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Wednesday, January 23, 2013

Chinese Central Banker Declares That 'Gold Is The Only Safe Haven Left'

It took them 7 years to tell the truth, ask Germany about their gold..

People's Bank of China official Zhang Jianhua declared yesterday: "No asset is safe now. The only choice to hedge risks is to hold hard currency - gold."

Zhang, the bank's research director, recommended buying the dips: "The Chinese government should not only be cautious of the imported risk caused by rising global inflation, but also further optimize its foreign-exchange portfolio and purchase gold assets when the gold price shows a favorable fluctuation."

China's $3.2 trillion in foreign reserves are currently invested one-third in U.S. treasuries 20 percent in euro-denominated assets and only 1.8 percent in gold, according to China Daily. China has one of the world's biggest gold reserves at 1,054 tons.

Read more: http://articles.businessinsider.com/2011-12-27/markets/30560564_1_gold-price-assets-reserves#ixzz2InzEX8KT

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