Ellispes is not in utf-8?

[Lennart Borgman <lennart.borgman@gmail.com>]

I just copied ellipses from this page:

  http://en.wikipedia.org/wiki/Ellipsis

and inserted them (with cua-paste) in a ruby file. At the end of this
file I added:

# Local variables:
# coding: utf-8
# End:

However Emacs does not seem to like that, it asks me if I want to save
it as "chinese-iso-8bit".

What is going on here?

Looking at the char I get:

        character: … (8230, #o20046, #x2026)
preferred charset: unicode (Unicode (ISO10646))
       code point: 0x2026
           syntax: _ 	which means: symbol
         category: .:Base, c:Chinese, h:Korean, j:Japanese
      buffer code: #xE2 #x80 #xA6
        file code: not encodable by coding system iso-latin-1-dos
          display: by this font (glyph code)
    uniscribe:-outline-Lucida
Console-normal-normal-normal-mono-13-*-*-*-c-*-iso10646-1 (#xAB)

Character code properties: customize what to show
  name: HORIZONTAL ELLIPSIS
  general-category: Po (Punctuation, Other)
  decomposition: (compat 46 46 46) (compat '.' '.' '.')


(This is on w32, using Chrome as web browser. My patched version of
Emacs from 2010-10-19.)