China eases restrictions on gold imports: sources

Reuters/Peter Hobson and Yawen Chen/8-22-2019

photo of ancient gold Chinese soldier statues

“Beijing has previously taken steps to curb capital outflows when its currency weakened. These steps included some restrictions on gold imports in 2016, sources have said. No clear data for capital outflows exist but a measure from China’s balance of payments called errors and omissions points to $88 billion leaving in the first three months of this year, the most on record.”

USAGOLD note:  China appears to be dancing around two disparate objectives:  reducing capital outflows and building gold stockpiles within its borders to underpin its de-dollarization effort.

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