THE LEX COLUMN: Developing countries turn to gold for security
Diplomatic and trade rows with the US explain some of the aversion to buying dollars for their foreign exchange reserves
These days it is not dollars that emerging countries feel they have to hold. They want gold, and plenty of it. Since the first quarter of 2015 central banks in China, Russia, India and Turkey have boosted their gold holdings by two-thirds to 4,960 tons.