BEIJING: China has severely restricted imports of gold since May, bullion industry sources with direct knowledge of the matter told Reuters, in a move that could be aimed at curbing outflows of dollars and bolstering its yuan currency as economic growth slows.
Chinese demand for gold jewelry, investment bars and coins has trebled in the last two decades as the country has rapidly become wealthier. China's official gold reserves meanwhile rose five-fold to nearly 2,000 tonnes, according to official data. But quotas have been curtailed or not granted at all for several months, seven sources in the bullion industry in London, Hong Kong, Singapore and China said.
They said China's likely motive for restricting gold shipments was to help limit the amount of money leaving the country amid a plunge in the value of the yuan. The yuan has sunk more than 10 per cent against the dollar since early last year and the central bank this month allowed it to slide below the key threshold of seven-per-dollar for the first time in more than a decade.
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