China slashes Gold imports

October 6, 2017

BEIJING (Oct 6)  China's Gold imports through Hong Kong recorded a near-2017 low in August, says a note from commodity analysts at Germany's Commerzbank.

As per latest Swiss trade data, gold exports to Hong Kong from the world's major refining center slipping by nearly one-tenth in the first 8 months of 2017 compared with the same period last year.

Direct exports, however, from Switzerland to mainland China have grown by 5%, keeping the joint total little changed year-to-date at 366 tonnes, only just below the 372 tonnes exported to the two locations between January and August 2016.

Though, China's silver imports recorded a steep rise during the year. "China has [also] been importing noticeably more silver for several months now, unlike gold," Commerzbank said in its report.

The report data showing year-to-date imports of silver bars and other items rising 48% from the first 8 months of 2016, with a 68% rise in August alone.


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