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China should 'pick right time' and buy gold, government economist says

Section: Daily Dispatches

The chart at Kitco suggests that the'right time' was any time in the last five years. ...

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From Reuters
Wednesday, November 15, 2006

BEIJING -- China should buy more gold at the right time as part of a strategy for diversifying its $1 trillion in foreign exchange reserves, a prominent government economist said in remarks published on Wednesday.

The economist, Xia Bin, head of the financial research institute at the Development Research Centre, the cabinet's think tank, has long advocated more active management of the growing stockpile of reserves.

"China should use its surplus reserves to fund economic reform and important national strategic projects. China should also pick the right time to increase the proportion of gold in its reserves," the overseas edition of the People's Daily, the mouthpiece of the ruling Communist Party, quoted Xia as saying.

China has 600 tonnes of gold in its reserves.

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