Why Are the Chinese Buying Record Quantities of Gold? (Forbes)

[katty]

more:
http://www.forbes.com/sites/gordonchang/2012/01/29/why-are-the-chinese-buying-record-quantities-of-gold/


This month, the Hong Kong Census and Statistics Department reported that China imported 102,779 kilograms of gold from Hong Kong in November, an increase from October’s 86,299 kilograms. Beijing does not release gold trade figures, so for this and other reasons the Hong Kong numbers are considered the best indication of China’s gold imports.

[rfranklin]

1. Sanctions dodge: India to pay gold for Iran oil, China may follow

India and China need to switch from the dollar in bilateral trade, since the US and EU have issued unilateral sanctions against the Iranian oil industry and financial institutions. The sanctions would ban any bank involved in oil trade with Iran from dealing with American and European counterparts.

Both India and China, two major buyers of Iranian oil accounting for 22 and 13 percent of its total export respectively, have refused to join such sanctions. This means they have to establish a reliable way of paying for crude, independently of the parts of the global financial system controlled by New York and London.
http://rt.com/news/iran-india-gold-oil-543/

[katty]

3. indeed-thx fr this post

[Vincardog]

2. They need to do something with all the $$$$$$ they get

[provis99]

4. China imported gold from Hong Kong?

That's like saying America imported gold from Fort Knox. Stupid reporters.