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China Gold Reserves May Back Yuan Internationalization-Report

Posted By admin On May 20, 2009 @ 8:25 am In Money Watch | Comments Disabled

Dow Jones Newswire [1]
Wednesday, May 20, 2009

SHANGHAI (Dow Jones)–China’s gold reserves may serve as backing for the yuan as Beijing promotes its use overseas, said Zheng Lianghao, managing director of the World Gold Council’s Far East division, the Shanghai Securities News reported Monday.

Zheng, who was speaking at a forum over the weekend, said increasing gold holdings would provide China with a useful hedge as the dollar faced the possibility of depreciation, according to the report.

In late April, the official Xinhua News Agency quoted Hu Xiaolian, the head of China’s foreign exchange agency, as saying China’s gold reserves had risen 454 metric tons since 2003 to 1,054 tons.

Full story here. [1]

China Gold Reserves May Back Yuan Internationalization Report obama 340x169 [2]

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URLs in this post:

[1] Dow Jones Newswire: http://www.fxstreet.com/news/forex-news/article.aspx?StoryId=3788a8c9-091d-49a5-b6c9-ffb12669249b

[2] Image: http://www.prisonplanet.tv/

[3] China Increases Gold Reserves 76% to Fifth-Largest: http://www.prisonplanet.com/china-increases-gold-reserves-76-to-fifth-largest.html

[4] Iran Announces It Has Converted 15% Of Its $100 Billion+ In FX Reserves Into Gold: http://www.prisonplanet.com/iran-announces-it-has-converted-15-of-its-100-billion-in-fx-reserves-into-gold.html

[5] “Uncivilized” China Quietly Building Gold Reserves As Gold Imports From HK Soar By 587% In First Quarter: http://www.prisonplanet.com/uncivilized-china-quietly-building-gold-reserves-as-gold-imports-from-hk-soar-by-587-in-first-quarter.html

[6] Currency Wars – Russia Officially Adds 19.5 Tonnes of Gold Reserves in October Alone: http://www.prisonplanet.com/currency-wars-russia-officially-adds-19-5-tonnes-of-gold-reserves-in-october-alone.html

[7] Will China Make the Yuan a Gold-Backed Currency?: http://www.prisonplanet.com/will-china-make-the-yuan-a-gold-backed-currency.html

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