While China and the Banksters may be clamping down on gold exchanges and making it harder on individuals to gain exposure to the gold market, China's Central Bank keeps wanting to stack the phyzz behind the scenes.
BEIJING Dec 26 (Reuters) - China should buy gold to
further diversify and protect its foreign exchange reserves, the
head of research at China's central bank said in comments
published on Monday.
Gold has become "the only safe heaven for risk-averse
investors" when other assets from government bonds to property
are losing value, Zhang Jianhua, the head of the research
department at the People's Bank of China, wrote in the Financial
News, a newspaper published by the central bank.
"The Chinese government... needs to further optimise China's
foreign exchange asset portfolio and to seek relatively low
entry points to buy gold assets," Zhang wrote.