A top Communist Party research chief said Thursday that China should buy gold and U.S. real estate rather than Treasurys, according to a Reuters report.
Li Lianzhong, who is head of economics at the party's policy research office, said the U.S. dollar is poised for a fall, making gold and land better investments for China's $1.95 trillion in foreign exchange reserves, the report said.
It quoted Li as saying Beijing should also focus on buying up energy and natural resources.
His remarks followed just hours after China Petroleum & Chemical Corp. -- better known as Sinopec (NYSE:SNP) (SEHK:HK:386) -- said it had reached a deal to buy oil and gas group Addax Petroleum Corp. for $7.2 billion. See full story on Sinopec acquisition.
- Via Market Watch
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