As the Shanghai Gold Exchange introduces a new benchmark, the country now leads in gold production, consumption and imports.
Gold bars are stacked at a safe deposit room of the ProAurum gold house in Munich March 6, 2014. Gold was flat on Thursday as diplomatic efforts to cool the Ukraine crisis depressed demand for assets seen as safe, but the metal found support above $1,330 an ounce from weak U.S. economic data and ahead of a key employment report. REUTERS/Michael Dalder(GERMANY - Tags: BUSINESS COMMODITIES SOCIETY) - RTR3G4CO
China’s dominance of global gold markets took another key step in April. China is already the largest producer, importer and consumer of gold in the world – an unprecedented treble.
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Chris Wright is Asia editor. He covers the Asia Pacific region and is based in Singapore. He has previously been Middle East editor of Euromoney, editor of Asiamoney, investment editor of the Australian Financial Review and a correspondent on emerging markets and sovereign wealth for numerous publications worldwide. He has also written two books.