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Friday, 15th May 2009 (1156 views)

Chinese gold yields increased by 4.26 per cent to 282.007 tonnes in 2008, compared with the previous year, new figures have revealed.

According to a report by Companies and Markets, Shandong, Henan and Jiangxi were the highest producing regions last year, accounting for 46.4 per cent of total yields.

China became the largest gold producing nation in the world in 2007, overtaking South Africa with yields of 270.491 tonnes.

The country's gold industry generated profits last year of 12.4 billion yuan (£1.2 billion), having delivered average annual growth in gold yields of 7.6 per cent between 2003 and 2008.

During the same period, average profit growth each year was 41 per cent, with around 700 tonnes added to China's gold reserves annually.

Demand for the precious metal increased by 18 per cent in 2008 to 395.6 tonnes, 326.7 tonnes of which was for personal ornaments.

The Chinese government recently announced that the country has increased its gold reserves by 75 per cent since 2003 and is now the fifth largest holder of gold bullion in the world.

 

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