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Chinanews, Beijing. October 23 – Due to the sag1 of US dollar and the unstable2 geopolitics, the international gold price has hit a new high in 28 years at $770.25 per ounce. Taking the increasing demand for investment on gold and gold-related products in China into consideration, China might import more gold in the future.
The demand for investment on gold, gold stock share and paper gold in both India and China has been increasing greatly. “It is estimated that there will be supply-demand gap in the gold market next year, and China might increase gold import by then,” said Zhang Weixing, an analyst3 at an investment briefing in Beijing on October 20. Currently, there are 4,000 tons of gold kept by the Chinese people, and the central bank of China has a gold reserve of 600 tons. The average consumption of gold in China is 0.35 g per capita every year, higher than the 0.16 g in 2002, but still lower than the international level. It is estimated that the amount of gold in China will increase by 240 tons annually4, worth approximately 43.2 billion yuan, about 30 yuan per capita. Gold being an international tool of investment, will definitely attract more Chinese investors5 in the future. By last September, there were 1.47 trillion yuan of capital in the Chinese stock market, thus it is easy for the gold market to digest the 43.2-billion-yuan growth.
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