A Ranking of Currency Manipulators

July 13, 2012 11:00 AM

In my policy brief, “Combating Widespread Currency Manipulation,” I list 20 countries that meet stringent criteria for excess accumulation of foreign exchange reserves designed to hold down the values of their currencies.  The list includes various statistics expressed as a percent of each country’s GDP.  In response to questions, I provide here a ranking of these countries in terms of the dollar value of foreign exchange reserves as of the end of 2011.

One interesting note, although China tops this list, its reserves have been relatively stable over the past 12 months, suggesting a marked change in its behavior.

Foreign exchange reserves of currency manipulators, 2011
(billions of US dollars)
China 3,181
Japan 1,221
Saudi Arabia 526
Russia 441
Taiwan 381
Korea 298
Hong Kong 285
Switzerland 271
Singapore 235
Algeria 181
Thailand 165
Malaysia 129
Libya 97
Denmark 78
Israel 73
Philippines 66
Argentina 40
Angola 27
Azerbaijan 10
Bolivia 10