"China is sitting on $700 billion in foreign reserves and has a lot of money," he said.

The Government had paid for that support from foreign reserves.

The nation has foreign exchange reserves of more than $75 billion.

About $2 billion sits in the bank as foreign reserves.

However, a few years later, it had no foreign reserves of any consequence.

Government officials have said that foreign reserves now total $18 billion, nearly triple the figure at the end of last year.

It now has a foreign exchange reserve of $54 billion, the second largest in the world.

India's foreign exchange reserves are at a record high of more than $100 billion.

Many developing countries have seen big increases in their foreign reserves over the past couple of years.

The only developing country with large foreign reserves is Taiwan, in third place.