Posted on 05/10/2006 2:22:41 AM PDT by wotan
BEIJING (AFX) - China should increase its gold holdings to five pct of its foreign exchange reserves to hedge against volatility from currency movements, the China Gold News reported, citing industry analysts.
Gold reserves are currently equivalent to about 1.3 pct of China's foreign exchange reserves, the industry newspaper said.
The report said that even though China recently overtook Japan as the top holder of foreign currency at 875.07 bln usd by the end of March, Beijing's gold reserves have remained unchanged at about 600 tons since the end of 2002.
(Excerpt) Read more at forbes.com ...
Good post. I think I read here recently that either China or Japan is also trying to sell off about 10% of their T-bills.
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