China's Gold Imports Skyrocket as Middle Class Seeks Stability China’s gold imports surged to a historic high in response to economic uncertainties, with a record import of 1,447 tonnes of gold for non-monetary use in the last year, valued at US$90 billion—a nearly ninefold increase in value from three years prior. This spike reflects the Chinese middle class’s efforts to protect their wealth amidst a faltering property market, a declining stock market, and a weak yuan. The total imported gold, used primarily for jewelry and other non-monetary purposes, surpassed the previous record set in 2018. Domestically, gold sales also soared, with a notable increase in gold jewelry consumption and a significant uptick in gold bar and coin purchases. These trends underscore a growing preference for gold as a safe-haven asset among Chinese investors, driven by a desire for financial security in turbulent economic times. « Previous Article Next Article » Share This Article Choose Your Platform: Facebook Twitter Google Plus Linkedin Related Posts Copper Prices Surge as Short Squeeze Sparks US Metal Rush READ MORE Historic $72 Million Coin Auction Set a Century After Magnate's Will READ MORE Here’s How Long It REALLY Takes to Recover From Stock Market Crashes READ MORE Rising Tide of Corporate Debt Defaults: An 80% Surge in 2023 Signals Troubling Trends Ahead READ MORE Bank of China Uses Digital Yuan for Cross-Border Settlement READ MORE Add a Comment Cancel replyYour email address will not be published. Required fields are marked *Name * Email * Save my name, email, and website in this browser for the next time I comment. Comment