China holds the highest foreign exchange reserves, consistently leading with trillions of US dollars, followed by Japan, with significant reserves also held by countries like Switzerland, the U.S., and India, primarily accumulated from trade surpluses and managed by their central banks.
China and Hong Kong
China has by far the largest foreign currency reserves, with over two and a half times more than the second-largest reserve holder, Japan.
The U.S. dollar remains the backbone of the global reserve system, with central banks holding approximately $6.6 trillion in dollar-denominated reserves.
The U.S. dollar has functioned as the world's dominant reserve currency since the end of World War II. Central banks hold approximately 57% of their foreign exchange reserves in dollars, though the dollar's share of global foreign-exchange reserves has been declining for two decades.
A new BRICS currency would also: Strengthen economic integration within the BRICS countries. Reduce the influence of the US on the global stage. Weaken the standing of the US dollar as a global reserve currency.
The Australian dollar is a reserve currency and one of the most traded currencies in the world.
But that begs a critical question: What would replace the dollar? Some say it will be the euro; others, perhaps the Japanese yen or China's renminbi. And some call for a new world reserve currency, possibly based on the IMF's Special Drawing Right or SDR, a reserve asset.
Venezuela owns approximately 18% (or one-fifth) of the world's proven oil reserves, making it the country with the largest reserves globally, holding around 303 billion barrels as of recent data, though its production levels don't always match this vast resource.
Despite attempts by other nations to expand their influence over the global reserve, and the recent decline in the dollar's value, economists argue that it is unlikely the dollar will lose its status as the world's reserve currency. And, if it did, it might take decades to even see a minor shift.
Australia's crude oil reserves in 2022 were 251 million barrels, a 5% increase from 2021. Most of the reserves are in the Northern Canarvon and Roebuck basins (174 million barrels, 69.3%), followed by the Cooper and Eromanga basins (50 million barrels, 19.9%) (Figure 2).
Which currency is the most stable worldwide? The Swiss franc maintains its reputation as one of the world's most stable currencies. Switzerland's political neutrality, low debt-to-GDP ratio, and conservative monetary policy contribute to this stability.
Based on latest 2025 data: Top 10 by reserves (USD bn): China (3602 reserves, 2520 debt), Japan (1304, 4630), Switzerland (1022, 2320), India (694, 712), Russia (687, 290), Taiwan (577, 213), Saudi Arabia (435, 264), Hong Kong (421, 1930), South Korea (416, 703), Singapore (est. 400, 2150).
25 Strongest Currencies in the world in 2026
Here are seven ways to invest in a falling dollar:
BRICS Pay is a strategic infrastructure for building a decentralized, sustainable, and inclusive financial system across BRICS+ nations and friendly states.
The Australian dollar is the official currency of the Commonwealth of Australia and the fifth most traded globally, accounting for a daily average volume of US$223 billion. The currency is the sixth most commonly held reserve currency – estimated to account for 1.8% of global reserves by value.
The British pound sterling is the oldest currency still in circulation today, dating all the way back to 800 when it took the form of silver pennies. The nickname “pound” originates from the measuring system first used to value the coins. At the time 240 sterling coins weighed one pound.
The Lebanese Pound (LBP) is currently the world's weakest currency. Lebanon's financial crisis, political instability, and declining foreign reserves have contributed to the pound's decline. The banking sector's collapse and corruption have further destroyed trust in the national currency.
If you transfer over A$10,000 in Australia, financial institutions must report it to AUSTRAC (Australian Transaction Reports and Analysis Centre) as a Threshold Transaction Report (TTR) for anti-money laundering, requiring you to provide personal details and ID. For physical cash movements across borders, you must declare it to customs, or face penalties. For electronic transfers, banks automatically report them, but you may be asked for more info, and non-compliance could see the transaction blocked.