China is likely to limit its gold holdings to 2 percent of its total foreign exchange reserves, said Yi Gang, a deputy Chinese central bank governor. The People's Bank of China last made known changes to its gold reserves in 2009, announcing that it held 1,054 metric tons. The bank hasn't made any revisions since then. That's about 1.8 percent of its total reserves, according to data from the World Gold Council."If the Chinese government were to buy too much gold, gold prices would surge, a scenario that will hurt Chinese consumers," Yi said on Wednesday at a press briefing in Beijing.
Japanese brands search for rebound
Inflation rebounds to 10-month high in Feb.
Halt urged to rising luxury goods prices
China well on way to being largest oil importer
Energy trade surplus for US
China seeks economic transformation