China PBOC Mulls Raising Gold Reserve By 4,000 Tons - Report

China PBOC Mulls Raising Gold Reserve By 4,000 Tons - Report

BEIJING (Dow Jones)--China's central bank is considering raising its gold reserve by 4,000 metric tons from 600 tons to diversify risks brought by the country's huge foreign exchange reserves, the Guangzhou Daily reported, citing unnamed industry people in Hong Kong.

The Guangzhou-based newspaper didn't elaborate on the plan.

China's forex reserves, at US$1.9056 trillion at the end of September, is the world's largest. U.S. dollar-denominated assets, including U.S. treasury bonds and mortgage agency bonds, account for a big proportion of the forex reserves.

    Newspaper Web site: http://gzdaily.dayoo.com     -By China Bureau, Dow Jones Newswires; (8610) 6588 5848; djnews.beijing@dowjones.com  


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(END) Dow Jones Newswires

November 18, 2008 20:51 ET (01:51 GMT)


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