国
际货币基金组织(IMF)去年宣布将出售403.3吨黄金，以便为贫困国家筹集资金。这立即引发外界猜测中国将成为一个主要的买家──流言像野火一样在市场上蔓延开来。
Bloomberg News
中国国家外汇管理局局长易纲周二在全国人大会议新闻发布会上说，目前，有一些因素限制了我们增加在黄金方面外汇投资的能力，他的话给中国将大规模公开购买黄金的说法泼了一盆冷水。
此话表明，目前中国的黄金购买总体将是有限的。周二金价开盘跌三美元，之后随着美元走强进一步下挫。
尽管有些人说，中国方面的公开声明是中国淡化黄金价格的一种策略，为的是让中国能够在市场上悄悄买进黄金，有些人则说，实际情况是中国的外汇储备规模很大，黄金市场规模很小，中国用黄金作为分散化投资的主要手段是说不通的。
世界黄金协会(World Gold Council) 2009底的数据显示，目前中国拥有1,054吨黄金，黄金储备居全球第六。
尽管高居第六位，中国持有的黄金仍仅占该国总储备的1.5%，与全球黄金储备最大的国家美国相比仍很小。美国的黄金储备占总储备的68.7%。
中国已经增持了黄金，不过仍需要大量黄金才能达到美国的水平。去年4月份，中国突然承认说，自2003年以来，中国的黄金储备增加了454吨，至1,054吨。
苏格兰皇家银行(RBS)全球银行和市场部门金属分析师布里吉斯(Stephen Briggs)说，中国要拥有相当数量的黄金储备，将会扰乱黄金市场；黄金市场被这些看法吹了起来，而现在应该能让一些更为狂热的人安静下来。
这并不是说中国不会继续买进黄金，尤其是中国可能会买自己生产的黄金。中国是全球最大的黄金生产国。
相反，更大规模的黄金投资可能会来自基金和私人投资者。提交给美国证券交易委员会(SEC)的一份2009年底的文件显示，中国主权财富基金中投公司成了黄金股票和交易所买卖基金方面的主要黄金投资者。截至2009年12月31日，中投公司持有价值1.556亿美元的道富财富黄金指数基金(SPDR Gold Trust)。这是全球规模最大的黄金交易所买卖基金。
Devon Maylie
The International Monetary Fund last year announced it would sell 403.3 metric tons of gold to raise money for poor countries. This immediately sparked speculation that China would be a major purchaser-and the rumor spread through the market like wild fire.
But comments out of China Tuesday seemed to dampen this theory even more than news from the IMF last month. The IMF said in February it would begin selling the remaining 191.3 tons on the market because it couldn't find another central bank buyer.
Now China's chief foreign-exchange regulator Yi Gang said Tuesday at a news conference during the National People's Congress that 'currently a few factors limit our ability to increase foreign-exchange investment in gold,' putting out some of the fire that the country would buy big and buy publicly.
The comments suggested that China's gold purchases overall will be limited for now. The metal initially traded down $3 before tumbling more as the dollar gained later in the day.
While some said the public statements were a ploy by China to talk down the price to enable it to purchase gold quietly on the market, others said the reality is that China's reserves are large, the gold market small, and that it doesn't make sense for the country to use gold as its main means of diversifying.
Currently, China is the world's sixth largest official holder of the metal at 1,054 metric tons, data from the World Gold Council from the end of 2009 shows.
While sixth, its gold holdings still only account for 1.5% of the country's total reserve holdings, a small amount compared with the largest gold holder, the U.S., where gold holdings account for 68.7% of total reserves.
China has increased holdings-in April last year the country suddenly acknowledged that gold reserves rose by 454 tons since 2003 to 1,054 tons-but it would take quite a lot of gold to reach the levels in the U.S.
'For China to have a material amount of gold in reserves it would disrupt the gold market,' said Stephen Briggs, a metals analyst at RBS Global Banking & Markets. 'The gold market gets hyped up by these ideas…this should quieten some of the more rabid tongues.'
That's not to say China won't continue to purchase, particularly from its own production. China is the largest gold producer in the world.
More significant gold investment may come from funds and private investors instead. China's sovereign wealth fund China Investment Corp. became a major gold investor in gold equities and exchange traded funds, a U.S. Securities and Exchange Commission filing for the end of 2009 showed. As of Dec. 31, 2009, CIC held shares worth $155.6 million in the SPDR Gold Trust, the world's biggest gold exchange-traded fund.
Devon Maylie
But comments out of China Tuesday seemed to dampen this theory even more than news from the IMF last month. The IMF said in February it would begin selling the remaining 191.3 tons on the market because it couldn't find another central bank buyer.
Now China's chief foreign-exchange regulator Yi Gang said Tuesday at a news conference during the National People's Congress that 'currently a few factors limit our ability to increase foreign-exchange investment in gold,' putting out some of the fire that the country would buy big and buy publicly.
The comments suggested that China's gold purchases overall will be limited for now. The metal initially traded down $3 before tumbling more as the dollar gained later in the day.
While some said the public statements were a ploy by China to talk down the price to enable it to purchase gold quietly on the market, others said the reality is that China's reserves are large, the gold market small, and that it doesn't make sense for the country to use gold as its main means of diversifying.
Currently, China is the world's sixth largest official holder of the metal at 1,054 metric tons, data from the World Gold Council from the end of 2009 shows.
While sixth, its gold holdings still only account for 1.5% of the country's total reserve holdings, a small amount compared with the largest gold holder, the U.S., where gold holdings account for 68.7% of total reserves.
China has increased holdings-in April last year the country suddenly acknowledged that gold reserves rose by 454 tons since 2003 to 1,054 tons-but it would take quite a lot of gold to reach the levels in the U.S.
'For China to have a material amount of gold in reserves it would disrupt the gold market,' said Stephen Briggs, a metals analyst at RBS Global Banking & Markets. 'The gold market gets hyped up by these ideas…this should quieten some of the more rabid tongues.'
That's not to say China won't continue to purchase, particularly from its own production. China is the largest gold producer in the world.
More significant gold investment may come from funds and private investors instead. China's sovereign wealth fund China Investment Corp. became a major gold investor in gold equities and exchange traded funds, a U.S. Securities and Exchange Commission filing for the end of 2009 showed. As of Dec. 31, 2009, CIC held shares worth $155.6 million in the SPDR Gold Trust, the world's biggest gold exchange-traded fund.
Devon Maylie
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