China to increase gold reserves to diversify risks
(11-19 12:41)
China's central bank is considering hiking increasing gold reserves nearly seven-fold to spread risks in its huge foreign exchange holdings, state media reported.
Beijing is mulling a move to increase its reserves to 4,000 tonnes from the current 600 tonnes, the Guangzhou Daily reported, citing unidentified industry insiders in Hong Kong. It did not provide further details.
China has emerged as the world's largest and fastest-growing holder of foreign exchange reserves, which totalled more than US$1.9 trillion (HK$14.82 trillion) at the end of September, according to the central bank.
China became the largest foreign holder of US treasury debt in September ahead of Japan, according to US Treasury Department figures released Tuesday.
AGENCE FRANCE-PRESSE |
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