Beijing: China has started importing Gold on a huge scale from the international markets. China purchased 180 tonnes of Gold in June and July. 107 tonnes of Gold were imported in June and 80 tonnes in July. China is the biggest producer and importer of Gold in the world.
Moreover, the Coronavirus outbreak, Real estate crisis and some other reasons are currently causing a decline in the Chinese economy. International investors and big corporates are withdrawing their investments from the country. The Chinese Central Bank cut down interest rates twice in an attempt to avoid the economic crisis. Taking this background into account, the increasing Gold import by China becomes noteworthy.
According to statistics, China produced 332 tonnes of Gold in 2021. This accounts for 9% of the total Gold production in the world. But as the demand for Gold in the Chinese market is nearly 1,000 tonnes, the country imports Gold on a large scale. The Gold demand declined to an extent in the years 2020 and 2021, given the Coronavirus pandemic. Indications are that the Gold demand is increasing again. The increased Gold imports by China over the last two months endorse the claim.
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