China gold imports may drop 400T hit by financing curbs-consultant
By GCRU Gold News on Thursday, July 3 2014, 23:57 - Permalink
Chinese gold imports could fall by up to 400 tonnes this year as the government tightens controls on gold financing deals and domestic demand softens, a leading precious metals consultant said on Thursday.
Philip Klapwijk, director of the Hong Kong-based Precious Metals Insights, said the Chinese authorities are once again moving to rein in abuse of gold lending, after a crackdown on commodity financing last year.
He said weaker import volumes in recent months
China's gold imports from Hong Kong dropped in May to the lowest level since January last year suggested the gold lending business was already being partly wound down.