That's the conclusion of an analysis by Ambrose Evans-Pritchard and carried in the London Telegraph. The piece outlines the extensive purchases of industrial metals made by that country -- purchases that are well beyond normal re-building of inventories. The story says China is wary of buying more U.S. Treasuries because of the massive budget deficits now being amassed by our country. Purchases of industrial metals make sense, the article continues, because they will be needed to build hybrid cars, are likely to rise in value, are easy to store, and it protects China's industrial base.
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