China’s gold imports via Hong Kong hit 32.9 tonnes in January, up four times from the previous year, but down 15 per cent from the previous month.
The country is set to soon overtake India as the world’s biggest consumer of bullion as the Chinese enthusiastically invest their savings in gold bars and jewellery.
China imported a record 428 tonnes of gold via Hong Kong last year – three times the previous year’s imports – as savers turned to gold to hedge against inflation and because of the absence of other investment outlets.
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