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China Should Buy More Gold to Diversify Reserves, Newspaper Says

China should buy more gold to diversify its foreign exchange reserves, International Business Daily, a newspaper affiliated with the Ministry of Commerce, reported.

China should increase its gold holdings if the country aspires to “internationalize” its currency, the paper said on its website, citing Meng Qingfa, a researcher at the China Chamber of International Commerce. The 1,054 metric tons of gold reserves are inadequate, compared with the 8,133 tons held by the U.S. and 3,408 tons by Germany, he was cited as saying.