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Which Nations Are Piling Up International Reserves?

International reserves are, in effect, the checking-account balances of nations. The reserve figure includes foreign exchange, special drawing rights with the IMF, and reserve positions in the fund, but exclude gold. US Dollars (billions)

Dec. 1988 Mar. 1989 Canada $14.7 $15.3 France 24.2 --- W. Germany 56.0 54.7 Italy 33.2 37.6 Japan 92.5 98.1 Britain 42.2 41.2 US 35.1 38.6

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