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What are the main components of 'Balance of Payments' of an economy? India (Rank 5) and China (Rank 1) have huge pile of Foreign Exchange

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  1. What are the main components of 'Balance of Payments' of an economy? India (Rank 5) and China (Rank 1) have huge pile of Foreign Exchange Reserves in the world (Graph 1) but the two are accumulated in a very different manner. What do you think are the implications of these for their macroeconomy. (10)
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THE BIG LEAGUE Largest forex reserves (in $ bn) China" 3,220 Japan# 1,385 Switzerland 1,030 Russia 643 India+ 632 Taiwan' 530

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