China quietly builds gold reserve – BBC NEWS
By Rodney Smith
Business reporter, BBC World ServiceDemand from China has pushed up the price of gold.
China has reported that it has been secretly increasing its gold reserves.
It was able to keep it secret by buying domestically produced metal, almost doubling the amount of gold it holds to more than 1,000 tons.
China has the biggest foreign exchange reserves in the world, totaling almost $2,000bn (£1.373bn).
An estimated two thirds is held in US dollars, though China has been backing away from the dollar as a reserve currency for a while.
read full article here… BBC NEWS | Business | China quietly builds gold reserve.
Related posts:
