Economy
皇冠体育app cautious on gold reserves
By Ding Qingfen and Zuo Likun (chinadaily.com.cn)
Updated: 2010-03-09 11:22
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Gold is unlikely to become a primary investment for 皇冠体育app's foreign exchange reserve, said Yi Gang, Deputy Governor of the People's Bank of 皇冠体育app and also Administrator of the State Administration of Foreign Exchange.
Apart from the precious metal's unsound yield, Yi explained that since the world gold market is limited, large purchases by 皇冠体育app will inevitably push up the international price further dampening any hopes of a good return.
Besides, privately owned gold stocks in 皇冠体育app have reached nearly 3,000 tons (6.62 million pounds), tripling that of the 1,054-ton national treasury reserves which is the fifth largest in the world.
