China Gold Imports Seen Lower by StanChart as Yuan Slumps
This article is for subscribers only.
Gold imports by China may drop over the next few months after the yuan fell, while shipments to India are picking up, according to Standard Chartered Plc, signaling contrasting outlooks for the two largest users.
Weakness in the yuan made domestic bullion in China cheaper than gold bought from overseas, said Jeremy East, global head of metals trading, who relocated to Hong Kong from London in June. Flows into India are higher than a year earlier and there’s speculation import curbs may be eased, said East.