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Tiny Asian nation hoards gold as shield against trade war
By Evgenia Pismennaya and Anna Andrianova
Tuesday, June 19, 2018
What do you do when your two biggest trading partners are embroiled in economic standoffs with the United States? You buy as much gold as you possibly can.
At least that's what Kyrgyzstan's central bank is doing in a bid to protect itself from currency volatility in China and Russia. The central Asian nation hopes to grow the share of gold in its $2 billion international reserves to 50 percent from around 16 percent now.
"The rules of the game are changing," Kyrgyz central bank Governor Tolkunbek Abdygulov, 42, said in an interview in the capital, Bishkek. "It doesn't matter what currencies we have in our reserves -- dollars, yuan, or rubles all make us vulnerable." ...
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