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China holds an estimated 70 percent of its $1.95 trillion in official foreign exchange reserves in the dollar and is wary of saying anything that would undermine the value of its investments
India, the world’s biggest consumer of bullion, doubled import taxes on gold and silver as the government sought to raise funds to spend on roads and supply food grain to the poor at below market rates. Purchases of gold bars will attract a duty of 200 rupees ($4.1) per 10 grams, while silver will be charged at 1,000 rupees per kilogram, Finance Minister Pranab Mukherjee said in his budget speech in parliament. Gold imported as jewelry or in any other form will attract a duty of 500 rupees per 10 grams.