From the category archives:
The dollar amount isn’t huge but the change in direction could be.
China reported that its cash horde of foreign exchange reservesdeclined from $1.906 trillion to $1.89 in September (most recent numbers).
That’s the first time since December of 2003 that China’s cash reserves have declined.
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China’s foreignexchange reserves, the biggest stockpile in the world, rose US$126.7 billion in the secondquarter to US$1.81 trillion. That is 35.7% more than 12 months ago and 18% higher since the start of theyear.
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Wang Yu, director of the gold
and foreign exchange
market of the People’s Bank of China, said that
gold prices will rise because of continued dollar depreciation,
rising demand, and global political uncertainty.
“My personal conclusion is that international gold prices will remain volatile in the short term, while from a
long-term perspective there is a possibility for — and room [...]
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