China may add 4,000 tons of gold, paper says


China Mulls Raising Gold Reserve By 4,000 Tons: Report

From Dow Jones Newswires
Wednesday, November 19, 2008

BEIJING -- China's central bank is considering raising its gold reserve by 4,000 metric tons from 600 tons to diversify risks brought by the country's huge foreign exchange reserves, the Guangzhou Daily reported, citing unnamed industry people in Hong Kong.

The newspaper didn't elaborate on the plan.

China's forex reserves, at $1.9056 trillion at the end of September, are the world's largest. U.S. dollar-denominated assets, including U.S. treasury bonds and mortgage agency bonds, account for a big proportion of the forex reserves.

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