[News] {China} Nation urged to increase holdings of gold

Discussion in 'Modern Chinese Coins & Medallions' started by yennus, Dec 28, 2011.

  1. yennus

    yennus Well-Known Member Silver Stacker

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    http://www.chinadaily.com.cn/usa/business/2011-12/27/content_14332943.htm

    This was front page news in shanghai's edition of the China Daily business section.

    "The Chinese government should not only be cautious of the imported risk caused by rising global inflation, but also further optimize its foreign-exchange portfolio and purchase gold assets when the gold price shows a favorable fluctuation," said Zhang Jianhua, director of the research bureau affiliated with the People's Bank of China (PBOC)."
    ...
    Zhang said bleak economic conditions, increasing international liquidity as countries turned to monetary easing and the resulting high inflation had dampened investors' confidence. He said that gold had become the only "safe haven" for risk-averse investors. "No asset is safe now. The only choice to hedge risks is to hold hard currency - gold."

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