(Reuters) -China's total gold imports via Hong Kong fell 1.5% in May from April, Hong Kong Census and Statistics Department data showed on Friday.
WHY IT'S IMPORTANT
As the world's leading gold consumer, China's purchasing activities can significantly influence global gold markets.
The Hong Kong data may not provide a complete picture of Chinese purchases, as gold is also imported via Shanghai and Beijing.
BY THE NUMBERS
Net imports via Hong Kong to China for May stood at 48.127 metric tons, compared to 43.462 tons net imports in April.
China's total gold imports via Hong Kong reached 57.76 tons in May, down 1.5% from 58.61 tons in April.
CONTEXT
China aims to increase its gold resources by 5% to 10%, and its gold and silver output by more than 5% by 2027, the industry ministry said on Monday in an implementation plan for 2025 to 2027.
Shanghai Gold Exchange said on Wednesday it would list ipau99.99hk and ipau99.5hk contracts on Thursday to expand the opening-up of the gold market to the outside world.
(Reporting by Anmol Choubey in Bengaluru; Editing by Jacqueline Wong and Rashmi Aich)
