Gold Imports by China Soar Almost Fivefold as Inflation Spurs Investment

``China’s gold imports jumped almost fivefold in the first 10 months from the entire amount shipped in last year as concern about rising inflation increased its appeal as a store of value, said the Shanghai Gold Exchange. Imports gained to 209 metric tons compared with 45 tons for all of 2009, Shen Xiangrong, chairman of the bourse, told a conference in Shanghai today... “The central bank may now be approving all gold import” applications, Albert Cheng, managing director of the World Gold Council’s Far East department, said in an interview. “The government hasn’t officially said that China is encouraging private gold investments, but we in the industry suspect it. And you can see the big jump in the delivered gold imports through the exchange has to be approved by them.” ''