South Korea's central bank said Friday it has increased the amount of gold it holds as it moves to hedge against global volatility caused by European and US debt crises.
The bank said its gold holdings account for one percent of its foreign-exchange reserves, which stood at $308.63 billion at the end of November, the eighth largest in the world.
"The gold purchase will help us cope with volatile global financial markets and enhance investor confidence in Korea in times of crises."
http://www.newsmeat.com/news/meat.php?articleId=124091843&channelId=2951&buyerId=newsmeatcom&buid=3281
The bank said its gold holdings account for one percent of its foreign-exchange reserves, which stood at $308.63 billion at the end of November, the eighth largest in the world.
"The gold purchase will help us cope with volatile global financial markets and enhance investor confidence in Korea in times of crises."
http://www.newsmeat.com/news/meat.php?articleId=124091843&channelId=2951&buyerId=newsmeatcom&buid=3281
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