Home2021-03-01T09:02:17-05:00
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  • Ottawa Bullion
  • Ottawa Bullion

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1604, 2021

Is China Preparing A Gold-Backed Yuan: Beijing Greenlights Purchases Of Billions In Bullion

Reuters reports that China has given domestic and international banks permission to import large amounts of gold into the country, The People's Bank of China (PBOC), the nation's central bank, controls how much gold enters China through a system of quotas given to commercial banks. It usually allows enough metal in to satisfy local demand but sometimes restricts the flow. In recent weeks it has given permission for large amounts of bullion to enter, the sources said. "We had no quotas for a while. Now we are getting them ... the most since 2019," said a source at one of the banks moving gold into China. Around 150 tonnes of gold worth $8.5 billion at current prices is likely to be shipped, four sources said. Two of the sources said the bullion would be shipped in April. Two others said it would reach China over April and May. The news sent gold prices higher (in USDollars)...

1204, 2021

CHART: A Recent rebound in the strength of Chinese physical gold demand.

Monthly gold withdrawals from the Shanghai Gold Exchange (SGE) reached 167.7 tonnes in March, the highest monthly level in nearly 2 years, showing a rebound in the strength of Chinese physical gold demand. pic.twitter.com/py40PKyf0j— BullionStar (@BullionStar) April 11, 2021