China’s securities regulator has approved the country’s first fund designed to invest in overseas-listed gold ETFs.
That’s according to reporters Carolyn Cui and Chris Oliver in the article China Buys In to Gold’s Allure. According to the Cui and Oliver, China bought over 200 metric tons of gold in the first 10 months of the year. That’s a fivefold increase from the same period last year and also surpasses the growth in the largest gold ETF. SPDR Gold Shares (GLD) added 159 tons of gold in the same period.
In addition to demand for gold jewelry, Chinese investors are adding gold to their portfolios. According to the World Gold Council, China’s gold demand could more than double in the next 10 years.