new Delhi. Comparing India and China in terms of economy is not correct, yet when it comes to Indian economy, it is said to be the fastest growing economy in the world. On the other hand, it has a direct competition with China, even when there is tension on the borders between the two countries. Recently, the figures of foreign exchange reserves, ie US dollar, have been released by the governments of both countries. Which shows that India has 56 times less foreign exchange reserves than China. Let us also tell you how much foreign exchange reserves both countries have.
India’s foreign exchange reserves at record level
The country’s foreign exchange reserves rose by $ 4.48 billion to a new record level of $ 585.32 billion for the week ended January 01. Earlier, in the week ended December 25, it was reduced by $ 29 million to $ 580.84 billion. According to data released on Friday by the Reserve Bank of India, the largest component of foreign exchange reserves in the week ended January 01, foreign currency assets rose by $ 4.17 billion to $ 541.64 billion.
During this period, gold reserves also increased by $ 315 million to $ 37.03 billion. In the week under review, the International Monetary Fund held reserves at $ 5.15 billion and special drawing rights at $ 1.51 billion.
China’s foreign exchange reserves
According to data released by the Chinese National Foreign Exchange Administration on January 7, China’s foreign exchange reserves stood at US $ 32.165 trillion as of the end of December last year, an increase of US $ 38 billion since the end of last November and a growth rate of 1.2 percent. The US dollar index affected by the progress of the Kovid-19 vaccine in the financial market, currency and fiscal policies of major countries fell, non-US dollar currencies and key national asset prices rose.
One of the main reasons for the increase in foreign exchange reserves this month is the idea of valuation changes, One Bin, the lead researcher at Min Sheng Bank of China. He also said that 2020 China’s foreign exchange reserves have remained relatively stable. In the next phase, China’s foreign exchange reserves will remain stable.
Less than two percent
Even though India’s current foreign exchange reserves are at a record level, but when compared to China, India has 56 times less foreign exchange reserves. According to Chinese figures, there are 3,21,65,00,00,00,000 UAS dollars. While India has foreign exchange reserves of USD 5,85,32,00,00,000 UAS. If we look at the difference between the two, we are getting around 56 times. Which is too much. Which can take India a long time to bridge.