China tops global gold transaction rankings
- Source: Global Times
- [00:56 June 13 2011]
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By Li Xiang in Shanghai
A total of 604.61 tons of gold was spot traded on the Shanghai Gold Exchange last year at a total transaction value of 1.61 trillion yuan ($248.45 billion), making China the world's top nation in terms of annual gold transaction volume by weight, according to data released recently by the China Gold Association.
China's gold output last year was 340.876 tons, topping all other nations for the fourth year in a row.
Meanwhile, the country saw 571.51 tons of gold consumed, following India's 783.4 tons, accounting for over 20 percent of the world's total consumption.
The majority of gold consumed in China was used in jewelry, industrial applications and investment, totaling 510 tons.
"China's gold output is expected to be more than 400 tons annually over coming years, while demand from the Chinese mainland's market will surpass 700 tons," Sun Zhaoxue, general manager of China National Gold Group Corporation, said late last month at the London Bullion Market Association forum in Shanghai.
The National Development and Reform Commission for the first time included two gold-related industries – deep gold mining and reclaiming gold from already-exploited mines – in its latest list of key industries for promotion.
