Right, but if all I am trying to look at is the immediate effects of peak oil, are currency reserves relevant?

And what would be the proper indicator of the ability to cope with ongoing rising prices?

Anyway, the fact that China's reserves can buy 10 years' worth of its energy imports at current oil prices has to count for something.

When the capital development of a country becomes a by-product of the activities of a casino, the job is likely to be ill-done. — John M. Keynes