China keen to exchange dollars for gold | 15 February 2010 | www …
This massive sum is no guarantee against a China market crash. Pettit goes on to point out that China’s huge reserves amount to “5-6% of global domestic product.” This is the same rough percentage as the total central bank reserves accumulated by the United States in the 1920s. … Given the intimate knowledge of its own long-run plans, China likely wants to exchange dollars for gold at the most favorable price possible – which, here and now, means a lower gold price. …
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