The Nikkei website reports that China will dip into its vast store of foreign reserves to buy crude oil in an attempt to diversify from the US dollar. Given that oil is denominated in dollars, they don’t get much diversification but they can refine crude into more useful products than they can US Treasuries.
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Nikkei reports China to dip into forex reserves to buy oil
Nikkei reports China to dip into forex reserves to buy oil
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