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Strategies & Market Trends : China Warehouse- More Than Crockery
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To: regli who wrote (4966)5/26/2005 2:06:19 PM
From: RealMuLan  Read Replies (1) of 6370
 
I read that before 1978 the so-called Open Door policy in China, RMB was backed by gold. More than 50% of then China's foreign reserve was gold. In 1973, 91% of China's foreign reserves was gold. And even after 1978, China had been very tight in currency supply. Only started to print much more after Asian currency crisis in 1997. Now between 2-3% of China's foreign reserve is gold.

In a sense, the deflation in China a couple of years ago was due to no enough currency in circulation.

And the other day, I mentioned about Chinese gov. could encourage individuals to keep the gold. India is using this way. The individuals in India hold more than 10,000 tons of gold (about 1/15 of the total amount of gold in the world), which helps their country a lot in difficult time.
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