China should turn to oil: senior central banker
China should sink some of its rapidly-growing reserves into oil and other strategic resources, a senior official of the People's Bank of China (PBoC) said on Monday.
Sheng Songcheng, the director of the central bank's Shenyang branch, recommended the move in a comment article published in Financial News, a Chinese newspaper, as the country continues to seek means of diversifying out of dollar-denominated assets.
His comments suggested that China Investment Corporation (CIC), the country's
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