By David Lew
BEIJING (Commodity Online): China is taking several initiatives to raise the country’s reserves in gold and silver in 2011 in an attempt to globalize the Yuan. The main strategy is to buy gold and silver reserves when prices of these precious metals fall.
According to a report published by the Economic Information Daily, the Chinese central bank, the People’s Bank of China, is chalking out plans to buy gold and silver reserves these days considerably as their prices are currently down.
Gold prices have come down by nearly $100 in the last few days. Silver prices that have been also following gold prices in the last one year have fallen thanks to the rise in US dollar value.
http://www.commodityonline.com/news/China-to-raise-gold-silver-reserves-in-2011-36118-3-1.html
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