China gold imports gain 470%, more buying expected
08 November 2011
China’s imports of Gold from Hong Kong, leapfrogged by 470% in September as per data released by the Hong Kong government. Chinese imports from Hong Kong are considered a good indicator of overall Chinese demand since the Chinese government does not release official figures.
As per the data, gold imports rose to 56.9 tonnes in September against the average monthly imports of around 10 tonnes, a 470% increase. In the 3 month period of July-September, Chinese gold imports stood at around 140 tonnes against 120 tonnes in entire 2010!