China gold imports may drop 400 tonnes amid financing curbs, consultant says

Section:

By Jan Harvey
Reuters
Thursday, July 3, 2014

LONDON -- Chinese gold imports could fall by up to 400 tonnes this year as the government tightens controls on gold financing deals and domestic demand softens, a leading precious metals consultant said on Thursday.

Philip Klapwijk, director of the Hong Kong-based Precious Metals Insights, said the Chinese authorities are once again moving to rein in abuse of gold lending, after a crackdown on commodity financing last year.

He said weaker import volumes in recent months -- China's gold imports from Hong Kong dropped in May to the lowest level since January last year -- suggested the gold lending business was already being partly wound down.

In the full year, imports could fall 300-400 tonnes, or as much as 22 percent, he said. ...

... For the full story:

http://in.reuters.com/article/2014/07/03/idINL6N0PE46E20140703



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