Question: Discuss the contrast between major countries such as US having a current account deficit and a capital account surplus, versus China enjoying 'twin surpluses.' The

Discuss the contrast between major countries such as US having a current account deficit and a capital account surplus, versus China enjoying 'twin surpluses.' The official reserves and surpluses for any country's central bank (with the exception of US) are held in 'hard currencies' as well as gold and are normally placed in 'trust-worthy and dependable' banks outside that country, and to be used for international transactions and payments.

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