Chinese Official: Dubai Crisis Is A Reminder To Keep Buying More Gold

china gold bar

The scare in Dubai isn’t making China feel any better about its gigantic pile of greenbacks:

Marketwatch: China should use the shockwaves created by the Dubai crisis as an opportunity to buy gold and oil, a senior Chinese official who helps oversee some of the nation’s biggest enterprises was quoted as saying Monday.

Ji Xiaonan, chairman of the supervisory board for large firms at State-Owned Assets Supervision and Administration Commission (SASAC), said the purchases could be funded by China’s foreign exchange reserves, although it wasn’t clear how much prices for these commodities would be affected by the crisis.

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