trending Market Intelligence /marketintelligence/en/news-insights/trending/TN7dMX_1A-On5P7qQU-v4g2 content esgSubNav
Log in to other products

 /


Looking for more?

Contact Us
In This List

Report: China curbing gold imports amid local economic slowdown

Blog

Highlighting the Top Regional Aftermarket Research Brokers by Sector Coverage

Video

COVID-19 Impact & Recovery: Metals and Mining Outlook for H2 2021

Blog

Q&A: Data That Delivers - Automating the Credit Risk Workflow

Blog

Mining M&A in 2020 — Deal activity bounces back in H2 after disrupted H1


Report: China curbing gold imports amid local economic slowdown

China trimmed US$15 billion to US$25 billion worth of gold imports since May, or about 300 tonnes to 500 tonnes compared with 2018, Reuters reported Aug. 15, citing industry sources with direct knowledge of the matter.

The move is seen as a measure to curb outflow of U.S. dollars — which is used to purchase the bullion from the likes of Switzerland, Australia and South Africa — and strengthen its yuan currency amid a slow economic growth, gold industry sources said in the report.

China’s gold imports are typically conducted by local and international banks given monthly import quotas by the Chinese central bank. However, quotas have since been curtailed or not granted for several months, the report said citing seven sources in the bullion industry in London, Hong Kong, Singapore and China.

"There are virtually no import quotas now issued in China," one source said.

The Asian powerhouse is in the midst of a deepening trade war with the U.S., resulting in the slowest economic growth pace in nearly 30 years and pushing the yuan down more than 10% against the U.S. dollar since early 2018.