Beijing becomes third import point for gold
May 8, 2014 Category Automotive Metals & Minerals, Metals
China has begun allowing gold imports through Beijing as a third import point after Shenzhen and Shanghai. The People’s Bank of China (PBOC) was believed to be adding to its gold reserves, the World Gold Council (WGC) said, as it looked to diversify from U.S. Treasuries. The central bank rarely reveals the numbers. Gold has traditionally been imported from Hong Kong into Shenzhen, where nearly 70% of China’s gold jewelry business is located. Shanghai was opened up as a second port last year. Only banks are allowed to import gold into China. China imported nearly 1,160 tons of gold from Hong Kong last year, more than twice 2012’s figure, as the drop in prices caused a spurt in demand. An analysis of trade figures from data provider Global Trade Information Services showed China imported at least a further 194 tons last year from centers other than Hong Kong, likely into Shanghai. China also produced about 428 tons domestically last year. The People’s Bank of China (PBOC) last disclosed its gold reserves in 2009, when it announced its holdings had risen to 1,054 tons from 600 tons in 2003. Some estimate the size of the PBOC’s gold reserves at 3,000 to 5,000 tons. The United States is the biggest holder, with more than 8,000 tons. Even a 1,000-ton increase from last-announced levels could prompt a jump in gold prices, which would make the PBOC very cautious about the timing of any announcement.
- KURT VANDEPUTTE (UMICORE) APPOINTED CHAIRMAN OF THE BOARD OF THE FLANDERS-CHINA CHAMBER OF COMMERCE (FCCC)
- Webinar: “Knowing Your Chinese Partner” – May 26, 2021, 10 am – 12 am
- EMA starts rolling review of CoronaVac, WHO approves Sinopharm vaccine for emergency use
- The Global Times warns not to politicize the Comprehensive Agreement on Investment (CAI)
- Hainan to become biggest duty-free market in the world