China's gold imports increase 480%

16:54, December 03, 2010      

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China imported nearly 210 tons of gold between January and October in 2010, an increase of 480 percent over the same period of the previous year, Shen Xiangrong, president of the Shanghai Gold Exchange, said on Dec. 2.

Shen disclosed the figure at the "Fifth China Gold & Precious Metals Summit 2010." He said that the demand for physical gold is currently very strong, which has resulted in record highs in both the gold transaction amount and import volume.

According to data from the Chinese central bank, China's gold consumption in 2009 reached 454 tons, which has surpassed India and ranks first in the world.

In addition, the statistics from the China Gold Association shows that China's gold production has remained first in the world for three consecutive years, with the production reaching about 314 tons in 2009. China surpassed South Africa in 2007 and became the world's largest gold producer.

By People's Daily Online


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