China's gold output ranks first for consecutive four years in world

16:53, May 30, 2011      

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China has become the world's largest gold producer for consecutive four years, and China's explored gold reserve rank third in the world, said Zhang Yongtao, the vice-chairman of the China Gold Association.

In 2010, all kinds of gold products in Shanghai Gold Exchange reached 6046.064 tons, and the trading of certain standard gold ingots ranked first in the world, said Zhang Yongtao.

Zhang added, the global explored gold reserve is approximately 100,000 tons, of which South Africa, as the world's largest owner of gold resources, has 31,000 tons of explored gold reserves, Russia has 7,000 tons and China owns 6,328 tons.

In 1978, China's gold output was only 19.67 tons. In 2007, China's gold output reached 270.5 tons, and it became world's largest gold producer, surpassing South Africa for the first time. In 2010, China's gold output reached nearly 341 tons, while the world's gold demand was 2,778.6 tons, of which India accounted for 783.4 tons, ranking first in the world, China, 571.51 tons, ranking second and the United States, 180.9 tons, ranking third, Zhang said.

In 2010, the cumulative volume of gold futures contracts was 679.41 in Shanghai Gold Exchange, with the trading volume of gold futures ranking seventh in the world.

By Ye Xin, People's Daily Online
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