Spread between Shanghai gold price and London hit a record $121/oz. last Thursday. It had narrowed to $76 on Monday after PBOC People's Bank of China relaxed curbs on imports last week.
So far this year, China has imported about 900 tonnes of gold, which is the highest in five years. At present, gold accounts for about 1.38 per cent of China's total foreign exchange reserves of $3.16tn.
See the whole story on the FT here:
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