China's reserve center to open in July

The China International Reserve Center will open in Shanghai this July, according to the China Knowledge website.

It will deal mainly with the central bank's gold transaction, according to the People's Bank of China.

China may diversify its US$900 billion worth of foreign exchange reserves by converting part of its dollar reserves into assets such as gold and other large commodities, the China Knowledge report said.

China's reserves recently overtook those of Japan to become the largest in the w

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