Ben & Tom: Here is Gold info. China will produce @130 tons of gold this year. The gold & its' price in China is controlled by the PBOC.
The narrative in part II below explains in brief.
China, like most countries, publish a "monthly report" on trade, GNP,
etc.
Doug
PART I
Exchange rate, gold and foreign exchange reserves
Item
In 1997
In January
In February
In March
Exchange rate :
RMB yuan per 1 SDRs (end-of-period )
11.5283
11.5204
11.4280
RMB yuan per 1 US$ (end-of-period )
8.2938
8.2948
8.2964
RMB yuan per 1 US$ (average )
8.2963
8.2929
8.2957
Gold reserves (1 million ounces)
12.67
12.67
12.67
State foreign exchange reserves (US$ 1 billion)
108.679
110.315
112.055
PART II
Gold sector realizes year's task
by Ding Xuemei
CHINA'S gold production industry appears to have the Midas touch -- meeting this year's target three months early.
Ai Dacheng, deputy director of the Gold Bureau with the Ministry of Metallurgical Industry, said China produced 101.8 tons of gold by the end of September, up 20.3 per cent over the same period last year.
The gold output target for 1997, set by the State Planning Commission, is 100 tons.
The ministry's own target for this year is 120 tons, and "the industry will have no problem reaching this goal," Ai said.
This year's total gold production will be between 130 tons and 140 tons, he predicted.
The achievements can be attributed to reforms and gold-mining firms' efforts to increase production, Ministry of Metallurgical Industry officials suggest.
Provinces and regions -- like Shandong, Hebei, Shaanxi, Heilongjiang, Gansu, Hunan, Hubei, Anhui, Sichuan, Yunnan, Qinghai, Guangdong, Fujian, Inner Mongolia, Tibet and Xinjiang -- registered higher-than-previous growth in the first three quarters, said Liu Shan'en, deputy director with the ministry's gold economic
development research centre.
But production declined in Jilin, Beijing and Zhejiang during the period, Liu said.
During the next three months, Ai said, the industry will maintain sustainable, steady production rather than solely pursue output, an effort to lay a sound foundation for next year's production.
While maintaining normal production levels, enterprises and mines should both
service their facilities and better prepare for next year.
Firms should undertake efforts to become more economically efficient, Ai
suggested.
Although the price of gold has been down in China, production costs have risen, due
to price hikes in raw materials, fuel and electricity, Ai said.
The gold production sector has been under additional pressure caused by the two adjustments of domestic gold purchase prices -- implemented in January and July respectively.
The two cuts forced the domestic gold price to drop to $329.97 per ounce. This year, the gold production sector will lose 800 million yuan ($96.3 million) in profits, due to the cuts, Ai said.
"The world gold price is still dropping and we are worried the People's Bank of China will cut the domestic price once more," creating difficulties or closures for enterprises and mines, Ai said.
So far, the gold production sector hasn't suffered great losses, Ai said.
Given the difficulties, mines and enterprises have improved management, increased production and reduced costs. Date: 10/30/97
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