reserves have continued to mount even during the global economic crisis, with net growth reaching 140 billion in the third quarter of this year.

a Including earmarked reserves, the total reserves are 70 million for 2002, 93 million for 2003 and 68 million for 2004.

It has 10 of global oil reserves.

Total reserves of titanium are estimated to exceed 600 million tonnes.

The idea was to permit countries whose official dollar holdings were larger than they were comfortable with to convert dollars into SDRs.

In 2008, the last year for which figures are available, Japan held 23.4 of the world s reserves and China held 44.8 .

First, unlike in some other countries, Chinese commercial banks are paid reasonable interest rates on required reserves, except for the extra reserves that they hold.

The obvious candidate for this reserve fund was US Treasury bills.

Selling 2 trillion of reserves will take years.

At the time of the announcement, the country had 5.65 billion in cash reserves.

A growing number of people, inside and outside of the country, are starting to blame the revolution itself for derailing an economy that was growing, reducing its external debt burden, and maintaining a comfortable cushion of international reserves.

All of this represents an utterly unexpected recovery from the vast public and private external indebtedness of just a decade ago. Indeed, Argentina s sharp rebound has generated a huge accumulation of foreign reserves for the country.

Run down the financial reserves and wealth that were accumulated when the economy was doing better.

Today, currencies other than the dollar account for 40 of identified international reserves.

The problem is not a lack of reserves, but Gazprom s investment strategy.

The first is to weaken China s incentive to accumulate reserves.

But almost all of the reserves sit idle on commercial banks balance sheets.

In normal times, there are valid reasons for paying interest on excess reserves.

Despite opposition from environmental groups, these reserves will be easier to exploit than those in Europe, because they are largely located in sparsely populated areas.

Modest estimates put these reserves at around 30 billion barrels.

Countries recognized that without reserves, they risked losing their economic sovereignty.

Much of the world s gold reserves ended up in the hands of the US.

Because of limited reserves, Bahrain has worked to diversify its economy over the past decade.

To fulfil its responsibility, the Office of the United Nations High Commissioner for Refugees (UNHCR) operates within prescribed accounting policies and standards and maintains systems of internal accounting controls and procedures to ensure the reliability of financial information and the safeguarding of assets.

The US Federal Reserve Board has pumped out trillions of dollars of reserves, but never have so many reserves produced so little monetary growth.

The UK Foreign Office manages the foreign relations of the territory.