Reuters/Peter Hobson and Yawen Chen/8-14-2019
“China has severely restricted imports of gold since May, bullion industry sources with direct knowledge of the matter told Reuters, in a move that could be aimed at curbing outflows of dollars and bolstering its yuan currency as economic growth slows.”
USAGOLD note: Reuters goes on to say that China has cut incoming shipments by 300 to 500 tonnes. This could lead to higher yuan-based prices within China for the gold already on hand. How that will affect the international dollar-based price of gold will be an interesting situation to monitor. There will be plenty of opinion generated in the gold space on this news. This article is a lengthy treatment of the subject and highly recommended.
