The International Monetary Fund's interpretation of foreign exchange is that foreign exchange is a creditor's right held by monetary authorities (central bank, monetary institution, foreign exchange stabilization fund and Ministry of Finance) in the form of bank deposits, treasury bonds, long-term and short-term treasury bonds, etc., which can be used when the balance of payments is in deficit. These include bonds issued by central banks and intergovernmental agreements that are not circulating in the market, whether it is the currency of debtor countries or the currency of creditor countries.