China's net-gold imports via main conduit Hong Kong surged 50.8 percent month-on-month in February, data showed on Monday. Imports by the world's top gold consumer through Hong Kong rose to 47.931 tonnes in February from 31.791 tonnes in January, according to data emailed to Reuters by the Hong Kong Census and Statistics Department. Total gold imports rose to 49.026 tonnes in February from 33.62 tonnes in January.
Imports gained as demand picked up following the Lunar New Year holiday at the end of January. "January's import was too weak. Besides, in February, after Chinese New Year, people are getting back to work, retailers or fabricators have restocked their inventories," said Samson Li, an analyst with Thomson Reuters-owned metals consultancy GFMS.
China's monthly net-gold imports via Hong Kong plunged 38.3 percent in January. China allows only 13 banks, including three foreign lenders, to import gold, according to the Shanghai Gold Exchange. China does not provide trade data on gold and the Hong Kong figures serve as a proxy for flows to the mainland. The Hong Kong data, however, might not provide a full picture of Chinese purchases as gold is also imported via Shanghai and Beijing.
Hong Kong's net-gold exports to Switzerland also hit their highest in February since records began five years ago, data from the Swiss customs bureau showed last week, as total shipments from the territory more than doubled to a three-month high.
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