RE: Chinese Banks the Big Gold Story in 2005Gold – The Weekly Global Perspective Week Ending the 8th April 2005
By: Julian D. W. Phillips, Gold-Authentic Money
The China Construction Bank has announced a plan to start its own bullion sale next month in eight of its branches nationwide, including Shanghai. This move will lead to other Chinese banks entering the gold trade. The bank is the fifth major bank to enter the distribution of gold in China. This still leaves a great deal of scope to the growth of a countrywide gold distribution system, one of the restraints on the Chinese gold market reaching its full potential. As it grows, we will see Chinese off-take of gold grow with it, until the demand from China for gold will rank ahead of most in the world, with the possible exception of India