Tag - China

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Saturday, November 16 2019

The Truth About China's Gold

How much gold does China really have? More than the US is the answer.

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Monday, November 11 2019

Chinese central bank gold buying – On a need to know basis

After announcing monthly gold purchases for ten straight months between December 2018 and September 2019, the Chinese central bank, the People’s Bank of China (PBoC), has paused buying now for its strategic gold reserves.

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Wednesday, October 2 2019

New Shanghai Gold Futures Contracts

CME Group, the world's leading and most diverse derivatives marketplace, today announced the launch of two new gold futures contracts on October 14, 2019, pending regulatory approvals.

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Friday, September 27 2019

China's August net gold imports bounce from 8-year low

Net imports via Hong Kong to China, the world’s top consumer of the metal, increased to 12.997 tonnes last month from 8.085 tonnes in July, the data showed.

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Tuesday, September 17 2019

China Gold Is Hunting for Deals Worth as Much as $2 Billion

China Gold International Resources Corp., the overseas arm of state-owned China National Gold Group, is on the hunt for acquisitions to replenish its pipeline as deal-making in the sector heats up thanks to a jump in the metals price.

The miner, listed both in Canada and Hong Kong, is targeting companies with assets in operational stages that have ramp-up plans. The company is comfortable making purchases with a price at roughly $1 billion to $2 billion, Xie said.

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Friday, August 23 2019

China eases restrictions on gold imports

China has partially lifted restrictions on imports of gold, bullion industry sources said, loosening curbs that had stopped an estimated 300-500 tonnes of the metal worth $15-25 billion at current prices from entering the country since May.

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Thursday, August 22 2019

Swiss gold exports re-distributed as Chinese imports curtailed

As can be seen, destination Asia, which has been the principal recipient of Swiss gold exports in the past, has paled into virtual insignificance with a huge volume re-exported back to the UK – usually the principal source of Swiss gold imports. Reports put this down to big inputs into the principal gold ETFs which have their gold principally vaulted in London. Notably, in addition to the now low levels of gold being exported to China and Hong Kong, exports to India have fallen off a cliff as well. The suggestion here is that the recent higher gold price has led to buyers holding off and looking for a possible fall before re-entering the market. This stand-off will likely persist until either the price falls back, or purchasers just get used to the higher price levels.

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Jewelry alone continues to glitter in gold downtrend

Gold consumption in China reached 523.54 metric tons during the first half of 2019, down 3.27 percent year-on-year, against the backdrop of China closing down outdated production facilities and optimizing its industrial structure, according to the China Gold Association.

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Wednesday, August 14 2019

China curbs gold imports as trade war heats up

China has severely restricted imports of gold since May, bullion industry sources with direct knowledge of the matter told Reuters, in a move that could be aimed at curbing outflows of dollars and bolstering its yuan currency as economic growth slows.

The world’s second largest economy has cut shipments by some 300-500 tonnes compared with last year - worth $15-25 billion at current prices,

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Tuesday, June 4 2019

Still Firing on all Cylinders: China’s Physical Gold Market

While headlines may be on the Sino-US trade war, China’s gold market continues to fire on all cylinders, with physical gold continuing to flow into, and through, the world’s largest gold hub.

Year-to-date, Chinese wholesale gold demand is on a par with recent years, Chinese central bank gold purchases have officially recommenced after a two year halt, and gold import data into China is now more transparent than ever before.

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Sunday, January 13 2019

Separating truth from fiction in China’s golden game of Poker

This month the Chinese central bank reported that in December 2018, its gold reserve holdings increased by 10 tonnes, the first claimed increase in Chinese monetary gold holdings since October 2016.

Based on previous patterns reporting patterns, a two year hiatus in reporting gold holdings is not unprecedented for the Chinese central bank and its reporting agency SAFE. What is strange, however, is that after an extended absence of reporting, the Chinese are coming back to the table with not a lot to show for it.

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Saturday, November 3 2018

CGSE’s new gold appetite

The broad market expectation is that demand for gold will only increase as China pushes ahead with its Belt and Road initiative and other nations start to benefit accordingly.

