USEUROPEAFRICAASIA 中文双语Français
Home / Business

China to mull long-term benefits before investing in gold

China Daily | Updated: 2009-12-04 08:05

HONG KONG: China's central bank views gold prices as very high and will be wary of "bubble" assets, the Apple Daily reported yesterday, citing Hu Xiaolian, a deputy governor at the People's Bank of China.

The long-term benefits must be considered when managing the overall configuration of foreign-exchange reserves, the Hong Kong paper quoted Hu in Taipei as saying in response to a question about whether China's central bank would buy gold. A bank spokesman declined to comment on the report when contacted by Bloomberg News.

Gold advanced to a record for a third day, reaching $1,226.33 an ounce, as investors sought protection against the prospect of currency debasement and inflation. China increased its gold reserves by 76 percent to 1,054 metric tons since 2003, Xinhua News Agency reported in April.

China to mull long-term benefits before investing in gold

Today's Top News

Editor's picks

Most Viewed

Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
FOLLOW US