Article
Beijing Preps For Currency Wars
Beijing Preps For Currency Wars
Authored by James Rickards via The Daily Reckoning,
The fact that China has a large quantity of gold in its official reserve position is not news. China's gold reserves have been rising substantially since 2009.
At that time, China's official gold reserves were 1,054 metric tonnes (mt). Today, those reserves stand at approximately 2,366 mt, an increase of about 124%. But that does not tell the whole story.
The official reserves are reported by the People's Bank of China (PBOC), the Chinese central bank. But China may also...
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