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Wednesday November 15, 9:53 AMChina should buy more gold - govt economistBEIJING, Nov 15 (Reuters) - China should buy more gold at the right time as part of a strategy for diversifying its $1 trillion in foreign exchange reserves, a prominent government economist said in remarks published on Wednesday.Xia Bin, head of the financial research institute at the Development Research Centre, the cabinet's think tank, has long advocated more active management of the growing stockpile of reserves. "China should use its surplus reserves to fund economic reform and important national strategic projects. China should also pick the right time to increase the proportion of gold in its reserves," the overseas edition of the People's Daily, the mouthpiece of the ruling Communist Party, quoted Xia as saying. China has 600 toones of gold in its reserves. |
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