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China gold cheaper than IMF sale

Reuters | Thu, 05 Nov 2009 09:26
[miningmx.com] -- IT would be cheaper for China to buy domestically mined gold than to buy bullion the International Monetary Fund is seeking to sell, a former adviser to the People's Bank of China said on Thursday.

Asked whether China should emulate India, which last month bought 200 tonnes of IMF gold at an average price of $1,045 an ounce, Li Yang told a financial forum: "China's gold is much cheaper than that."

Li, who used to be a member of the PBOC's monetary policy committee, is now a senior researcher at the Chinese Academy of Social Sciences.


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