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Russian exchange starts trading oil and gold in rubles next month
From Reuters
Monday, May 22, 2006
http://asia.news.yahoo.com/060522/3/2kvnn.html
BEIJING -- China should buy more gold with its foreign exchange
reserves, an official newspaper said in a commentary on Monday.
The China Securities Journal said gold accounted for only 1.3
percent of China's foreign currency reserves, which hit a world
record $875.1 billion at the end of March.
In rich countries, by contrast, gold makes up 50 percent to 60
percent of reserves, it said.
Worries about the momentum of the U.S. economy; fears among
financial experts that the dollar is on a long-term depreciating
trend; doubts that the euro can replace the dollar as a major
reserve currency; and concern that overseas demand for U.S. Treasury
securities is drying up -- except on the part of China -- were all
reasons why China should buy more gold, the paper said.
Against this background, gold was playing a much more important role
in the global monetary system, it said.
"It would be a wise step for China to appropriately increase its
gold reserves," the China Securities Journal said.
The newspaper is owned by Xinhua, the state news agency.
The newspaper cited Russia and South Korea as examples of countries
that had switched part of their reserves out of dollars and into
gold.
The paper recalled a recent recommendation by an expert at the
Beijing Gold Economy Development Research Centre that China should
quadruple its gold reserves to 2,500 tonnes from 600 tonnes now.
"China should raise its gold reserves so those reserves can account
for 3 to 5 percent of the foreign exchange reserves instead of
current 1.3 percent," the China Gold newspaper on May 9 quoted Liu
Shanen as telling a conference.
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