top countries with the largest forex reserves today

Here is a list of top countries with the largest forex reserves today. We need to let you know what forex reserve is and why it matters.

What is forex reserves?

Foreign exchange reserves, also called forex reserves, are in the narrower sense only deposits of national central banks and financial institutions in foreign currencies.

However, in common use it also includes gold reserves, special settlement rights (SDR) and the reserve position of the International Monetary Fund (IMF), because this total, usually more accurately called official reserves or international reserves or official international reserves, is easier to find available and also probably more significant.
These foreign currency deposits are financial assets of central banks and financial institutions held in various reserve currencies (e.g. US dollar, euro, Japanese yen, Chinese yuan (renminbi), Swiss franc and sterling) and used to cover their liabilities (e.g. published) local currency and various bank reserves deposited with the central bank of the government or financial institutions).

Here are top countries with the largest forex reserves today