Gold imports into China have soared this year, turning the country, already the largest bullion miner, into a major overseas buyer for the first time in recent memory.
The surge, which comes as Chinese investors look for insurance against rising inflation and currency appreciation, puts China on track to overtake India as the world’s largest consumer of gold and a powerful force in global prices.
The size of the imports – more than 209 tonnes of gold during the first 10 months of the year, a five-fold increase from an estimate of 45 tonnes last year – was revealed on Thursday. In the past, China has kept the number secret.
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