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Exclusive: China curbs gold imports as trade war heats up

China has severely restricted imports of gold since May, bullion industry source...

14.8.2019

Exclusive : China has severely restricted imports of gold since May, according to sources, in a move that could be aimed at curbing outflows of dollars and bolstering the yuan as economic growth slows

China has severely restricted imports of gold since May, bullion industry source...

FILE PHOTO: A sales assistant places gold ornaments at Caibai Jewelry store, in Beijing, China, August 6, 2019. REUTERS/Jason Lee/File Photo

China is the world’s biggest importer of gold, sucking in around 1,500 tonnes of metal worth some $60 billion last year, according to its customs data – equivalent to one-third of the world’s total supply.

In May, China imported 71 tonnes, down from 157 tonnes in May 2018. In June, the last month for which data is available, the decline was even sharper, with 57 tonnes shipped compared with 199 tonnes in June last year.

“There are virtually no import quotas now issued in China,” one source said. In June and July “next to nothing” was imported by banks, they said.

Beijing has previously taken steps to curb capital outflows when its currency weakened, such as squeezing the supply of offshore yuan, clamping down on import invoicing and encouraging banks to send home dollars held overseas.

“Gold going in is money going out,” said one of the people, adding that Chinese buyers tend buy dollars to pay for metal. “It’s all linked to what’s going on in terms of how the central bank is handling the currency,” the person said.

But restricting gold imports is an easy way to curtail outflows without affecting people’s lives, bullion bankers said.

Slowing global economic growth is pushing more institutional investors, particularly in Europe and North America, toward gold, traditionally seen as a safe place to invest, while central banks are buying at the fastest pace in half a century.

Read more: Reuters Top News
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Of course chinese are going to invest in gold, why on Earth would anyone hold & keep a controlled currency especially now when beijing is lowering it's value against the USD in order to absorb US tariffs, soon the yuan will be worth pennies, the result of currency manipulation. China tanking....... only if there was something they could do? Like sign a fair trade deal!!

Yet somehow they can't stop Bitcoin purchases. My plan.

Exclusive: China central bank official says yuan at right level, disorderly capital flows unlikelyChina's yuan is at an appropriate level currently and its fluctuations will... When they say everything's all right, it means winter is coming, long bitcoin, save your asset, short the bankers ✊

Exclusive: Yuan at right level, disorderly capital flows unlikely - China central bank officialChina's yuan is at an appropriate level currently and two-way fluctuations ...

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Opinion | The Trade War Hits China Where It HurtsFrom WSJopinion: Trump’s tariffs are hitting China at a vulnerable moment for its economy and authoritarian leaders, write AndyPuzder and JimTalent opinion AndyPuzder JimTalent Tell that to the soybean farmers. opinion AndyPuzder JimTalent Good Morning opinion AndyPuzder JimTalent At huge damage to US credibility and significant cost to consumers and us producers. But we will make it up in volume 🤡

Why The U.S. Will Win The China Trade WarWith Trump's imposition of 10% tariffs on an additional $300 billion of imports from China and Beijing's retaliation by weakening the yuan and cutting off imports of U.S. farm products, the U.S.-China confrontation has escalated to fever pitch. Trump helped the start of Chinese PAX. Don't see it; China can wait, while Trump drives bankruptcies up, particularly among farmers. As stock market crashes, his rich base, ultimately who he listens to, will say WTF, Trump - Why US will Win the China Trade War 'While China suffers from the departure of high margin production, the U.S. will still enjoy low-cost imports from other Asian countries. In a world of surplus goods & services, the buyer has the upper hand. Therefore, the U.S. should win the trade war with China.' WhiteHouseCEA

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Why The U.S. Will Win The China Trade WarWith Trump's imposition of 10% tariffs on an additional $300 billion of imports from China and Beijing's retaliation by weakening the yuan and cutting off imports of U.S. farm products, the U.S.-China confrontation has escalated to fever pitch. yea nah you lost Because us fan to punjabi bhangra means Punjabi dance secret about that trade war There’s no way the knight could be in that position after an opening. You couldn’t get someone with the slightest knowledge of chess to stage stock photography of a single piece?

Dow jumps more 400 points on reports of progress on China-U.S. trade talksU.S. stocks on Tuesday pivoted decidedly higher from an early slide out of the gate after the USTR said an increase in tariffs on some goods from China would... Looking forward to the end of this roller coaster ride.

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