China's gold imports from Hong Kong decreased
China's gold imports from Hong Kong for the first time in four months in January after rising procurement to meet lunar new year demand in China for several months.
The report noted Hong Kong statistics issued today that China bought 51 thousand and 303 kilograms of gold, and this number includes breaking gold and gold coins in January, compared with 114 a and 405 kg of gold in December. China does not announce such data.
He said Sung Hibbing, Assistant General Manager of the Xiamen commercial bank (Xiamen City Commercial Bank Co.) that China's gold consumption is seasonal, and rising consumption is usually higher in the months preceding the Chinese new year.
And China's purchases of gold rose by 56% this year, compared with 32,000 and 948 kilograms of gold last year. And gold in 2012 shipments doubled to 835 000 and 205 kg of gold from a year earlier, according to Bloomberg calculations. And the reason is rising incomes in the second largest economic power in the world.
And Jiang Xu, senior analyst with the Industrial Bank (Industrial Bank Co.) of Shanghai, that apart from the issue of seasonal demand, investors shied away from buying bullion to expect lower prices.
He said another report of statistics, Hong Kong's exports to China amounted to 31 thousand gold and 723 kg in January, 29 thousand 718 kilograms of gold a month. And net exports Hong Kong Gold for China, after deduction of the
quantity of gold re-exports from China, Hong Kong, 19 a 580 kg in January.
Source: Bloomberg Singapore and Beijing
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