According to data from the Hong Kong Census and Statistics Department, China’s net gold imports through Hong Kong jumped 40% in March compared to the previous month.
The data shows that China’s net gold imports via Hong Kong stood at 55.836 metric tons in March, up from 39.826 tons in February. Total gold imports through Hong Kong also increased by around 40.2% to 63.499 tons.
China is the world’s largest gold consumer, and its buying trends can have a significant impact on global gold prices. The data also shows that China’s central bank, the People’s Bank of China (PBOC), added 160,000 troy ounces of gold to its reserves in March, bringing the total gold holdings to 72.74 million ounces at the end of March, up from 72.58 million ounces in February.
The PBOC, which controls the amount of gold entering the country through quotas to commercial banks, was the largest official sector buyer of gold in 2023.
The increase in China’s net gold imports through Hong Kong, a major trading hub for the precious metal, suggests that the country’s demand for gold remains strong, despite the ongoing economic challenges it faces.
The rise in imports could be attributed to various factors, including China’s efforts to diversify its foreign exchange reserves, the country’s economic recovery, and the overall global demand for gold as a safe-haven asset.
Overall, the data provides insight into China’s gold import trends and highlights the country’s continued importance in the global gold market.