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Beijing official urges gold, crude-oil purchases amid pullback

Posted on 01 December 2009

From Marketwatch.com: 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…………………………….Full Article: Source

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