China Has Nearly Doubled Its Gold Reserves Since 2003
April 24th, 2009Via: MarketWatch:
Gold futures rose Friday, and were headed for their first week of gain in five, after getting a boost from news that China has nearly doubled its gold reserves since 2003 to the world’s fifth largest. Copper is poised to lose more than 8% this week on economic fears.
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Hu Xiaolian, head of China’s State Administration of Foreign Exchange, said the amount of gold reserves has been reported to the International Monetary Fund as per the organization’s rules.
Analysts said China bullion buying reflects efforts to diversify their nearly $2 trillion stockpile of foreign exchange reserves.
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