Thursday, November 18, 2010

China Considers Raising Gold Reserves

From Business China:

November 17, China is considering raising its gold reserves, a move which would push up gold prices in the future, a person providing consulting services to the Chinese government said.

The source told the 21st Century Business Herald China may gradually increase gold holdings as it is not possible for the country to buy large amounts of the metal within a short time.

China’s gold reserves have reached 1,064 tons, accounting for merely 1.6% of the value of its total foreign exchange reserves. That amount lags far behind the 8,133 tons held by the U.S., and China ranks 85th out of the 101 economies included in a survey conducted by the International Monetary on

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