Imports of gold in monetary termsfrom Hong Kong to China increased by 5.5 times to 45.8 billion yuan (6.8 billion dollars) in January-June, amid global and regional economic and geopolitical uncertainties in the country and in the world, according to the publication in the South China Morning Post. China’s total gold imports in the first half of this year amounted to 173 billionyuan (25.8 billiondollars), with Hong Kong represented 25 per cent, compared with only 2.8 per cent in the same period last year.In comparison, the amount of gold China imported from Switzerland in the first half dropped 30.5 per cent year on year, South Africa fell 23.1 per cent and Australia decreased by 31.5 per cent. According to the newspaper, traders expect a continuation of this trend, as prices continue to rise, and investors continue to buy gold as a hedge to the depreciation of the yuan. Jasper Lo, chief executive of King International,pointed out that the main buyers are elderly healthy ladies. “The gold rally started in the beginning of this year due to the many uncertainties about US interest rate rises, the Brexit and the territorial dispute over South China Sea.One more reason to invest - it is a good hedge for the falling value of yuan. Many expect the yuan would continue to devaluate further this year, and investments in gold would continue,” he added.
Source: Uncommercial joint ownership "Trans-regional Association of precious metals producers"