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China becomes world’s top buyer of Australian gold

By Shan Xin  (People's Daily Online)    17:15, July 21, 2017

(File photo)

China is now the world’s biggest importer of Australian gold, as 77 percent were exported to China during the first quarter of 2017, according to Resources and Energy Quarterly released by Australian Government.

Australia exported 57.6-metric-tons of gold to the Chinese mainland and the special administrative region of Hong Kong in the first quarter of the year, a 54.4 percent year-on-year growth compared to last year.

Data shows that China’s demand for Australian gold has been increasing over the past years, reaching a new high in 2017.

China’s top exporters of gold are Australia and the U.S. Hong Kong and the Chinese mainland received 51 percent of American gold exports, about 61.8 metric tons during the months of January and February, according to the USGS Gold Mineral Industry Survey.

In addition, China and Russia are reportedly planning to develop a joint trade organization on gold. Reuters reported that Russia's biggest bank, Sberbank, had began physical gold trading on the Shanghai Stock Exchange and would deliver 5-6 tons of gold to China in the next half of 2017.

Australia had 74.9-metric-ton in gold exports in the first quarter, while its production was just 67.7 metric tons. 

(For the latest China news, Please follow People's Daily on Twitter and Facebook)(Web editor: Shan Xin, Bianji)

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