China Should Purchase Gold, Oil, CCB’s Shao Writes
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China should purchase gold and oil overseas with its foreign-exchange reserves to avoid losses from a weakening dollar, according to a newspaper commentary by Shao Fenggao, an official at China Construction Bank Corp.
The Dollar Index has slumped as the Federal Reserve may announce a second-round of quantitative easing this week, according to the commentary published in the China Business News today. No information was given on Shao’s role within the world’s second-largest lender by market value.