China may shift reserves to gold - Numis

China is likely to diversify its foreign exchange holdings of more than one trln usd away from US dollar denominated instruments in favour of gold, Numis Securities said Monday 13 November.

'China is estimated to hold about one pct of its reserves as gold and there is speculation that the Chinese central bank could raise gold to five to six pct of total reserves over the next 15 years. The World Gold Council estimates that China holds around 600 tons of gold which at today's market price is wo

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