Latest news with #goldimports
Bloomberg
a day ago
- Business
- Bloomberg
India Posts Current Account Surplus as Trade Gap Narrows
India's current account returned a better than expected surplus in the January-March quarter as trade deficit narrowed following the revision of gold import data. The surplus in the broadest measure of trade in goods and services was $13.5 billion, or 1.3% of gross domestic product in the period, according to Reserve Bank of India data released Friday.
Reuters
a day ago
- Business
- Reuters
China's total gold imports via Hong Kong fall 1.5% m/m in May
June 27 (Reuters) - China's total gold imports via Hong Kong fell 1.5% in May from April, Hong Kong Census and Statistics Department data showed on Friday. As the world's leading gold consumer, China's purchasing activities can significantly influence global gold markets. The Hong Kong data may not provide a complete picture of Chinese purchases, as gold is also imported via Shanghai and Beijing. Net imports via Hong Kong to China for May stood at 48.127 metric tons, compared to 43.462 tons net imports in April. China's total gold imports via Hong Kong reached 57.76 tons in May, down 1.5% from 58.61 tons in April. China aims to increase its gold resources by 5% to 10%, and its gold and silver output by more than 5% by 2027, the industry ministry said on Monday in an implementation plan for 2025 to 2027. Shanghai Gold Exchange said on Wednesday it would list ipau99.99hk and ipau99.5hk contracts on Thursday to expand the opening-up of the gold market to the outside world.
Reuters
08-05-2025
- Business
- Reuters
China loosens gold import quotas with eye on arresting yuan rally
BEIJING/SHANGHAI, May 8 (Reuters) - China's central bank has approved foreign exchange purchases by some commercial banks to pay for gold imports under recently increased quotas, two people with direct knowledge of the matter said on Wednesday. The People's Bank of China's (PBOC) gold import quotas for the country's big banks determine how much bullion enters the world's leading consumer of the precious metal. It has in the past tweaked these quotas to help calibrate demand for dollars. The sources said the PBOC raised such quotas for gold imports last month and has now also allowed the banks to buy the dollars to fund these gold imports. The move comes on the heels of a raft of stimulus measures announced by Chinese authorities on Wednesday, including interest rate cuts and a major liquidity injection, as Beijing steps up efforts to soften the economic damage caused by the trade war with the United States. It could help lenders meet a significantly increased appetite for gold while slowing the pace of yuan appreciation, one of the sources said. The new quotas come at a time when gold has rallied sharply against the backdrop of market volatility induced by U.S. President Donald Trump's trade war. That has also driven the yuan and other Asian currencies higher as investors unwind carry trades or move money out of U.S. assets and back into Asia. The sources spoke on condition of anonymity because they are not authorised to talk about the matter. The PBOC did not respond to a Reuters request for comment. The increase in gold imports could prevent a sudden rally in the yuan, which would be a double whammy for exporters already under pressure from the intensifying trade tensions between Washington and Beijing. Damage from high tariffs on Chinese goods under U.S. President Donald Trump has started to filter through to economic activities, as seen from slumping new export orders in April. Gold, traditionally seen as a refuge from political and economic uncertainty, scaled an all-time high of $3,500 per ounce last month, boosted by tariff war fears and strong investment demand in China and elsewhere. Despite high gold prices, China's central bank also increased gold reserves for the sixth straight month in April, official data showed on Wednesday.
