China’s gold imports surge to record high as appetite increases, middle class seek wealth security
- China imported a record high 1,447 tonnes of gold for non-monetary use last year, with the value increasing ninefold from three years ago to US$90 billion
- China’s middle class are seen to be attempting to preserve their dwindling fortunes caused by the property market crisis and slumping stock market
- China’s appetite for gold rose to record high levels last year, as investors sought to secure their assets and limit uncertainties caused by a weak yuan, an ongoing property slump and fears over a stock market rout.
Imports of gold for non-monetary use – products including gold jewellery – rose to 1,447 tonnes last year, breaking the previous record of 1,427 tonnes in 2018, according to the General Administration of Customs.
The weight marked a sevenfold increase from 2020, while the US$90 billion value represented an almost ninefold increase from three years ago.
Domestic sales in China also hit 1,090 tonnes of gold last year, according to the China Gold Association, with gold jewellery consumption increasing by 7.97 per cent year on year and purchases of gold bars and coins increasing by 15.7 per cent.
scmp.com |
