China is world's largest gold producer and consumer

Shanghai (Jun 23)  China is now the world's biggest gold producer as well as consumer. That's according to banking group ANZ.

In 2014, outbound shipment volumes of gold hit 2000 tons at the Shanghai Gold Exchange. That accounted for 60 percent of the world's total gold output, and nearly 50 percent of global gold consumption.

The Shanghai Gold Exchange is a shadow market to the London market. Last year, the Shanghai Gold Exchange launched an international board, which aimed at enhancing China's pricing power for global gold.