SEBASTIAN DERUNGS/AFP/Getty ImagesA file photo of gold bars. China has admitted what many gold bugs have long speculated: it's been stockpiling gold since 2003. China Admits To Building Up Stockpile Of Gold -- Financial Post
SHANGHAI/BEIJING - China revealed on Friday that it had secretly raised its gold reserves by three-quarters since 2003, increasing its holdings to 1,054 tonnes - or a pot worth about US$30.9-billion - and confirming years of speculation it had been buying.
Hu Xiaolian, head of the State Administration of Foreign Exchange, told Xinhua news agency in an interview that the country's reserves had risen by 454 tonnes from 600 tonnes since 2003, when China last adjusted its state gold reserves figure.
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My Comment: The Chinese were one of the first people's to adopt capitalism .... it appears that they are going back to their roots.