Dubai crisis gave opportunity for China to buy crude oil and gold
China should take advantage of the shock waves created by the crisis in Dubai to buy gold and oil. Such is the opinion of a senior Chinese official, who cares for the supervision of some of the biggest companies in the Asian country. According to Syaonan Ji, who is chairman of the supervisory board of large companies in the committee for the supervision and administration of state assets (State-Owned Assets Supervision and Administration Commission – SASAC), purchases may be effected by means of foreign exchange reserves of China, transmit Market Watch. “Although it is unclear to what extent the crisis in Dubai will affect local and global economy, it will continue for some time and this may give China investment opportunity to use part of their reserves to buy gold and oil,” said Syaonan today. The Commission, headed Syaonan which is directly subordinate to the State Council of China and is responsible for management of state companies. Therefore, his opinion may be regarded as a signal that such intentions truly are discussed. Commentary is consistent with China’s overall strategy to increase physical stocks of key raw materials such as gold, copper and other commodities.
At present, according Syaonan gold prices and oil prices adjust, which allows for the extraction of profit from the state.
Tags: business, China, crude oil, finances, financial, gold, news, SASAC, Syaonan
China is developing too fast and the economy and human resources of the country are giving great success
Yes, China will be one of the most stable horses, which will help for the global economy to run out from the crisis
Yes, this country can overheat its economy. I hope it will go well because the run out from global crisis is positive for everyone, not only China or USA