China's Gold imports from Hong Kong rose sharply in April – Commerzbank
|China's Gold imports from Hong Kong rose to almost 59 tons in April, nearly three times as much as in March and as high as a year ago, Commerzbank's commodity analyst Barbara Lambrecht notes.
Demand remains strong despite the high prices
"The strong demand is surprising given the high prices, which are dampening jewelry demand. The background to this is probably that banks were granted higher import quotas, which were likely used even though demand is subdued."
"Net imports stood at 43 tons, after net exports to Hong Kong in the previous month. Incidentally, the figures are not particularly newsworthy, as the customs authorities had already reported China's total Gold imports for April."
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