“As these countries become more affluent, they will need to buy gold for their reserves to back their currencies and economies,” Cheung says. “For that reason, we are in talks with countries along the Belt and Road corridor, and our progress in building the Asian gold hub is gaining pace.”

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Saturday, October 20 2018

Gold Investor - October 2018

In the past two decades China has become a dominant global force economically, commercially and, increasingly, politically. In this issue we assess the outlook for China across a range of perspectives.

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Friday, October 12 2018

Skepticism reigns about the True state of Chinese central bank gold reserves

One of the most mysterious and unresolved questions in the gold world centers on how much gold reserves the Chinese State, through the Chinese central bank, actually holds. Since October 2016, the People’s Bank of China (PBoC), China’s central bank, has continued to announce unchanged gold reserves each month and persistently claims that its official gold reserves remain static at 1842 tonnes.

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Friday, July 27 2018

China's June net gold imports via Hong Kong jump to 15-month high

Imports via Hong Kong, by the world’s top consumer of the metal, rose to 80.867 tonnes in June from 57.649 tonnes in May according to data provided to Reuters by the Hong Kong Census and Statistics Department.

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Friday, July 20 2018

Chinese Gold Market: Still in the Driving Seat

With the first half of 2018 now behind us, it’s an opportune time to look at whats been happening in the Chinese Gold Market. As a reminder, China is the largest gold producer in the world, the largest gold importer in the world, and China’s Shanghai Gold Exchange is the largest physical gold exchange in the world.

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Wednesday, February 28 2018

Hong Kong gold exchange seeks to create gold trading corridor along Belt and Road

The Chinese Gold & Silver Exchange Society (CGSE), Hong Kong’s gold exchange, is in talks with Singapore, Myanmar and Dubai to establish a gold commodity corridor to promote yuan-denominated products under China’s Belt and Road Initiative, according to its president Haywood Cheung Tak-hay.

The proposed bonded warehouse in Qianhai free-trade zone, near Shenzhen, capable of storing 1,500 tonnes of gold, is expected to provide custodial and physical settlement services, and is likely to materialise in the next two to three months after receiving the verbal green light from the customs department recently, Cheung added.

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Wednesday, February 7 2018

China’s Love Affair With Gold Heating Up on Property Riches

China’s growing throng of affluent consumers is driving a rebound in demand for gold rings, bracelets and necklaces as a property boom and high stock market valuations boost wealth in the largest bullion market.

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Friday, February 2 2018

China's 2017 gold consumption rises 9.4 pct to 1,089 tonnes

Gold consumption in China grew by 9.41 percent from the previous year to 1,089 tonnes in 2017, state television CCTV reported on Thursday, citing figures from the China Gold Association.

Gold output in China, the world’s largest producer of the metal, fell by 6.03 percent from the year before to 426.14 tonnes in 2017, CCTV said.

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Tuesday, November 14 2017

China Gold Import Jan-Sep 797t. Who’s Supplying?

Until new evidence shows up my best guess is that China net imported 777 tonnes in the first nine months of 2017, sourced from all corners of the world: the UK, South-Africa, Australia, Switzerland, the US, Middle-East and Philippines. It seems Chinese banks are active all over the world looking to buy gold on the dips. Snapping up physical metal when the time is right.

Chinese imports add to China’s domestic mining output. The China Gold Association disclosed on November 1 that mine production accounted for 313 tonnes, down 10 % compared to last year. Nearly all this gold (313 + 777) is sold through the SGE. Withdrawals from the vaults of the SGE accounted for 1,505 tonnes over this period, implying 415 tonnes (1,505 – 313 – 777) was supplied by scrap and disinvestment (or partially recycled through the SGE system).

Since all non-monetary gold imported and mine production ends up in the private sector, my estimate for total gold owned by the Chinese people now stands at 16,575 tonnes. Added by a more speculative estimate of 4,000 tonnes held by the PBOC makes 20,575 tonnes.

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