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Jan Nieuwenhuijs: Reuters was wrong to claim China blocked gold imports last year
By Jan Nieuwenhuijs
Voima Gold, Helsinki, Finland
Wednesday, February 12, 2020
In August 2019 an article by Reuters stating that the Chinese central bank was firmly cutting off gold supply on the mainland caused a great stir in the gold community.
Unfortunately, many people accepted the story, although it was highly misleading. In this article we will analyze Reuters' claims and eliminate any confusion of what happened in the Chinese gold market.
... Dispatch continues below ...
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In my previous post on Shanghai Gold Exchange (SGE) premiums, we saw that in 2017 the Chinese central bank implemented a policy of raising a barrier cost at roughly 0.5% on gold imported into the Chinese domestic market. By comparing premiums on gold traded in the Shanghai Free Trade Zone vs. gold traded in the Chinese domestic market, it appeared that the People's Bank of China generates an artificial premium.
Using a similar approach allows us to analyze if the bank obstructed gold imports in 2019. In my view it was very little. Certainly not 300 to 500 tonnes, which was the amount reported by Reuters on August 14. ...
... For the remainder of the report:
https://www.voimagold.com/insight/debunking-reuters-story-pboc-blocked-3...
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