China’s February Hong Kong Gold Imports Hit 109.2 MT

Bloomberg reported yesterday that according to data from the Hong Kong Census and Statistics Department, in February, China’s gold imports from Hong Kong rose to 109.2 metric tons (MT), up from 83.6 MT the previous month.

As quoted in the market news:

‘Imports were boosted by more participants in the market,’ said Duan Shihua, a partner at Shanghai Leading Investment Management Co. ‘Some buyers may be replenishing inventory after robust sales during the Lunar New Year.’

Imports were underpinned by demand from traders using bullion purchases in trade financing deals to obtain short-term bank credit, said Liu Xu, precious metals analyst at Capital Futures Co. in Beijing.

Click here to read the full Bloomberg report.